Regulators froze some assets of distressed crypto exchange FTX Regulators froze some assets of distressed cryptocurrency exchange FTX and industry peers raced to limit losses on Friday amid worsening solvency problems at the firm and heightened scrutiny of its chief executive, Sam Bankman-Fried.
FTX is scrambling to raise about $9.4 billion from investors and rivals, a source said on Thursday, as the exchange urgently seeks to save itself after a rush of customer withdrawals.
Bitcoin tumbled 4 per cent to $16,858 on Friday, with losses totalling 17 per cent this month.
Trading volumes in bitcoin futures and exchange traded funds have exploded.
"The damage looks to be done and even if FTX was bailed out, it would no longer be an avenue to trade as they have lost all credibility.
Banking On Support Bankman-Fried has discussed raising $1 billion each from Justin Sun, the founder of crypto token Tron, rival exchange OKX and stablecoin platform Tether, according to the source who has direct knowledge of the matter.

Source - NDTV
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