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African currencies plunged last year as the Federal Reserve's interest-rate hikes drove the dollar higher. FTX promoted crypto as a hedge against that, according to the Wall Street Journal.
CoinDesk broke the story that triggered FTX's solvency crisis in November – but its owners Digital Currency Group have been caught up in the liquidity crunch now plaguing crypto.
Cryptocurrency lender Genesis is reportedly preparing to declare bankruptcy as a number of companies deal with the fallout from flagging cryptocurrency prices and FTX’s collapse.
Trading volumes in bitcoin futures and exchange traded funds (ETFs) has exploded as investors scrambled to hedge their positions after this week's slump in digital tokens triggered by turmoil at
"It has taken a Herculean investigative effort from our team to uncover this preliminary information," FTX's acting CEO John Ray said.