The Latest Breaking News on FTX claims Bybit, one of world’s largest crypto exchanges, used VIP status to pull hundreds of millions of dollars during collapse

Collapsed cryptocurrency trading firm FTX is confirming there was unauthorized access to its accounts just hours after the company filed for bankruptcy protection

Sources tell Reuters funds were part of $10bn founder Sam Bankman-Fried transferred to his hedge fund

“With FTX going down, we will see cascading effects."

Australians who invested in the FTX cryptocurrency exchange are unable to withdraw their funds as the company's local arm goes into voluntary administration.

Cryptocurrency exchange run by Changpeng Zhao pulled out of deal to rescue its rival

FTX’s collapse came after customers raced to cash out their deposits when a major competitor questioned its viability and declined to buy the company in a bailout deal.

The trading platform had been struggling to raise billions in funds to stave off collapse after a wave of withdrawals.

Crypto assets are infamous for being highly speculative and volatile, but it is their “debt problems” that have once again made headlines. Since November 2021, the total value of cryptocurrencies has now fallen from a peak of over US$3 trillion (£2.6 trillion) to circa US$830 billion (£706 billion).

Crypto markets extended losses on Friday morning after FTX Group said it has commenced bankruptcy proceedings in the U.S. and that Sam Bankman-Fried has resigned as chief executive officer.