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John Hawkins, Senior Lecturer, Canberra School of Politics, Economics and Society, University of Canberra

The spectacular collapse of a $30 billion crypto exchange should come as no surprise

Crypto FTX Sam Bankman-Fried Bahamas Binance FTT
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Not long ago, FTX was one of the world’s largest trading platforms for cryptocurrencies. Founded in 2019, the Bahamas-based crypto exchange had a meteoric rise to prominence, and was valued at more than US$30 billion earlier this year.

All that has changed in the past two weeks. First, concerns emerged about links between FTX and an asset-trading firm called Alameda Research, including suggestions that customers’ funds have been transferred from FTX to Alameda.

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