Dubai Now Regrets ‘Crypto Hub’ Backfires as FTX Falls Tide – Bloomberg

Sam Bankmanfried was having lunch at a fancy restaurant in Dubai about two weeks before his co-founded cryptocurrency exchange FTX filed for Chapter 11 bankruptcy protection. It was October 26th.

Bankman-Fried has been keeping an eye on the tone of funding from financiers, bankers and founders, including Anthony Scaramucci, who was head of public relations during the Trump administration.

It was a last ditch effort before FTX’s problems became public knowledge. The company, once valued at $32 billion (about 4.45 trillion yen at the current exchange rate), went bankrupt within weeks, leading to a fall in cryptocurrency prices and the loss of major global exchanges.causing a large outflow of money.

  The United Arab Emirates (UAE), which has been promoting the attraction of the largest companies with policies favorable to the digital currency industry as part of its strategy to diversify its industry away from dependence on fossil fuels, had been particularly serious, especially in the Emirate of Dubai. The repercussions continued.

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