11th november 2022 / Anthony Cheung

FTX fiasco rocks the crypto market

In this episode, we attempt to unpack what exactly happened in the crypto market this week which was rocked by news about FTX and Binance, two of the world's largest crypto exchanges.

The move came as FTX CEO and founder Sam Bankman-Fried, who was hailed as something of a savior earlier this year, was subject to an investigation centering on the possibility that the firm used customers’ deposits to fund bets at Bankman-Fried’s hedge fund, Alameda Research.

What transpired was one of the fastest collapses of a company in recent history. So what went wrong? who's to blame? and what happens next? - we look to explain!

Other topics covered in this episode include, why the S&P 500 posted its biggest one-day rally since 2020 after the latest US CPI report, thoughts on Meta after Zuckerberg slashed 13% of the workforce and admitted he was wrong on strategy, and our initial take on the US mid-term elections.

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