Commentary
Crypto crashes and crypto-exchange schemes come and go. I had assumed that the Mt. Gox disaster of 2014 would be the last, teaching investors to keep their own custody and watch the exchanges (the on and off ramps to the ecosystem) very carefully.
Keep your funds in your possession, the old guard has been screaming for ten years. Use the exchanges as necessary but remember that they are not magic money-making machines. And yet here we are, with yet another meltdown of a magic money-making machine.
Sadly, the Mt. Gox event proved to be a foreshadowing. The eye-popping mess of FTX and its valorized founder Sam Bankman-Fried is turning out to be one for the ages. From zero to $32 billion and back to zero again in a mere three years. It’s impossible for those of us fascinated by the sector to stop digging and looking….