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Why FTX Is Lehman Brothers of Crypto

It’s a financial debacle that hasn’t yet revealed all its victims, and just as importantly, all its secrets.

The overnight collapse of the cryptocurrency exchange FTX was a shock and unpredictable even for Cassandra in the cryptocurrency industry. In February, the company was valued at $32 billion. This summer, FTX was a savior for cash-strapped crypto companies that were victims of the collapse of sister cryptocurrencies Luna and UST, or TerraUSD.

Analysts have already made comparisons to previous financial crises. FTX founder Sam Bankman-Fried has been called the “Bernie Madoff of crypto” after the legendary scammer who perfected the Ponzi scheme.


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