The failure of FTX has shook the cryptocurrency sector. Numerous well-known investors made wagers that are now worthless, including Sequoia Capital and SoftBank, who invested hundreds of millions of dollars in the company.
Numerous individual traders also suffered enormous losses. Authorities are looking into allegations that FTX and its trading partner Alameda Research misused customer monies.
It represents one of the most significant issues for cryptocurrency to date, raising concerns about the wellbeing of other industry titans like Binance and Crypto.com.
Contagion from the fiasco is already manifesting itself; cryptocurrency lender BlockFi has filed for bankruptcy after disclosing loan exposure to FTX and Alameda.
According to Marieke Flament, CEO of the Near Foundation, which received funding from FTX, "I don't think all the dominoes have fallen out from the epidemic." The effect of this will be that many projects won't truly have the funding and resources to continue and develop.
To avoid being affected by the consequences, investors are removing their currencies from exchanges. From a peak of 3.1 million in 2020 to about 2.2 million towards the end of 2022, there were a total of 2.2 million bitcoin balances on exchanges.
Ian Rogers, chief experience officer of the crypto security company Ledger, asserts that "nothing is too large to fail."
Is it time to stop using cryptocurrency exchanges, or does centralized business still have a place in a sector that values decentralization? To learn more, view the video.
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