The abrupt implosion of the cryptocurrency exchange FTX, valued at $32 billion in February, resonated like an earthquake in the crypto industry and business circles.

Overnight, many retail and institutional investors lost their money. It will undoubtedly take many months to assess the damage caused and draw up the list of casualties. 

Crypto lender BlockFI is about to file for Chapter 11 bankruptcy. The firm had been bailed out by FTX and its founder and former CEO Bankman-Fried during the liquidity crisis that affected the sector last summer, after the collapse of sister cryptocurrencies Luna and UST, or TerraUSD.



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