Crypto crisis: billionaire Mark Cuban attacks the system

The sudden implosion of the cryptocurrency exchange FTX has caused a seismic shock in the industry and beyond.

The company’s financial woes, which was valued at $ 32 billion in February, surprised many, as the company and its CEO and founder Sam Bankman-Fried emerged as the saviors of many struggling crypto firms during the year. ‘summer.

They had bailed out major cryptocurrency lenders such as BlockFi, Voyager Digital, Celsius Network, and Robinhood (HOOD) – Get a free reportwhich had suffered a liquidity crisis due to the sharp collapse of its sister cryptocurrencies Luna and UST, or TerraUSD.

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