First published by Money Metals Exchange here: https://www.moneymetals.com/news/2022/11/10/crypto-carnage-exposes-untold-risks-of-unbacked-digital-wealth-002623

Cryptocurrency markets were rattled this week by the abrupt collapse of FTX, a major exchange. Facing a wave of customer requests for withdrawals, FTX announced it was experiencing “liquidity” issues. Rival firm Binance initially offered to help facilitate an emergency rescue of FTX.