crypto ftx bitcoin Cryptocurrencies FTX collapse could mean ‘cascade' of failures in crypto sector - Ran Neuner
FTX, once the third largest crypto exchange by trading volume, collapsed over the past week as its native token, FTT, lost over 80 percent of its value. The firm has now filed for Chapter 11 bankruptcy protection, and its collapse could impact the entire crypto sector, said Ran Neuner, Host and Founder of Crypto Banter.
“There is a rumour in the industry, and I can’t confirm it because I haven’t seen the papers but it comes from a reliable source, that BlockFi… had a loan to FTX collateralized by FTT,” said Neuner. “FTT is now worth zero and FTX can’t repay the loan.” Changpeng Zhao, also known as CZ, the Founder and CEO of crypto exchange Binance, then announced that he was selling his company’s FTT holdings. The resulting crash in FTT caused Alameda and FTX to fold.
“Unfortunately, I think that users who had funds on FTX will see [only] a fraction of their money,” said Neuner. “And they’ll probably only see it after a very long period of time.” “Sam Bankman-Fried was lobbying for… the wrong kind of regulation,” Neuner explained. “He was lobbying for over-regulation.”
Fallout for Crypto Exchanges These speculations have caused some to worry about the safety of their cryptocurrencies held in coin exchanges. When asked which exchanges are safe, Neuner said, “Right now, we don’t know.”
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