Will Every Cryptocurrency Exchange Survive the Terrible FTX Meltdown?

Also featuring the best of crypto Reddit.

Screenshot taken by the author.

There is trust in a guy that goes around, wears a suit, and gives himself a name like ‘Bankman’. — Vitalik Buterin, co-creator of Ethereum.

Cryptocurrency exchange FTX was at one point shilled by every YouTuber into crypto.

With the FTX fraud exposed, trust in cryptocurrency exchanges has plunged to an all-time low. Tom Brady, Larry David, David Ortiz, and many others had class action filed against them in less than a week.

Will cryptocurrency survive yet another catastrophic meltdown?

Read below a timeline of events and some of the funniest quotes from Reddit:

What Happened With FTX?

FTX was a cryptocurrency exchange created by Sam Bankman-Fried, known as SBF, back in 2019.

​​Suspicions about FTX’s liquidity began when CoinDesk published an article summarizing shady business practices by Alameda Research, FTX’s sister company and Bankman-Fried’s hedge fund.

Most of Alameda Research’s assets were FTT, the digital token minted by FTX. Not good, considering the volatility of crypto and tokens in general.