‘I thought crypto exchanges were safe’: The lesson in FTX’s collapse

The bottom line: Crypto exchanges are not like stock exchanges, and centralised ones are not safe. If the worst eventuates, whether it be an exchange collapse or cyber attack, you risk losing everything.

All investments carry risks, and the unregulated crypto market carries more risk than most. PHOTO: REUTERS
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Anthony* (a friend) called a few weeks ago, deeply worried.

A deputy principal of a high school in Queensland, he spent hundreds of thousands of dollars over the past year buying cryptocurrencies, borrowing money using his home as equity.

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