Intro

At the start of this week, FTX was the world’s third-largest crypto exchange. After rumours of illiquidity swirled, customers pulled $6bn in assets. It now reportedly faces an $8bn shortfall, and the contagion is spreading. The Sama-Bajau have fished the same waters for centuries, but are citizens of nowhere, which makes their hard lives harder. And what Rishi Sunak can learn from his fictional predecessors. For full access to print, digital and audio editions of The Economist, subscribe here www.economist.com/intelligenceoffer

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