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Cryptocurrencies

Crypto groups scramble to prove stable finances after FTX crisis

Industry confidence battered by problems at one of biggest players

Concerns over the state of FTX's finances and sales of the company's FTT token shook the fragile cryptocurrency sector.    © Getty Images

HONG KONG -- A number of cryptocurrency groups have said they will publish proof of their reserves in a bid to boost transparency and confidence in the digital asset industry after the near collapse of FTX, one of the largest exchanges.

Growing concerns over the state of FTX's finances and sales of the company's FTT token have shaken the already-fragile cryptocurrency sector, after the collapse of several big crypto companies including Celsius Network and hedge fund Three Arrows Capital.

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