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Oct. 30, 2021, 6:15 p.m. EDT

World’s richest 29-year-old says this is the biggest risk to crypto

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By Mark DeCambre

Sam Bankman-Fried, the co-founder and CEO of FTX, one of the world’s most prominent crypto exchanges, says that one of the biggest potential risks to the bullish trend for the digital-asset market is a daisy chain of events alongside a regulatory crackdown.

“I really think…the biggest risk is a cascade, combining a big crash, liquidations,” and a “rule-making” environment “that together casts a really negative shadow over the crypto ecosystem,” Bankman-Fried told MarketWatch on Wednesday afternoon during an interview at MarketWatch and Barron’s  “Investing in Crypto” virtual event series .

The 29-year old, who is a U.S. citizen but resides in the Bahamas, is a graduate of the Massachusetts Institute of Technology and boasts a net worth of around $26 billion,  according to Forbes.

FTX’s own valuation recently topped $25 billion in its most recent funding round. The exchange platform is a cryptocurrency unicorn that offers derivative trading services with offices in the U.S. and the Bahamas, and is the sixth-largest global crypto exchange,  according to CoinMarketCap.com .

Bankman-Fried’s comments come as the world’s No. 1 cryptocurrency, bitcoin /zigman2/quotes/31322028/realtime BTCUSD -1.87% , was trading more than 5% lower Wednesday, at $58,000, and Ether /zigman2/quotes/108573964/realtime ETHUSD -2.69% on the Ethereum blockchain was down over 6%, at about $3,970 on CoinDesk.

Meanwhile, meme coin Shiba Inu, a virtual asset that pays homage to Dogecoin /zigman2/quotes/226077044/realtime DOGEUSD -6.40% , was up 64% on Wednesday.

/zigman2/quotes/31322028/realtime
US : CoinDesk
53,577.74
-1,023 -1.87%
Volume: 0.00
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/zigman2/quotes/108573964/realtime
US : Kraken
3,971.17
-109.72 -2.69%
Volume: 93.15M
Nov. 28, 2021 1:43p
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/zigman2/quotes/226077044/realtime
US : Kraken
0.19
-0.01 -6.40%
Volume: 3.77M
Nov. 28, 2021 1:43p
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