Bitcoin millionaires ‘drop like flies’ as FTX fallout shakes crypto market

Published by
City AM

By Charlie Conchie The number of bitcoin millionaires has plunged and scammers have filled their boots in the past year as the market is gripped by a ‘crypto winter’ brought on by soaring inflation and a string of high profile bankruptcies. Nearly £1.15tn ($1.4tn) was wiped from the value of the market in 2022 as soaring inflation and rate hikes sent investors scrambling for steadier ground. The sector was dealt a fresh blow in November when Sam Bankman-Fried’s exchange FTX imploded amid allegations of fraud and misuse of customer funds. Bitcoin, the most valuable crypto currency, plunged more…

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