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FTX, the second largest cryptocurrency exchange in the world, suffered a major liquidity crisis last week as hedge funds and other clients lost confidence.
In what amounted to an old-fashioned bank run, FTX was hit by massive withdrawal requests, including $5 billion ($7.5 billion) in withdrawals on the Sunday before its collapse, forcing the exchange to pause withdrawals.
Risky trade
The cash outflow was fueled by growing concerns about FTX’s close ties to…
