You turn to us for voices you won't hear anywhere else.

Sign up for Democracy Now!'s Daily Digest to get our latest headlines and stories delivered to your inbox every day.

Digital Currency Prices Plummet as Regulators Probe Collapse of FTX

HeadlineNov 15, 2022

Prices of digital currencies fell sharply over the weekend after the leading cryptocurrency exchange FTX filed for bankruptcy on Friday. FTX’s rapid collapse has been compared to the implosion of Lehman Brothers in 2008 and the Ponzi scheme masterminded by Bernie Madoff. Overnight, it wiped out nearly all the wealth of 30-year-old CEO Sam Bankman-Fried, whose personal net worth was once valued at $26 billion. Regulators in the U.S. and the Bahamas have opened civil and criminal investigations into how hundreds of millions of dollars’ worth of assets flowed out of FTX just ahead of its collapse.

The original content of this program is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 United States License. Please attribute legal copies of this work to democracynow.org. Some of the work(s) that this program incorporates, however, may be separately licensed. For further information or additional permissions, contact us.

Non-commercial news needs your support

We rely on contributions from our viewers and listeners to do our work.
Please do your part today.
Make a donation
Top