Size, Scope of FTX Failure Gets Clearer as Users Fear the Worst

Other cryptocurrency firms are failing as a result of FTX's unraveling, events reminiscent of the domino-like meltdowns of the 2008 financial crisis.

By Ken Sweet & By Thalia Beaty | November 16, 2022 at 12:44 PM

Signage for the FTX Arena, where the Miami Heat basketball team plays. Photo: Marta Lavandier/AP

Just days after cryptocurrency's third-largest exchange collapsed, the public is starting to get an idea of how messy FTX's bankruptcy case could be. Other crypto firms are failing as a result of FTX's unraveling, events reminiscent of the domino-like meltdowns of the 2008 financial crisis.

Users remained frustratingly in the dark Tuesday about when they might get their funds back, if at all, and they directed much of their anger toward FTX's founder and CEO, Sam Bankman-Fried.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
Informative weekly newsletter featuring news, analysis, real-world case studies, and other critical content
Educational webcasts, white papers, and ebooks from industry thought leaders
Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor

NOT FOR REPRINT

News

1 2024 Alexander Hamilton Awards: Working Capital & Payments

2 U.S. Treasury to Take ‘Extraordinary Measures’ Again to Avoid a Default

3 Amazon and Meta Scale back DEI Initiatives, Joining Growing List of Employers

4 Construction Firm Bechtel Wins 401(k) ‘Excessive Fees’ Lawsuit, Again

5 Global Bond Tantrum Is Worrisome

Insurance
Complex Claims & Litigation Forum 2025
February 24, 2025 - Las Vegas

This conference aims to help insurers and litigators better manage complex claims and litigation.
More Information
GlobeSt. Multifamily Spring 2025
April 01, 2025 - New York

Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!
More Information
GlobeSt. Net Lease Spring 2025
April 01, 2025 - New York

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.
More Information

U.S. Treasury to Take ‘Extraordinary Measures’ Again to Avoid a Default

By Christopher Anstey and Viktoria Dendrinou | January 21, 2025

As she exited the job, Treasury Secretary Yellen urged Congress to increase or suspend the debt ceiling—and detailed actions Treasury is taking, starting today, to keep the nation solvent.

U.S. Treasury to Take ‘Extraordinary Measures’ Again to Avoid a Default

Construction Firm Bechtel Wins 401(k) ‘Excessive Fees’ Lawsuit, Again

By Lynn Cavanaugh | January 17, 2025

A federal judge has dismissed—for the second time—a lawsuit against Bechtel Global that alleged the $5.7 billion plan’s default managed account investment led to excessive fees and subpar returns, arguing that a target-date fund would have been a better alternative.

Amazon and Meta Scale back DEI Initiatives, Joining Growing List of Employers

By Lynn Cavanaugh | January 17, 2025

The tech giants join a growing list of employers, including Walmart and McDonald’s, that are re-evaluating their diversity, equity, and inclusion policies, while Costco and Apple are doubling down on DEI.

Amazon and Meta Scale back DEI Initiatives, Joining Growing List of Employers

Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
Exclusive discounts on ALM and Treasury & Risk events.
Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now

Instant Insights /