Commentary
The possibilities of intentional fraud and potential international conspiracy of a web of illicit money-laundering activities cannot be ignored.
But from the vantage point of this author—who was an employee of a cryptocurrency trading firm from 2018 to 2019–the downfall of FTX isn’t shocking at all.
The crypto industry isn’t regulated. And despite their fame and implied size of operations, most cryptocurrency firms are not robust, fully staffed operations befitting their notoriety.
Many of them are the improbable real-life manifestation of what you and a few of your college buddies once dreamed up in your dorm rooms at 2 a.m….