- In a stunning downfall, crypto platform FTX filed for Chapter 11 bankruptcy protection on Nov. 11.
- Although firms like BlackRock have upped crypto efforts, FTX’s fallout has set the industry back.
- The SEC’s Gary Gensler says crypto needs tighter regulation now more than ever.
- 100 People Transforming Business is an annual list highlighting people across industries who are changing the way the world does business. Check out the full list for 2022.
Crypto has been in a months-long rut, with the market dropping more than two-thirds of its value since November of last year.
Following the collapse of algorithmic stablecoin TerraUSD, contagion concerns from the fallout of centralized lender Celsius and now-defunct overleveraged hedge fund Three Arrows Capital, along with the Federal Reserve’s painful interest-rate hikes, crypto markets haven’t been able to regain their footing.
Last week, however, prompted a whole new slew of problems for the nascent space. One of the biggest players in crypto is swiftly unraveling.
After facing serious liquidity concerns, FTX, the once-reputable crypto trading platform, filed for Chapter 11 bankruptcy protection on Friday. The company’s US subsidiary, FTX.US, quant trading firm Alameda Research, and 130 other companies were listed in the proceedings.