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Last week, it was impossible not to stop and stare in awe at the still floating but sinking dumpster fire in the cryptocurrency market in 2022. As the second largest cryptocurrency exchange in the world, FTX imploded and filed for bankruptcy.
Its CEO Sam Bankman-Fried resigned in disgrace, likely prison-bound.
So to start this week's SD Bullion Market Update, let's unthread a bit about this train wreck starting from earlier this year.
Nine days ago, a leaked balance sheet showed Alameda Research, Bankman-Fried's crypto trading hedge fund, heavily depended on the then-second-largest cryptocurrency exchange, FTX's native token, FTT.
This week, industry rumors injected on Twitter by the CEO of the world's still largest cryptocurrency exchange Binance helped collapse the FTX token's value by -72% within 48 hours.
Bankrupt FTX's now resigned CEO’s estimated net worth 'for charity' (of course), flash crashed to near nothing from an estimated $15 billion to begin this week.
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