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Crypto is in vulnerable state, with FTX on verge of collapse

Cryptocurrency FTX looks set to go bust. The company has received withdrawal requests totaling $8 billion, according to a communication from its founder Sam Bankman-Fried. Many worry that the money won’t come.

It’s a startling fall from grace for the founder, once considered a financial genius and hailed as a modern-day J.P. Morgan. For more on FTX and its founder’s shattering downfall, Here & Now‘s Scott Tong speaks to Bloomberg’s Mike Regan, who has been following the fallout all week.

This article was originally published on WBUR.org.

Copyright 2022 NPR. To see more, visit https://www.npr.org.