HONG KONG/SINGAPORE :Cryptocurrency markets nursed heavy losses on Thursday, with bitcoin hovering near a two-year low as investors fretted about the fallout from the implosion of crypto exchange FTX, which was seeking new funds to plug a gaping hole in its finances.
Focus among investors is on the unknown size of customer losses and the hit to sentiment from the latest and possibly largest collapse in an industry that has turned into a minefield for investors. Justin Sun, founder of cryptocurrency network Tron, said in a tweet on Thursday"we are putting together a solution together with #FTX to initiate a pathway forward," without giving further details. Sun did not respond to a request for comment.
Bloomberg reported that Bankman-Fried had told investors that FTX faced a shortfall of up to $8 billion and that the company would need to file for bankruptcy unless it received further funding.Investors were watching for any signs of contagion spreading beyond the crypto sector. Fadi Massih, vice president at Moody's Investors Service, said the losses have"largely remained contained within the crypto sphere.
The U.S. securities regulator is investigating FTX.com's handling of customer funds and crypto-lending activities, according to a source with knowledge of the inquiry.
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