The world this week

Business

FILE PHOTO: FTX logo is seen in this illustration taken, November 8, 2022. REUTERS/Dado Ruvic/Illustration//File Photo

Regulators around the world opened investigations into FTX, after the crypto exchange and its sprawling network of affiliated firms filed for bankruptcy protection. Traders withdrew $6bn from the platform in just 72 hours amid claims that it had mishandled customers’ investments. FTX could owe money to as many as 1m people. Its spectacular collapse has prompted calls for tougher rules to regulate markets in digital assets. After it declared bankruptcy in America a hacker, possibly an insider, stole around $470m from the exchange.

This article appeared in the The world this week section of the print edition under the headline “Business”

Crypto’s downfall

From the November 19th 2022 edition

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