Story continues Billionaire investor Carl Icahn, chairman of Icahn Enterprises And because, particularly after what happened during the early stages of Covid, we have more precedent and willingness to throw liquidity at leaks if it happens." Because the Fed is on hair-trigger alert. "Low, because the banking system is better capitalized than it was. Summers was asked by the Information to assess the risk of FTX sparking a Lehman-type collapse. "What's going on in crypto in the last few days is going to scare people and is going to scare regulators into action," the Harvard economics professor said. Larry Summers, former US Treasury Secretary Here's what 10 experts have to say about the FTX debacle.
The fiasco has sharpened regulators' attention on FTX, and driven a deep slide in cryptocurrencies, and gotten people making comparisons with Lehman Brothers, the bank whose 2008 collapse is credited with kicking off the financial crisis. Rumors of insolvency, sparked by a CoinDesk report, had driven the exchange's customers to withdraw $6 billion in just 72 hours.īut then Binance backed away after a review of FTX's balance sheet, leaving Bankman-Fried to go begging for the billions of dollars it needed elsewhere - to no avail. In a bombshell move, Binance said Tuesday it had agreed a potential deal to bail out its rival FTX. The move ended a week of mayhem, as emerging details of FTX's shaky financial situation triggered a crisis of confidence in crypto. The digital-asset exchange, once valued at over $30 billion, filed for bankruptcy Friday. Sam Bankman-Fried's FTX sudden and spectacular implosion this week has put the world of crypto on edge - wondering who's next and whether this is the $1 trillion market's Lehman moment.
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