FTX’s Large-Scale Blunder Has Been Rocking the Entire Crypto Industry
In what has become perhaps the most horribly ironic example of a crypto company’s advertising, the “Don’t miss out” commercial starring famed curmudgeonly comedian Larry David showed just how “missing out” was actually the correct move all along.
Comparing crypto to the advent of democracy is one thing, but in trying to paint all the naysayers as hesitant dunces, the company, and David himself, became poster boys for just how rotten things seemed throughout the entire crypto industry.
If you still haven’t heard, FTX and its CEO Sam Bankman-Fried spent most of 2022 buying or propping up failed crypto companies and schmoozing with regulators and politicians. Then, in November, the entire house of cards fell down when reporters showed that FTX had been supporting its sister company, Alameda Research, with FTX’s native coin and with customer funds. After a run on FTX, the company halted user withdrawals and declared bankruptcy. Now Bankman-Fried is up on federal fraud and conspiracy charges, though the once-FTX founder has pleaded not guilty.
The situation at FTX has sent even more shockwaves through the already shaky crypto industry, and no company has yet to recover much of the goodwill it engendered over the past few years. FTX promoters like David, as well as Steph Curry, Tom Brady, and more have all beennamed in a pending class action lawsuit.
