When FTX Group filed for Chapter 11 bankruptcy protection in a US federal court last month, a statement submitted to the judge by the cryptocurrency trading platform's new chief executive John Ray cited a “complete failure of corporate controls” and a “complete absence of trustworthy financial information”.
The road ahead will be hard and affect many, both directly and indirectly.
In its analysis of the 23-page bankruptcy filing, CNBC said the document indicates FTX has more than 100,000 creditors and its liabilities could be as much as $50 billion.
However, the full scope of the collapse will unlikely be known for many months, so those affected will also have to wait for some time to find out the extent of their exposure.
At Chainalysis, we extend our heartfelt sympathies to them. To that end, we are engaged with the bankruptcy case and are doing everything we can to help secure assets of the debtors.
While FTX founder Sam Bankman-Fried's business practices are under investigation following his arrest on December 12 in the Bahamas, I call on the cryptocurrency community to do two things.
First, have patience. The process is transparent and will yield answers.
The second is to draw an important distinction between any improprieties and the broader cryptocurrency industry, including the technology on which it is built.
All industries are operated by people. People make decisions on behalf of companies. And every industry has companies that abuse, fail and defraud.
I ask everyone to remember that whatever happened at FTX, it was not a cryptocurrency or blockchain-specific failure. It was, as many failures are, human.
The technology remains transformative — I firmly believe that cryptocurrency and the blockchain will be to the exchange of value what the internet has been for the exchange of information.
It is a cross-border, instantaneous and cheap way to transact value exchanges.
It enables the tokenisation of real-world assets — stablecoins have already done this for cash and it isn’t hard to imagine that cars, houses, securities and more will follow suit. With such potential, the demand for that is only going to increase.
What is required, then, is not an overhaul of the infrastructure and platforms that power the cryptocurrency world.
Instead, this moment is an opportunity to take stock of our values and advocate a better, safer ecosystem.
An inflection point
It is when times seem most bleak that monumental advancements in the cryptocurrency ecosystem take place.
The very movement itself was created out of the 2007-2008 global financial crisis, with the belief that the financial system should be better.
Watch: What is Bitcoin and how did it start?
Now, in the aftermath of FTX's bankruptcy filing and the continuing bear market, is when step changes in cryptocurrency are most likely to happen.
There is an opportunity — an imperative — for the industry to harness blockchains’ inherent transparency to build an economic system that holds itself to a higher standard.
As with any new technology, cryptocurrency has attracted criminals and fraudsters, but they are not representative of the industry.
Chainalysis researchers are continually astounded at the level of innovation in use cases.
Cryptocurrency payments give financial access to those who live far from cross-border remittance centres.
Digital assets serve as a store of value for countries suffering from hyperinflation. This year, we even saw the Ukrainian government raise money through cryptocurrency transactions for its war efforts and to help its people.
There have been stumbling blocks but the technology itself is inherently sound and offers simple solutions where existing financial systems fail.
There have been stumbling blocks, but the technology itself is inherently sound and offers simple solutions where existing financial systems fail
Michael Gronager,
co-founder and chief executive of Chainalysis
It is an instantaneous, cost-effective, cross-border value-exchange system, the demand for which is poised to continue to increase.
With the dawn of Web3 technology, the use-case bubble for cryptocurrency will expand in countless ways we cannot yet imagine.
We will see cryptocurrency applications that overcome the illiquidity of traditional assets, eliminating middlemen and fostering more direct relationships between sellers and their customers.
At the end of this road of decentralisation of the business world, we will have enabled true community ownership.
Moreover, as the ecosystem matures, it is becoming increasingly difficult for malicious actors to operate.
We have already proven that using cryptocurrency to launder money is an easy way to get caught.
With the right data, tools, guidance and partnerships, the cryptocurrency industry can hold its businesses and people accountable to protect consumers by design.
Policy and prospects
In the near future, Chainalysis expects more discussions focused on consumer protection, including through custody, disclosure and market structure regulations, such as separating activities like custody and trading from operating under one roof.
Events such as FTX’s downfall are usually accelerants for such policymaking, where renewed efforts are initially focused on low-hanging fruit — strategic and effective action that can be acted upon quickly, making an important difference in the short to medium term.
Striking the appropriate balance between consumer protection and innovation will require close collaboration between the industry and policymakers across jurisdictions.
Chainalysis will continue to advocate regulatory frameworks that both protect consumers and empower innovators through providing access to data, expert analysis and tools that contribute to a better understanding of recent events and its continuing implications in the market.
Until the onset of such regulatory reforms, the cryptocurrency industry should take it upon itself to self-regulate.
If we remember the premium placed on trust by investors and customers, we can quickly see the incentive to work together towards standards of conduct.
These standards can include reporting on reserves and other disclosures.
Cryptocurrencies — in pictures
Yes, there is work to be done. But let us not forget that the end of FTX does not spell the end of the industry.
People made mistakes and it ended badly. But other people are demanding more and more cryptocurrency products and new models of ownership.
Cryptocurrency is just getting started. The industry is famous for its booms and busts along an underlying steady adoption curve.
Our current moment is simply another opportunity to emerge stronger. If we get it right with regulation, we can lessen the sector's volatility and usher in a phase of stability.
Longevity comes next.
Michael Gronager is the co-founder and chief executive of blockchain data platform Chainalysis
KILLING OF QASSEM SULEIMANI
Recent winners
2002 Giselle Khoury (Colombia)
2004 Nathalie Nasralla (France)
2005 Catherine Abboud (Oceania)
2007 Grace Bijjani (Mexico)
2008 Carina El-Keddissi (Brazil)
2009 Sara Mansour (Brazil)
2010 Daniella Rahme (Australia)
2011 Maria Farah (Canada)
2012 Cynthia Moukarzel (Kuwait)
2013 Layla Yarak (Australia)
2014 Lia Saad (UAE)
2015 Cynthia Farah (Australia)
2016 Yosmely Massaad (Venezuela)
2017 Dima Safi (Ivory Coast)
2018 Rachel Younan (Australia)
Neil Thomson – THE BIO
Family: I am happily married to my wife Liz and we have two children together.
Favourite music: Rock music. I started at a young age due to my father’s influence. He played in an Indian rock band The Flintstones who were once asked by Apple Records to fly over to England to perform there.
Favourite book: I constantly find myself reading The Bible.
Favourite film: The Greatest Showman.
Favourite holiday destination: I love visiting Melbourne as I have family there and it’s a wonderful place. New York at Christmas is also magical.
Favourite food: I went to boarding school so I like any cuisine really.
More coverage from the Future Forum
COMPANY%20PROFILE
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
AIDA%20RETURNS
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UAE currency: the story behind the money in your pockets
What is the definition of an SME?
SMEs in the UAE are defined by the number of employees, annual turnover and sector. For example, a “small company” in the services industry has six to 50 employees with a turnover of more than Dh2 million up to Dh20m, while in the manufacturing industry the requirements are 10 to 100 employees with a turnover of more than Dh3m up to Dh50m, according to Dubai SME, an agency of the Department of Economic Development.
A “medium-sized company” can either have staff of 51 to 200 employees or 101 to 250 employees, and a turnover less than or equal to Dh200m or Dh250m, again depending on whether the business is in the trading, manufacturing or services sectors.
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
UAE currency: the story behind the money in your pockets
Scores
Wales 74-24 Tonga
England 35-15 Japan
Italy 7-26 Australia
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
HOW%20TO%20ACTIVATE%20THE%20GEMINI%20SHORTCUT%20ON%20CHROME%20CANARY
%3Cp%3E1.%20Go%20to%20%3Cstrong%3Echrome%3A%2F%2Fflags%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3E2.%20Find%20and%20enable%20%3Cstrong%3EExpansion%20pack%20for%20the%20Site%20Search%20starter%20pack%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3E3.%20Restart%20Chrome%20Canary%3C%2Fp%3E%0A%3Cp%3E4.%20Go%20to%20%3Cstrong%3Echrome%3A%2F%2Fsettings%2FsearchEngines%3C%2Fstrong%3E%20in%20the%20address%20bar%20and%20find%20the%20%3Cstrong%3EChat%20with%20Gemini%3C%2Fstrong%3E%20shortcut%20under%20%3Cstrong%3ESite%20Search%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3E5.%20Open%20a%20new%20tab%20and%20type%20%40%20to%20see%20the%20Chat%20with%20Gemini%20shortcut%20along%20with%20other%20Omnibox%20shortcuts%20to%20search%20tabs%2C%20history%20and%20bookmarks%3C%2Fp%3E%0A
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
How it works
Each player begins with one of the great empires of history, from Julius Caesar's Rome to Ramses of Egypt, spread over Europe and the Middle East.
Round by round, the player expands their empire. The more land they have, the more money they can take from their coffers for each go.
As unruled land and soldiers are acquired, players must feed them. When a player comes up against land held by another army, they can choose to battle for supremacy.
A dice-based battle system is used and players can get the edge on their enemy with by deploying a renowned hero on the battlefield.
Players that lose battles and land will find their coffers dwindle and troops go hungry. The end goal? Global domination of course.
SQUADS
South Africa:
JP Duminy (capt), Hashim Amla, Farhaan Behardien, Quinton de Kock (wkt), AB de Villiers, Robbie Frylinck, Beuran Hendricks, David Miller, Mangaliso Mosehle (wkt), Dane Paterson, Aaron Phangiso, Andile Phehlukwayo, Dwaine Pretorius, Tabraiz Shamsi
Bangladesh
Shakib Al Hasan (capt), Imrul Kayes, Liton Das (wkt), Mahmudullah, Mehidy Hasan, Mohammad Saifuddin, Mominul Haque, Mushfiqur Rahim (wkt), Nasir Hossain, Rubel Hossain, Sabbir Rahman, Shafiul Islam, Soumya Sarkar, Taskin Ahmed
Fixtures
Oct 26: Bloemfontein
Oct 29: Potchefstroom
ULTRA PROCESSED FOODS
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- Margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars
- Energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- Infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes
- Many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts
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UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
%3Cp%3E%3Cstrong%3ETHE%20SPECS%3C%2Fstrong%3E%0D%3Cbr%3EEngine%3A%203.5-litre%20V6%0D%3Cbr%3ETransmission%3A%209-speed%20automatc%0D%3Cbr%3EPower%3A%20279hp%0D%3Cbr%3ETorque%3A%20350Nm%0D%3Cbr%3EPrice%3A%20From%20Dh250%2C000%0D%3Cbr%3EOn%20sale%3A%20Now%3C%2Fp%3E%0A
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20HyveGeo%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202023%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Abdulaziz%20bin%20Redha%2C%20Dr%20Samsurin%20Welch%2C%20Eva%20Morales%20and%20Dr%20Harjit%20Singh%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ECambridge%20and%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%208%3Cbr%3E%3Cstrong%3EIndustry%3A%20%3C%2Fstrong%3ESustainability%20%26amp%3B%20Environment%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3E%24200%2C000%20plus%20undisclosed%20grant%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EVenture%20capital%20and%20government%3C%2Fp%3E%0A
The specs
Engine: 2.0-litre turbo 4-cyl
Transmission: eight-speed auto
Power: 190bhp
Torque: 300Nm
Price: Dh169,900
On sale: now
Directed by: Craig Gillespie
Starring: Emma Stone, Emma Thompson, Joel Fry
4/5
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
RESULT
West Brom 2 Liverpool 2
West Brom: Livermore (79'), Rondón (88' )
Liverpool: Ings (4'), Salah (72')
Results
2.30pm Maiden (PA) Dh40,000 1,200m
Winner Lamia, Tadhg O’Shea, Ernst Oertel.
3pm Handicap (PA) Dh40,000 1,000m
Winner Jap Al Afreet, Elione Chaves, Irfan Ellahi.
3.30pm Handicap (PA) Dh40,000 1,700m
Winner MH Tawag, Bernardo Pinheiro, Elise Jeanne.
4pm Handicap (TB) Dh40,000 2,000m
Winner Skygazer, Sandro Paiva, Ali Rashid Al Raihe.
4.30pm The Ruler of Sharjah Cup Prestige (PA) Dh250,000 1,700m
Winner AF Kal Noor, Tadhg O’Shea, Ernst Oertel.
5pm Sharjah Marathon (PA) Dh70,000 2,700m
Winner RB Grynade, Bernardo Pinheiro, Eric Lemartinel.
More from Rashmee Roshan Lall
Mohammed bin Zayed Majlis
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
