FTX Chaos Prompts Reckoning on Dubai’s Embrace of Crypto Giants
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On Oct. 26, days before the collapse of his crypto exchange FTX, Sam Bankman-Fried sat for lunch at an upscale Dubai restaurant...
On Oct. 26, days before the collapse of his crypto exchange FTX, Sam Bankman-Fried sat for lunch at an upscale Dubai restaurant, subtly testing the waters for funding at a table of founders, bankers and financiers, including Anthony Scaramucci. It turned out to be a final hurrah before the former billionaire's troubles were exposed to the world. The implosion of FTX, which went from a $32 billion valuation to bankruptcy in the ensuing weeks, sent crypto markets into a tailspin, driving billions of dollars in outflows from some of the biggest global exchanges. The aftershocks have reverberated particularly hard in the United Arab Emirates -- especial...