Collapse of FTX should serve as reminder of risks of crypto assets, ECB’s De Cos says By Reuters

MADRID (Reuters) – The collapse of crypto exchange platform FTX should serve as a reminder for clients of the risks crypto assets entail, European Central Bank policymaker Pablo Hernandez de Cos said on Wednesday.

“We hope that the events we have recently experienced will make citizens aware of the risks associated with these cyrpto assets,” De Cos said when asked about FTX’s collapse.

The exchange, which had been among the world’s largest, filed for bankruptcy protection on Friday in one of the highest-profile crypto blowups after panicked traders withdrew $6 billion from the platform in just 72 hours and rival exchange Binance abandoned a rescue deal.