By — Matt Ott, Associated Press Matt Ott, Associated Press Leave your feedback Share Copy URL https://www.pbs.org/newshour/economy/embattled-cryptocurrency-exchange-ftx-files-for-bankruptcy-following-collapse Email Facebook Twitter LinkedIn Pinterest Tumblr Share on Facebook Share on Twitter Embattled cryptocurrency exchange FTX files for bankruptcy following collapse Economy Nov 11, 2022 10:14 AM EST Embattled cryptocurrency exchange FTX, short billions of dollars, is seeking bankruptcy protection following its collapse this week. WATCH: Conventional economists sound alarm over cryptocurrency’s volatility FTX had agreed earlier this week to sell itself to bigger rival Binance after experiencing the cryptocurrency equivalent of a bank run. Customers fled the exchange after becoming concerned about whether FTX had sufficient capital. The crypto world had hoped that Binance, the world’s largest crypto exchange, might be able to rescue FTX and its depositors. However, after Binance had a chance to look at the books of FTX, it became clear that the smaller exchange’s problems were too big to solve. By — Matt Ott, Associated Press Matt Ott, Associated Press
Embattled cryptocurrency exchange FTX, short billions of dollars, is seeking bankruptcy protection following its collapse this week. WATCH: Conventional economists sound alarm over cryptocurrency’s volatility FTX had agreed earlier this week to sell itself to bigger rival Binance after experiencing the cryptocurrency equivalent of a bank run. Customers fled the exchange after becoming concerned about whether FTX had sufficient capital. The crypto world had hoped that Binance, the world’s largest crypto exchange, might be able to rescue FTX and its depositors. However, after Binance had a chance to look at the books of FTX, it became clear that the smaller exchange’s problems were too big to solve.