FTX collapse crushes crypto dreams in Africa and beyond

The FTX Arena name is still visible where the Miami Heat basketball team plays on Nov 12, 2022, in Miami. For small investors in nations that have been courted by cryptocurrency exchanges, FTX’s demise is a painful reminder of the risks. — AP

LAGOS/BANGKOK: Days before his FTX cryptocurrency exchange collapsed, co-founder Sam Bankman-Fried tweeted “Hello, West Africa!” – his latest nod to a region where a growing number of kitchen table investors had put their faith, and savings, in FTX.

In South Africa, Nigeria and Ghana, FTX held a series of swish events in the months leading up to its bankruptcy filing in the United States on Nov 11, which sent shockwaves through the crypto world and major coin prices plummeting.