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FTX/bitcoin: contagion risk is not fully reflected in prices

There are widespread and entirely rational fears that contagion is spreading across the crypto industry

Following the spectacular collapse of FTX into bankruptcy last week, investors have reportedly been rushing to withdraw funds from rival exchanges. Contagion fears have focused on Crypto.com, a Singapore-based exchange. But the reaction of bitcoin, the flagship crypto, has been oddly muted.

Chief executive Kris Marszalek said he would publish proof of Crypto.com’s reserves “within weeks”. This seemed a tardy way for a data-driven business to forestall an incipient run by investors. The statements of crypto entrepreneurs now need verification by boring, old-fashioned auditors, it seems.

FTX appears to have net liabilities of some $8bn. Classic smashes of financial companies have often featured steep asset mark-ups that come unstuck. Authorities in the Bahamas, FTX’s base, are investigating whether criminal wrongdoing occurred.

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