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FTX and Sam Bankman-Fried have imploded, sending ripple effects through crypto and well beyond. But is this really an example of web3? Or is this just a classic case of fraud?

Technically, no, this is not web3. But do the semantics matter? The damage is done.

I usually edit my rants down to < 20 min but I couldn't do it this week. SBF has betrayed us.

Is it possible to create a system where we are truly no longer vulnerable to these sorts of con artists?

– PC

Links
Bankrupt FTX's new CEO outlines fund abuses, untrustworthy records

The Collapse of Crypto Exchange FTX More Like Enron Than Lehman

Disclaimers and Disclosures
This content is for informational and entertainment purposes only and is not financial advice.

FTX and the Destruction of Trust