Investors await FTX news as crypto boss makes 2008 Financial Crisis comparison

The collapse of FTX has left the trillion-dollar crypto industry in crisisThe fallout from the collapse of FTX continues on Monday, with news that nearly half a billion dollars worth of cryptocurrency has disappeared from the exchange adding to a crisis that has engulfed the broader crypto space.Binance boss Changpeng Zhao, who goes by the name CZ, has compared the chaos to the 2008 Financial Crisis, which saw trillions wiped from the global market and several established institutions crumble.FTX filed for chapter 11 bankruptcyon Friday after CZ failed to secure a rescue deal for his rival, citing ‘issues beyond our control or ability to help’.Not long after the bankruptcy was announced, nearly half a billion dollars was mysteriously withdrawn from FTX.The crypto market remains in limbo as investors await clarification on what happens next, with some fearing that they will be unable to recover their assets.You can follow all the latest news, commentary and price analysis in our live blog below.1668429245For a rundown of what actually led to the collapse of FTX, you can get caught up with our explainer here.All the pieces for the implosion appear to have been in place for some time, but the triggering event was an article in CoinDesk 10 days ago that caused Binance boss CZ to announces that he would be liquidating his firm’s holdings of FTX’s native crypto token FTT. This led to FTT collapsing in price and a run on FTX’s exchange that led to a liquidity crisis, which ultimately led to its collapse.The run on the FTX crypto exchange, combined with the failed takeover attempt from Binance, has resulted in chaos for the market Anthony Cuthbertson14 November 2022 12:341668428256to The Independent’s live coverage of the fallout from the collapse of the FTX exchange.Investors are still waiting to find out what will happen with their funds, which FTX claims to have moved into cold storage in order to protect them from hacks or theft.We’ll be bringing you all the latest news, analysis and comment from crypto experts on the beleagured exchange, as well as any developments in the broader cryptocurrency space.Anthony Cuthbertson14 November 2022 12:17