Where Does Crypto Go From Here?
If crypto doesn’t die, it’s going to look a lot different from here on out.
That might sound extreme. But if you haven’t been following along — many of our readers don’t invest in digital assets — the past week was “one of the darkest in the history of cryptocurrency.” The existential drama stems from the spectacular collapse of Sam Bankman-Fried’s crypto empire.
Known as SBF, the 30-year-old was the founder and CEO of crypto exchange FTX. But he was so much more. A former billionaire, he was once likened to John Pierpont Morgan. Viewed as a wunderkind, he shared a stage with Bill Clinton and Tony Blair earlier this year. His high profile and self-appointed role as the crypto industry’s savior earned him the trust of some of the world’s largest investors as well as some 1 million customers, many of them first-time retail traders.
Now, SBF’s companies have filed for Chapter 11 bankruptcy. He has resigned. And his wealth — once valued at $26 billion — has been wiped out.
This simple but effective story will tell you how it all went so wrong. The most helpful line in the piece: “To strip away all the financial and crypto jargon: It looks like Bankman-Fried mixed up customers’ money with his own and then lost it.”
Will those customers get their money back? My team has been talking to FTX customers for the past week, and they are sad, frustrated, and angry. They also face a financially fraught future, given that the exchange is in bankruptcy protection. Customers of Voyager Digital and Celsius Network, two crypto platforms that went bust earlier this year, are still mostly locked out of their accounts and unsure of how much money they’ll recover.
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Independent Optometrist
2yIT is time for not only a shake up but, fraud investigations for prosecutions. It is also time for a big shake up at the SEC that was supposed to prevent this from happening. Accountability in the congress that welcomed these criminals. Celebrity shaming that greed won over judgment! #theranos
Monitoring And Evaluation Specialist at Shiraz University of Medical Sciences
2yHello dear ( Bloomberg NEWS Team) Thank you for sharing this insightful and informative post. Thanks a lot. ❤❤❤❤❤❤❤ #shibainu #ocean ❤❤❤❤❤❤❤
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2yI should be very interested in learning more from such talented professional skills that I have not been able to communicate and people who have given me a chance to be able to learn from.. I appreciate you letting me learn.
President & CEO of Bromor contracting, Sales & Finance Turnkey Autos
2yI think Crypto is a lot of Crapto 🙄🙄🙄 You’re a fool to engage in Clearly a PONZI scheme 🧐