9 Companies That Hoarded Customers’ Money as Crypto Crashed
— Crashed, Leaving investors uncertain whether, Bankmanfried, Customers, Massive crypto exchange ftx, Values, Companies, Firms halted — 1 min read
June was a disastrous month for cryptocurrency investors. With bitcoin prices plummeting to values not seen since 2020, exchanges and lenders were forced to do something few expected. Some firms halted or severely limited withdrawals, leaving investors uncertain whether they would ever see their real life money again. Some of these firms have since resumed withdrawals, but others have only offered notes of optimism without tangible promises. In an interview with Forbes earlier this week, founder of the massive crypto exchange FTX, Sam Bankman-Fried, said he was pouring hundreds of millions of dollars into struggling exchanges to keep them afloat, but added there are others who he believes are already “secretly insolvent’s already ‘too far gone” to backstop them. Source