Crypto’s lack of connections with traditional finance means its problems haven’t spilled over to the economy
The collapse of FTX has set off the largest crypto-related bankruptcy ever, and court filings are already shedding light on what went wrong and how complicated things could get. Here are three things to know about the company’s bankruptcy process. Photo: Lam Yik/Bloomberg NewsThis year’s crypto collapse has all the hallmarks of a classic banking crisis: runs, fire sales, contagion.
…closed-loop nature of unregulated psuedo-banks that only existed due to the failures of US regulatory bodies*
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