No More FTX on the Horizon! Galaxy Digital: Cryptocurrency Market Transformation Dissolves the Environment that Propelled SBF’s Rise

Galaxy Digital expressed in a research report released last Friday that since the bankruptcy of the FTX exchange in November 2022, the cryptocurrency market has changed, and the market conditions that allowed FTX and its founder SBF to rise are no longer present. Galaxy Digital analyst Lucas Tcheyan pointed out that unlike FTX, emerging exchanges now allow users to self-custody their cryptocurrency assets to ensure direct control. Additionally, the approval of Bitcoin spot ETFs has also changed the market investment environment, allowing US users to inject funds into the cryptocurrency market through compliant channels. FTX founder SBF was sentenced to 25 years and had over $11 billion in assets confiscated. Despite this, SBF continues to argue his case and plans to appeal later this year.