FTX scrambles for funds as regulators take action

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Reuters UK

By Selena Li and Vidya Ranganathan SINGAPORE (Reuters) – Regulators froze some assets of distressed cryptocurrency exchange FTX and industry peers raced to limit losses on Friday amid worsening solvency problems at the firm and heightened scrutiny of its chief executive, Sam Bankman-Fried. The week-long saga that began with a run on FTX, one of the largest crypto exchanges, and a failed takeover deal by arch-rival Binance has thumped an already struggling bitcoin and other tokens. FTX is scrambling to raise about $9.4 billion from investors and rivals, a source said on Thursday, as the exchang…

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