BriefingAfrica

Africa’s Crypto Market Just Took a Hit From FTX’s Collapse

Africa’s Crypto Market Just Took a Hit From FTX’s Collapse
Ugandan Bitcoin miner Godfrey Kabaka Mumpe addresses fellow Ugandans about the currency, Kampala, Uganda, March 8, 2018 (AP photo by Stephen Wandera).

On Dec. 12, Sam Bankman-Fried, once described as the J.P. Morgan of the crypto industry, was arrested and charged with defrauding investors, just a month after his $32 billion cryptocurrency exchange, FTX, filed for bankruptcy. FTX’s collapse sent shockwaves through the crypto world, perhaps felt nowhere more acutely than in Africa.

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