New York
CNN Business
—
November 2022 is a month that investors, particularly in cryptocurrencies, will never forget. And the worst may be yet to come.
Over the past two weeks, the digital asset industry has watched in horror as FTX, the multi-billion-dollar crypto exchange created by one of its biggest and brightest stars, Sam Bankman-Fried, imploded.
The failure of FTX, shook the foundations of the entire ecosystem. Token prices tumbled across the board as investors rushed to exit risky positions. Contagion followed. In the panic, depositors scrambled to pull their money out of various crypto platforms, forcing lenders to halt withdrawals — what one industry watcher described a going on “death watch.”
