FTX Collapse: Elon Musk Takes on a Silicon Valley Powerhouse

The implosion, within a few days, of the FTX cryptocurrency exchange is a financial fiasco which has not yet revealed all its implications, collateral damage and accountabilities.

FTX is a company which was valued at $32 billion in February and had emerged as the savior of crypto firms weakened by the credit crunch caused by the collapse of sister cryptocurrencies Luna and UST, or TerraUSD, in May. 

The firm, that was the centerpiece of 30-year-old Sam Bankman-Fried’s crypto empire, was considered one of the most influential and financially solid players in the cryptocurrency industry. That’s how it was perceived. Hardly anyone could imagine that it was going to collapse within a few days.