The full extent of the fallout on the crypto industry from the collapse of Sam Bankman-Fried’s FTX was yet to come out, Coinbase Global Inc Chief Financial Officer Alesia Haas told the Wall Street Journal on Wednesday. | Reuters
The full extent of the fallout on the crypto industry from the collapse of Sam Bankman-Fried’s FTX was yet to come out, Coinbase Global Inc Chief Financial Officer Alesia Haas told the Wall Street Journal on Wednesday.
“What we are seeing now is a fallout of FTX is becoming much more like the 2008 financial crisis where it’s exposing poor credit practices and is exposing poor risk management,” Haas told the WSJ in an interview.It will take a few days or weeks to understand the full contagion of the event, Haas added.
FTX filed for bankruptcy protection in the United States on Friday in the highest-profile crypto blowup to date, after traders pulled billions from the platform in three days and rival exchange Binance abandoned a rescue deal.
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