SINGAPORE/HONG KONG -- Cryptocurrency market players are staring at a prolonged slump for their industry, and for digital coins, as the collapse of the once-mighty virtual token exchange FTX spreads unease across the sector in a year that has already wrecked valuations in the asset class.
Founded by Sam Bankman-Fried, one of the most prominent personalities in the cryptocurrency world, FTX filed for bankruptcy protection in the U.S. last week after it failed to meet a torrent of withdrawals, delivering another shock to the virtual asset sector after similar woes befell other big names, including crypto hedge fund Three Arrows Capital, Celsius Network and Babel Finance.
