Crypto Biz: FTX fallout leaves blood in its wake
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.
This week’s Crypto Biz continues to unpack the implosion of FTX, which, as of 10 days ago, was the second-largest digital asset exchange in the world.
After denying rumors that he fled to Argentina over the weekend, SBF was said to be under supervision in the Bahamas alongside FTX executives Gary Wang and Nishad Singh. A source familiar with the matter informed Cointelegraph that it would be difficult for the trio to leave the country on their own accord. The same source, who chose to remain anonymous, also claimed that Alameda Research CEO Caroline Ellison was trying to flee to Dubai to avoid extradition to the United States. Despite trying to convey a modest lifestyle to the public, SBF lives in a $40 million penthouse in the Bahamas.
The
Read more on cointelegraph.com
