Stuart Varney on FTX ‘collapsing’: Trust in cryptocurrencies is fading fast
FOX Business host Stuart Varney argues markets ‘need the trust of investors.’
During his latest "My Take," "Varney & Co." host Stuart Varney discusses Binance refusing to bail FTX out of its collapse, arguing trust in cryptocurrencies is "fading fast."
STUART VARNEY: When you use the word "collapse" in the financial world, you're talking serious stuff.
Well, that word is being used today.
FTX, the big crypto exchange is collapsing. A rival firm, Binance, having taken a look at the books, now refuses to bail it out.
FTX is insolvent.
That means a lot of people who own crypto can't get their money out.
CRYPTOCURRENCIES STABILIZE AFTER FTX DEAL TURMOIL
Big money Silicon Valley people have lost their shirts: Sequoia Capital for example has just written off $150 million.
Giants like BlackRock and SoftBank are also on the big loser list.
FTX founder Sam Bankman-Fried lost $15 billion overnight.
He says he now needs $8 billion to pay off investors.
In this crypto environment, who will give him that kind of money?