According to multiple market participants, insurers are denying or limiting coverage to clients with exposure to the bankrupt crypto exchange FTX, leaving digital currency traders and exchanges uninsured for losses caused by hacks, theft, or lawsuits.
FTX appealed for assistance from its partner cryptocurrency exchanges, pointing out that money stolen from the exchange in trouble is being transferred to other businesses through intermediary wallets.
FTX's CEO Sam Bankman-Fried has quickly changed from a legendary figure in the crypto sector and self-proclaimed "saviour" to a despicable figure in charge of potentially billions of dollars in client losses.
Galaxy Digital, a publicly traded company, released its third-quarter earnings report, noting that it has "exposed approximately $76.8 million of cash and digital assets to FTX"
Approximately one million Australians will purchase cryptocurrencies for the first time during the next 12 months, according to the Annual Australian Crypto Survey commissioned by Australian crypto exchange Swyftx.