Shockwaves Worldwide: Fall of Crypto Platform FTX Reaches fever pitch at Arrest of Sam Bankman-Fried
{The collapse of cryptocurrency platform FTX, whose now disgraced former boss Sam Bankman-Fried stands accused of fraud before a federal New York court, has sent shock waves worldwide. With regulators sternly seeking to get cracking with the cryptocurrency sector, the implications dying crypto exchange FTX have unleashed have been unparalleled and funds – both those of clients, and those invested in the ecosystem surrounding FTX – have felt the squeeze. As rumors snowballed, Bankman Fried became a financial pariah – and his descent from wunderkind to accent to shame began.FTX inspired a climate of wariness over the crypto industry, often noted by critics as the ‘Wild West’. The promises of buffeted returns, low oversight, and access to that promised hypεr-quick wealth had clearly worked its treacherous magic, calling to those who were able carry out money laundering and fraud.
Word spread quickly and certain firms collapsed instantly. Genesis, BlockFi, not to mention a glut of crypto-specific lenders were lost in one went. To Brettenaila Kramer, a financial strategist, “business was crumbling as fast as a
