The collapse of FTX exchange continues to shake global confidence in cryptocurrencies. The 30 year-old CEO of FTX, Sam Bankman-Fried has pleaded not guilty to criminal charges in New York, including wire fraud, money laundering and conspiracy to commit fraud. It’s been reported that billions were transferred out of the company, which filed for bankruptcy in November 2022. US Federal prosecutors have now reportedly seized some US$600 million of Mr Bankman-Fried’s assets.
The FTX collapse and its ongoing aftermath casts the arcane world of cryptoassets in a less than favourable light. The collapse shook the world’s already volatile cryptocurrency markets, and prompted renewed calls for greater regulation of the crypto sector. However, many of the existing corporate regulations do already app...
Become a subscriber to read this article. Sign up today for just $5.99 per month. Click on SUBSCRIBE to sign up. You can cancel anytime if you are not satisfied.
