Amber Group CEO calls FTX collapse the biggest crisis of his life

Michael Wu, CEO of global crypto trading and market-making firm Amber Group, described the 2022 collapse of FTX as the biggest crisis of his life in a recent interview with OKX. He noted that while the company had once grown to a $10 billion valuation with 1,300 employees, the FTX collapse led to unavoidable large-scale restructuring and losses, causing the firm to shrink rapidly. Wu stated that the key lesson from the bankruptcies of FTX and Three Arrows Capital is the paramount importance of resilience and risk management in business operations, adding that life and business do not always grow in a linear fashion. He also identified the core vision for the blockchain industry as becoming the key infrastructure for an economy based on artificial intelligence agents.