The crypto world has been reeling today amid news that FTX, the second-largest and fastest-growing crypto exchange, essentially collapsed overnight amid a takeover by rival Binance.
This is not the first time that a large crypto firm has folded abruptly. Celsius and Voyager provide two similar examples—both went under this past spring. And on their way out, dipped into customer accounts to try and stay afloat. As the full ramifications of the FTX insolvency and collapse become clear, it raises questions about just how safe it is to keep tokens in exchanges or with brokerages.
