The spectacular collapse of FTX has highlighted that crypto assets are almost all colourful stories without any meaningful numbers to back them up.
It comes as US bankruptcy filings have detailed the scope of a corporate meltdown that has plunged the crypto industry into crisis,with up to one million customers globally set to be out of pocket.
FTX’s implosion serves as a validation of what many of us have been saying for a long time:cryptocurrency is just one large Ponzi scheme.
In a wide-ranging interview,the fallen cryptocurrency billionaire sounds surprisingly calm after seeing his $48 billion company plunge into bankruptcy.
Elon Musk and Sam Bankman-Fried can blame themselves for their companies’ predicaments but you can’t point the finger at them for the wider tech and crypto meltdowns.
The founder of collapsed cryptocurrency exchange FTX has been accused of lying to customers amid fears the fallout from its bankruptcy could spread through “cascading contagion”.
The crypto mogul has seen his fortune wiped out in one of history’s greatest-ever destructions of wealth as his company falls into bankruptcy and he faces questions from authorities.
Collapsed cryptocurrency exchange FTX said it was investigating “unauthorised transactions” flowing from its accounts.
“I’m really sorry,again,that we ended up here,” founder Sam Bankman-Fried said in a series of tweets.
The crypto industry is known for dramatic twists,rollercoaster prices and fortunes that appear and disappear overnight. But even by crypto standards,what happened this week was bonkers.
The crypto mogul is struggling to find a lifeline for his collapsed exchange with crypto markets still rattled and his company facing mounting legal and regulatory threats.