FTX's money is not insured, says FDIC

FTX’s money is not insured, says FDIC

The Federal Deposit Insurance Corporation (FDIC) has issued a shutdown order for cryptocurrency exchange FTX, which is owned by Sam Bankman-Fried, over “false and misleading statements” suggesting its assets are FDIC-insured. The FDIC does not cover stocks or cryptocurrencies and only protects funds in insured bank accounts. In a letter to the exchange, the FDIC …

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