The dust is still to settle from the FTX collapse last week. More details on the gross mismanagement at FTX emerge daily, and other companies in the sector feel the ramifications.
Let’s take a quick look at the mostly FTX-dominated news in crypto from the last week.
Unraveling the FTX collapse
Leaked documents from November 10th show FTX held less than $1bn in liquid assets against $9bn in liabilities.
On Friday 11th, FTX filed for bankruptcy after unsuccessful pleas for new capital. The bankruptcy declared that FTX had more than 100,000 creditors, but new information shows it might be closer to 1 million.