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FTX crash is old lesson for financial newcomers

FTX is a young company facing an ancient financial problem. 

Sam Bankman-Fried’s cryptocurrency exchange is hanging in the balance, after customers wanted their money back and it wasn’t able to oblige. 

Bankman-Fried’s group was valued at $32 billion in January. Now it is probably worthless

Reuters 10 November 2022


The crypto-currency market is double the size of the sub-prime debt in the U.S. on the eve of the financial crisis...

and poses a threat unless urgently regulated, the Bank of England said


Likely to be missing from discussions will be any mention of 2021 

Consumed by this year’s challenges, we’ve all but forgotten the wild excesses that preceded them: the retail investor frenzy that drove up obscure stocks such as GameStop to extreme heights, how some $18tn of bonds were trading at one stage with negative yields, the rush to invest in blank-cheque Spac investment vehicles. 

Remember dogecoin, a cryptocurrency designed as a joke that surged 15,000 per cent before crashing?

Peter Atwater FT 23 August 2022


What Triggered the Crash? 


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