Crypto Collapse

Once the third-largest cryptocurrency exchange, FTX recently declared bankruptcy. It’s hard for an honest exchange to fail, FTX wasn’t. It lent billions of its customers’ crypto to a sister firm who used the borrowed crypto to make failed bets. Once this was discovered, the crypto involved, as it has no real value, instantly became virtually worthless. As there is no government-backing or regulation involving crypto, these shenanigans were probably legal.