The fallout from the spectacular implosion of crypto giant FTX has triggered a cascade of wide-reaching effects.
"In the crypto world, the minute you see a company or firm announce 'we're temporarily halting withdrawals' - yikes," said Daniel Roberts, editor-in-chief of Decrypt Media, a crypto-focused news outlet. "You put them on death watch now ... It's unusual that someone says 'we're halting withdrawals' and then they say, 'OK, withdrawals back on, we're good.
Meanwhile another big player in the crypto space, BlockFi, halted withdrawals last week as FTX came unglued. On Tuesday, the Wall Street Journal reported BlockFi was preparing for a potential bankruptcy filing.And the legal headaches for Bankman-Fried, FTX's founder who resigned as CEO last week, are piling up.
On Wednesday an FTX investor sued Bankman-Fried as well as several celebrities who have endorsed the platform, including Tom Brady, Gisele Bundchen and Steph Curry. "The deceptive FTX platform maintained by the FTX entities was truly a house of cards," the proposed class-action lawsuit states. Heavyweight lawyers Adam Moskowitz and David Boies filed the suit on behalf of an FTX customer, Edwin Garrison.
Moskowitz, a Florida lawyer, is also behind a class-action suit against crypto broker Voyager Digital, which also filed for bankruptcy earlier this year. And Boies is perhaps best known for representing Vice President Al Gore in 2000's Bush v. Gore.
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