Why the FTX collapse has plunged the crypto world into upheaval

The cryptocurrency world plunged into chaos this week with the stunning fall of FTX, a crypto exchange once valued at as much as $32 billion.

Industry leader Binance backed out of a planned buyout on Wednesday after disclosing that a review of FTX’s books had unearthed “mishandled customer funds” and amid news reports that U.S. regulatory agencies were circling the smaller exchange.

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