Contagion fears sweep crypto sector after FTX liquidity crisis
Contagion fears are sweeping across the crypto industry as market participants race to determine who is exposed to Sam Bankman-Fried’s secretive digital asset trading company Alameda Research.
Alameda, a proprietary trader, has been a low-profile part of the entrepreneur’s crypto empire, but is at the centre of the storm that has engulfed his crypto exchange FTX.
Market worries over Alameda’s financial health accelerated, triggering a wave of withdrawals from customers at FTX, and pushing Bankman-Fried to seek a rescue from larger rival Binance.
This story originally appeared on: Financial Times - Author:Joshua Oliver
