Charlie Munger, vice chairman of Berkshire Hathaway, has issued scathing comments on the crypto industry after one of the globally leading exchanges FTX collapsed last week.
“It’s partly fraud and partly delusion,” Munger said on CNBC Tuesday. “That’s a bad combination. I don’t like either fraud or delusion. And the delusion may be more extreme than the fraud.”
FTX filed for Chapter 11 bankruptcy last week after concerns about the company’s balance sheet triggered a mass withdrawal of funds by depositors, pushing the firm into a liquidity crisis.
Though the company’s filing had initially estimated that there would be 100,000 creditors affected by the collapse, the firm upped the estimate to more than one million in a later filing….