Crypto Biz: FTX fallout leaves blood in its wake
Crypto Biz: FTX fallout leaves blood in its wake
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Bitcoin (BTC) is the greatest monetary revolution of the modern age. By simply buying and holding Bitcoin, citizens are staging a peaceful protest against the indentured servitude brought on by fiat economics. In the process, they’ve initiated one of the greatest wealth transfers of all time — a process that will take decades to play out fully.
Bitcoin has also galvanized a trillion-dollar cryptocurrency and blockchain industry — a double-edged sword that is both inspiring and frightening. Sam Bankman-Fried, the disgraced founder of the now-bankrupt FTX Group, is a case study of what can go wrong when pariahs are in charge of major corporations. Sam Bankman-Fried, or SBF as he’s often called, has “sincerely apologized” for defrauding investors, conning auditors and using customer funds to prop up FTX’s sister hedge fund. We haven’t even untangled the political web that SBF finds himself in — one that may include Gary Gensler of the United States Securities and Exchange Commission.
