The Year in Crypto – Collapses, Failures and Outright Scammers

The Year in Crypto – Collapses, Failures and Outright Scammers

As I write this, Sam Bankman-Fried, once a crypto darling and the man in charge of FTX, has been extradited to the US to face charges for the crypto exchange collapse (opens in a new tab). The byword for corporate scandal in America for decades now has been Enron, and funnily enough, the same lawyer who handled the bankruptcy is now in charge of FTX: saying he is “never seen such a complete failure (opens in a new tab)“.

Cryptocurrency is still a nascent industry, but now that certain tokens like Bitcoin and Ethereum are well established, it feels like the wider landscape has become littered with little more than grifters and endless variations of the classic pump n’ dump scam: and this year many chickens came home to roost. There’s even a collective noun for the many smaller cryptocurrencies launched every month in the vain hope of attracting naive money: shitcoins.

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *