Firm valued at $25bn in 2021 suffered bank run-style crisis as investors rushed to withdraw money
The founder of the world’s second largest cryptocurrency exchange, FTX, has apologised for his company’s near-collapse this week, saying he “fucked up” in his calculations and in his communications during the crisis.
Sam Bankman-Fried, a billionaire and major donor to the US Democratic party who has lobbied Washington for tighter regulation of the crypto market, was speaking following a run on his Bahamas-headquartered FTX exchange.
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