Thousands of Australian crypto investors have found themselves in a precarious situation and now face the risk of losing their entire investments following the collapse of the popular crypto exchange FTX.
According to the Australian Financial Review, close to 30,000 Australian investors are now looking to recover part of their losses after the crypto trading platform declared bankruptcy.
Investors, crypto markets and regulators were caught off guard in a dramatic series of events that triggered a massive bank run and withdrawal, causing FTX to collapse due to a lack of liquidity in the week ending Nov. 13.
Shortly after reportedly halting user withdrawals due to insufficient funds, the company filed voluntary bankruptcy proceedings under Chapter 11 in the District of Delaware, the United States, on Nov. 11….