Crypto market rocked by FTX near-collapse

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City AM

By Charlie Conchie The cryptocurrency market has plunged in value today as it reels from the near-collapse of one of the biggest exchanges, FTX, last night. FTX, which has bailed-out a host of ailing firms in the sector and was regarded as one of the more resilient businesses in the space, announced last night it had struck a deal with its biggest rival Binance amid an extreme liquidity squeeze. Sam Bankman-Fried, chief of FTX, had been locked in a spat with Binance boss Changpeng Zhao over the weekend after Zhao announced Binance would offload its entire stake of FTX’s token FTT, send the pri…

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