+- Ipoh Community Forums (https://forums.ipoh.com.my)
+-- Forum: News and Current Affairs (https://forums.ipoh.com.my/forum-11.html)
+--- Forum: International News (https://forums.ipoh.com.my/forum-13.html)
+---- Forum: Business, Economy and Investment (https://forums.ipoh.com.my/forum-56.html)
+---- Thread: Crypto billionaire Sam Bankman-Fried says more exchanges will fail (/thread-5934.html)
Crypto billionaire Sam Bankman-Fried says more exchanges will fail - superadmin - 07-02-2022
Crypto billionaire Sam Bankman-Fried says more exchanges will fail: ‘There are companies that are basically too far gone’
![[Image: 107060400-1652380288518-gettyimages-1240...=740&h=416]](https://image.cnbcfm.com/api/v1/image/107060400-1652380288518-gettyimages-1240624212-crypto_hearing291_051222.jpeg?v=1656617864&w=740&h=416)
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.
- More -