Sam Bankman-Fried, founder and chief executive officer of FTX Cryptocurrency Derivatives Exchange, during an interview on an episode of Bloomberg Wealth with David Rubenstein in New York, US, on Wednesday, Aug 17, 2022.
Crypto has an Enron-sized scandal that threatens to completely undermine the trust proposition for its existence, regardless of: The house of cards built by Bankman-Fried has drawn several parallels, including Enron, Theranos, Bear Stearns, Lehman Brothers and Madoff Investment Securities. In that vein, there’s nothing really new under the sun — even with the head-spinning volatility that’s come to characterize the nascent market for digital currencies.first day declarationLike Theranos/Madoff/Lehman, the principal spark for FTX’s downfall was its founder's staggering ineptitude and dishonesty, and the failure of anyone around him to notice .
“The fallout from [FTX’s] co-mingled client assets, poor disclosure and missing internal controls should remind us that while the cast of characters and products may change, the script of financial market disorder remains painfully familiar,” Robin Vince, president and CEO of banking giant BNY Mellon, wrote in a
Omg if only anyone knew…. 🤷🏻♂️🤔
Uh, the proposition from the start was no trust. How would things ever end anywhere *but* here?
This is an exchange scandal. How they handle crypto not crypto itself.
It’s not “Crypto” scandal - Democrats protected an obvious scam because he donated $100M to their campaigns.
Altruistic? He’s a thief.
Crypto has no fault here. It's centralization that's the issue.
Sam needs to be put in jail, all his staff as well, if he doesn't go to jail this will never be taken seriously
Why isn’t this guy in jail with Epstein level security?
No shit
That ship sailed a while back. It’s all grifters and marks at this point. Buy my monkey portrait!
And Democrats do nothing.
That guy should be put in jail. Along with anyone involved in his ponzi scheme