Advertisement
Advertisement

Collapse of FTX should serve as reminder of risks of crypto assets, ECB’s De Cos says

By:
Reuters
Published: Nov 16, 2022, 15:37 GMT+00:00

MADRID (Reuters) - The collapse of crypto exchange platform FTX should serve as a reminder for clients of the risks crypto assets entail, European Central Bank policymaker Pablo Hernandez de Cos said on Wednesday.

The logo of FTX is seen at the FTX Arena in Miami

MADRID (Reuters) – The collapse of crypto exchange platform FTX should serve as a reminder for clients of the risks crypto assets entail, European Central Bank policymaker Pablo Hernandez de Cos said on Wednesday.

“We hope that the events we have recently experienced will make citizens aware of the risks associated with these cyrpto assets,” De Cos said when asked about FTX’s collapse.

The exchange, which had been among the world’s largest, filed for bankruptcy protection on Friday in one of the highest-profile crypto blowups after panicked traders withdrew $6 billion from the platform in just 72 hours and rival exchange Binance abandoned a rescue deal.

(Reporting by Jesús Aguado and Emma Pinedo; editing by David Latona)

About the Author

Reuterscontributor

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV. Learn more about Thomson Reuters products:

Advertisement