Digital Currencies Plummet, Regulators Probe Collapse of FTX
HAVANA TIMES – 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.