TEN POINTS OF CRYPTO DOWNFALL

In November 2022, cryptocurrency exchange FTX collapsed over a period of 10 days Claims of leverage and solvency concerns were made, and FTX filed for bankruptcy.

According to the DeFi protocol, different parties, including legal enforcement officials, are currently involved in the funds’ recovery process.

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[{"selector":"#anim-9985abe8-7106-4347-8892-ef499a05e680 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-32.74910490725541%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] Some banks suffered minor losses due to the collapse of cryptocurrency exchanges, but it did not significantly impact the financial system. Arrow

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Analysts suggested that other major cryptocurrency exchanges could potentially suffer the same fate as FTX.

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[{"selector":"#anim-56cb2a03-5606-43db-9a7c-9ec6fc44dfba [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.249999886225726%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] The collapse of FTX was seen as a total failure of the company and a warning sign for the broader cryptocurrency market. Arrow

[{"selector":"#anim-998f0c97-9a2a-43c3-8dd1-abf69639bc82 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.285244247341844%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Ether, the main coin for the Ethereum blockchain network , experienced a significant drop in value during the downfall of cryptocurrency Arrow

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