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Fortune

Tristan Bove

Binance's CZ compares current crypto crash to 2008 financial crisis but insists 'the market will heal itself'

CZ FTX Binance Crypto Changpeng Zhao SBF Twitter Inc.

Shot of Binance founder and CEO Changpeng Zhao speaking on stage (Credit: Horacio Villalobos—Corbis/Getty Images)

The FTX meltdown is spreading throughout the crypto world, and it could be just beginning.

The world’s second-largest crypto exchange that some in the ecosystem considered too big to fail collapsed spectacularly this week, filing for bankruptcy on Friday morning and announcing the resignation of its founder and CEO Sam Bankman-Fried, also known as SBF.

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