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What Can We Learn from the FTX Bankruptcy?
It seemed like something out of an old episode of 20/20 from the 1980s: CEO of a company is just about to be caught doing shady financial deals that bankrupts the company and flees in the middle of the night to a country that has no extradition treaties with the U.S., leaving investors in the lurch. Add in the fact that this latest episode starred the CEO of a leading cryptocurrency company and you have a recipe that could damage the entire industry.
Even those who believe in cryptocurrency and invest in it have to be questioning how safe their crypto really is. Plus, there are enough people left (and admittedly probably those of a certain generation) who remain skeptical about cryptocurrency in general that the bad press resulting from (now former) FTX CEO Sam Bankman-Fried's "escape" will likely turn those people off to virtual currencies for good.
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