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‘So much worse this time’: FTX wreck a bitter pill for long-time crypto investors

The epic blow-up of FTX underscores the true complexity and opaqueness of crypto exchanges

Claudia Chong

Claudia Chong

Published Wed, Nov 16, 2022 · 12:53 PM
    • FTX’s stunning downfall in a matter of days shines a spotlight on the personality-driven nature of the crypto world and the intermediary risks of using platforms like FTX, whose businesses are far more complex than traditional exchanges.
    • FTX’s stunning downfall in a matter of days shines a spotlight on the personality-driven nature of the crypto world and the intermediary risks of using platforms like FTX, whose businesses are far more complex than traditional exchanges. PHOTO: AFP

    IN 2015, then 24-year-old Josh learned of the Ethereum blockchain project, liked its value proposition, and decided to invest in the cryptocurrency.

    At the time, bitcoin prices had crashed after an exuberance-fuelled boom. Josh has since been through several highs and lows, including the 2017-2018 bubble and the scandal-ridden crypto meltdown that began in the middle of this year.

    Like some Singaporeans, Josh had grown accustomed to the high risks of investing and speculating in digital assets for the promise of high returns. He’d even escaped the Terra-Luna crash by the skin of his teeth.

    FTXMonetary Authority of SingaporeCryptocurrenciesFraud

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