FTX has been considered one of the safest and most reliable exchanges of a freewheeling cryptocurrency industry, which wants to bring tokens into the financial mainstream.

But Sam Bankman-Fried’s $32bn empire collapsed almost overnight, highlighting the extreme volatility of the virtual currencies. The downfall has sent shockwaves across the market and raised questions over its viability.

He has apologised, but that has not helped more than one million creditors who are potentially now out of pocket.

Elsewhere, we ask why are tech companies laying off employees.

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