Other spectacular collapses this year include virtual currency terra, which was supposed to be pegged to the US dollar, and cryptocurrency investment platform Celsius. "This is another black eye for the industry," said David Holt, a cryptocurrency industry expert at CFRA. ![]() Just days later, Zhao-who had feuded for weeks on Twitter with Bankman-Fried-announced on Tuesday he had signed a letter of intent to buy FTX after the firm asked him for help owing to a "major liquidity crisis".īitcoin fell in the process to its lowest level in two years. Yet, all it took for his firm to unravel was a report on a specialist website raising doubts about FTX's accounts, followed by a few tweets from his big rival Changpeng Zhao, boss of Binance. ![]() FTX founder Sam Bankman-Fried had cultivated friends in Washington and basked in glowing tributes when he stepped in to rescue other ailing crypto companies earlier in the year.
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