'I thought crypto exchanges were safe': the lesson in FTX's collapse

By Paul Mazzola, Lecturer Banking and Finance, Faculty of Business and Law, University of Wollongong
Mitchell Goroch, Cryptocurrency Trader and Researcher, University of Wollongong

Anthony* (a friend) called a few weeks ago, deeply worried.

A deputy principal of a high school in Queensland, over the past year he spent hundreds of thousands of dollars buying cryptocurrencies, borrowing money using his home as equity.

But now all his assets, valued at A$600,000, were stuck in an account he couldn’t access.

He’d bought through FTX, the world’s third-biggest cryptocurrency exchange, endorsed by celebrities such as Seinfeld co-creator Larry David, basketball champions Steph Curry and Shaquille O’Neal, and tennis ace Naomi Osaka.

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