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FTX collapse spells more ‘crypto winter’ pain to come

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SINGAPORE/HONG KONG — Cryptocurrency market players are staring at a prolonged slump for their industry, and for digital coins, as the collapse of the once-mighty virtual token exchange FTX spreads unease across the sector in a year that has already wrecked valuations in the asset class.

Founded by Sam Bankman-Fried, one of the most prominent personalities in the cryptocurrency world, FTX filed for bankruptcy protection in the U.S. last week after it failed to meet a torrent of withdrawals, delivering another shock to the virtual asset sector after similar woes befell other big names, including crypto hedge fund Three Arrows Capital, Celsius Network and Babel Finance.



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