Business

In the case of FTX's spectacular collapse, "FOMO" over potential economic returns could explain why investors missed the warning signs, say analysts.

File photo of the logo of crypto exchange platform FTX. (Photo: AFP/Olivier Douliery)

SINGAPORE: Up until the moment that FTX started collapsing, the consensus view was that everything was generally fine with the crypto exchange, with former CEO Sam Bankman-Fried a star of the corporate world.

That all changed earlier this month, with a chain of events which culminated on Nov 11 when FTX started bankruptcy proceedings in the United States, owing its 50 biggest creditors nearly US$3.1 billion (S$4.28 billion).

"Never in my career have I seen such a complete failure of corporate controls and such a ...