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20122025
most citedThe Physics of Financial Networks

283 citations

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Showing 2023 · q-fin.GNShow all

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q-fin.GN2023★ 58 cited

FTX's downfall and Binance's consolidation: The fragility of centralised digital finance

David Vidal-Tomás, Antonio Briola, Tomaso Aste

This paper investigates the causes of the FTX digital currency exchange's failure in November 2022. We identify the collapse of the Terra-Luna ecosystem as the pivotal event that t…