07-02-2022, 05:47 PM
Crypto billionaire Sam Bankman-Fried says more exchanges will fail: ‘There are companies that are basically too far gone’
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The so-called crypto winter isn’t over yet — and a number of cryptocurrency exchanges have already run out of cash, billionaire and founder of crypto exchange FTX Sam Bankman-Fried said on Tuesday.
There are “some third-tier exchanges that are already secretly insolvent,” Bankman-Fried told Forbes. The 30-year-old’s own fortune has taken a significant cut this year as crypto has crashed, but still sits at $8.1 billion, according to Bloomberg.
Bitcoin, the largest cryptocurrency by market value, lost 58% of its value in the second quarter of the year, putting it on pace for its worst quarterly performance since 2011. It fell below $19,000 on Thursday, a long way from its all-time high of nearly $69,000. Bitcoin led the slide of the overall cryptocurrency market, whose market valuation now sits below $1 trillion, down from its November 2021 peak of more than $3 trillion.
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