Tangled Webs
The FTX washout continues to expose weaknesses
Sam Bankman-Fried and his scam of a crypto exchange can’t seem to stop making news. Honestly, it’s almost a joke at this point— what liability or mess is the FTX washout going to expose this week?
Friday brought news that FTX funded the crypto news website The Block, and paid for the CEOs apartment in… you guessed it… the Bahamas.
Axios broke the story, and soon after the website CEO resigned.
Perhaps it comes as no surprise then, that The Block had secured a two-hour sit down with SBF earlier this month.
These kinds of revelations make the calls for regulation grow louder. Things feel too sticky, too obtuse, and too intermarried. Without required disclosures, people can’t be sure of their investments. It’s almost like crypto grew too large too quickly, and now we’re all taking in on the chin.
When will regulation come? Don’t expect it soon. Hearings are being held all over the place, but hearings are not rules.
And so we wait.
Meanwhile…
The Crypto Connection is for entertainment purposes only and is not meant to be financial advice. Please do your own research before investing in any asset class. Sara Celi is not a financial advisor, and holds several cryptocurrencies. To purchase her books on Amazon, please click here.