FTX Collapse Hits Justin Bieber, Michael Jordan and Coachella

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The Street

By Luc Olinga Bieber and Jordan invested in non-fungible tokens (NFTs), whose fall in value was accelerated by the bankruptcy of FTX. The FTX cryptocurrency exchange debacle has shocked the entire cryptocurrency industry. It is still early to determine the full damage. Industry sources agree that it will take many years to restore public confidence in the crypto industry. This crisis of confidence is also coupled with a liquidity crisis impacting many firms. This is because FTX and its founder Sam Bankman-Fried had become the saviors of companies weakened by the credit crunch, caused by the co…

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