The last few weeks have been among the craziest in the history of the cryptocurrency markets. The once-reliable exchange FTX (and all FTX-affiliated companies), led by founder Sam Bankman-Fried, has declared bankruptcy after the exchange was found to be insolvent.
I am aware that unfortunately, crypto exchanges fail on a regular basis, but the scale of fraud and mismanagement with FTX is unprecedented.
But these recent events have caused many in traditional finance to lose faith in crypto’s future, put tremendous downward pressure on crypto prices, and prompted many to call for additional regulation in the crypto markets.
Which crypto you’re holding? How did you handle the situation, and did you experience serious consequences with the crypto you hold?
I’m troubled with ETH, I dunno what to expect next, I only hope that gas fees won’t be expensive, I’m relying on Metis as an L2 solution in that case.
Have you heard that an eight-episode limited series exploring the unraveling and scandals behind sunken crypto exchange FTX and its leadership is set to begin production soon in relation to the events we followed with the FTX scandal?
Given the gravity of the problem, or rather, the scam, and the fact that everyone is talking about it, I believe this is the largest crypto scam that we have encountered. What are your thoughts?