Stories from people who held cash or crypto on FTX's exchange in the U.S. are starting to emerge — and the picture looks grim.
Stories from people who held cash or crypto on FTX's exchange in the U.S. are starting to emerge — and the picture looks grim.FTX customers understood they were trading volatile assets. But many appeared to assume their money was safe, in the sense that even if it dropped in value, they could still get it back — as with a bank or a brokerage. FTX was neither.
Putting money into FTX US was nothing like putting money in an FDIC-insured bank account, where your deposit is protected and guaranteed up to $250,000.by the agency just a few months ago for saying customer money was kept in insured accounts.Banks don't go bankrupt — as FTX has — they go into receivership, says Aaron Klein, a senior fellow at Brookings who focuses on financial technology and regulation. For customers that means fairly seamless access to your cash.
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