Shadow banking by crypto exchanges will continue to wreak financial havoc after FTX

What just happened to FTX this week looks a lot like Lehman’ s collapse for the cryptocurrency world. Earlier this week, shadowy business dealings by FTX, a crypto exchange that also acts as a brokerage, lender, and owner of a subsidiary proprietary trading company Alameda Research, came to light. As the price of FTX’ s token tanked, FTX received $8 billion in…