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© Reuters. Cryptocurrency had its Lehman moment with FTX — or, perhaps, another Lehman moment. The macroeconomic downturn has not spared crypto, and as November rolled around, nobody knew that we were in for the collapse of an empire worth billions of dollars.
As the rumors of bankruptcy began to take hold, a bank run was inevitable. Sam “SBF” Bankman-Fried, the once effective altruist now under house arrest, continued to claim that assets were “fine.” Of course, they were not. From Genesis to Gemini, most major crypto organizations have been affected by the contagion effect in the aftermath.
Amit Chaudhary is the head of DeFi research for Polygon. He previously worked for finance firms including JPMorgan Chase (NYSE:) and ICICI Bank after obtaining a Ph.D. in economics from the University of Warwick.
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