FTX Collapse Sparks Contagion Fears as Crypto.com Withdrawals Jump

FTX Collapse Sparks Contagion Fears as Crypto.com Withdrawals Jump
The FTX logo and mobile app adverts are displayed on screens in London on Nov. 10, 2022. Leon Neal/Getty Images
Naveen Athrappully
Updated:
0:00

The collapse of the crypto exchange FTX has triggered fears of a potential contagion spreading in the market, with withdrawals at another exchange, Crypto.com, jumping after it admitted to making a transaction mistake.

FTX, one of the largest crypto exchanges, filed for bankruptcy last week following a report by CoinDesk which revealed that the balance sheet of FTX’s affiliate trading company, Alameda Research, was largely composed of the exchange-issued FTT token.

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