FTX collapse: Elon Musk tackles Silicon Valley powerhouse

The collapse, within a few days, of the FTX cryptocurrency exchange is a financial fiasco that has not yet revealed all its consequences, collateral damages and liabilities.

FTX is a company that was valued at $32 billion in February and emerged as the savior of crypto firms weakened by the credit crunch caused by the collapse of sister cryptocurrencies Luna and UST, or TerraUSD, in May.

The firm, which was at the center of 30-year-old Sam Bankman-Fried’s crypto empire, was considered one of the most influential and financially stable players in the cryptocurrency industry. That’s how it was perceived. Hardly anyone could have imagined that it would collapse in a few days.

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