Experts React to FTX’s Epic Fall

Crypto exchanges FTX and FTX.US, its U.S. branch, filed for Chapter 11 bankruptcy on Nov. 11. Shortly after, more than $600 million was drained out of FTX wallets in an apparent hack. The following day, the Financial Times published FTX’s balance sheet, which showed $9 billion in liabilities and just $900 million in easily sellable assets. The balance sheet also showed sloppy and risky management of customer funds.

Prominent investors, business leaders and government officials have since commented on the still-unfolding collapse.

What traditional finance leaders say

Charlie Munger, a longtime partner of Warren Buffett and vice chair of conglomerate Berkshire Hathaway. Munger was interviewed on CNBC on Nov. 15.

“It pains me that in my own country, I see people that were once regarded as very reputable people helping these things exist, promoting their use and so forth,” he said, referring to cryptocurrency. In 2021, Berkshire Hathaway invested in Nubank, a digital bank in Brazil…

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This article was written by Kurt Woock and originally published on www.nerdwallet.com