THE FTX COLLAPSE SCANDAL

Things went downhill for FTX, after Binance, the world's largest cryptocurrency exchange, reversed on a deal to save the company. This collapse is being termed as the crypto's "Lehman moment".

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FTX is one of the world's largest cryptocurrency exchanges. FTX is a digital currency exchange, a platform where people could buy and sell digital assets like bitcoin, dogecoin and ether. Simply put, it enables customers to trade digital currencies for other digital currencies or traditional money, and vice versa. It is based in the Bahamas and was run by Mr. Bankman-Fried. It has spent millions of dollars lobbying U.S. legislators to institute crypto-friendly regulation. The company had built its business on risky trading options that are not legal in the United States. The crypto industry overall has increasingly been the target of regulatory scrutiny on Capitol Hill and across the globe.