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FTX Is ‘Lehman of the Crypto Industry’ With Damage Contained to Sector

  • Mark J. Shapiro oversaw the sale of Lehman’s assets in 2008
  • ‘FTX is the Lehman of the crypto industry,’ Shapiro said
Bloomberg business news
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The collapse of crypto exchange FTX can be compared to the bankruptcy of Lehman Brothers that shook Wall Street 14 years ago, according to former Lehman restructuring head Mark J. Shapiro. 

“FTX is the Lehman of the crypto industry,” as the resulting damage is still contained to the sector, Shapiro said in the latest episode of Bloomberg Intelligence’s FICC Focus State of Distressed Debt podcast. “This is a crypto blizzard and not a crypto winter, because there’s no spillover yet.”