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Moneycontrol Pro Panorama | FTX bankruptcy — Investors show symptoms of fear psychosis

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The collapse of FTX, a crash in digital cryptocurrencies and fresh doses of daily negative news are spreading fears of a crypto contagion in financial markets.

And, the fear is real as one of the world’s largest exchanges, FTX, has filed for bankruptcy. Not surprisingly, cryptocurrencies have tumbled.

The value erosion so far in 2022 is estimated at $1.4 billion. There’s speculation over other big crypto names going under too unless they are able to raise millions of dollars to support redemptions.Worse, FTX owes its top 50 creditors -- the list is not disclosed -- around $3.1 billion, according to media reports.

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