Crypto has an Enron-sized scandal that threatens to completely undermine the trust proposition for its existence, regardless of Sam Bankman Fried's mea culpa tour.
Sam Bankman-Fried, founder and chief executive officer of FTX Cryptocurrency Derivatives Exchange, during an interview on an episode of Bloomberg Wealth with David Rubenstein in New York, US, on Wednesday, Aug 17, 2022.
Crypto has an Enron-sized scandal that threatens to completely undermine the trust proposition for its existence, regardless of: The house of cards built by Bankman-Fried has drawn several parallels, including Enron, Theranos, Bear Stearns, Lehman Brothers and Madoff Investment Securities. In that vein, there’s nothing really new under the sun — even with the head-spinning volatility that’s come to characterize the nascent market for digital currencies.first day declarationLike Theranos/Madoff/Lehman, the principal spark for FTX’s downfall was its founder's staggering ineptitude and dishonesty, and the failure of anyone around him to notice .
“The fallout from [FTX’s] co-mingled client assets, poor disclosure and missing internal controls should remind us that while the cast of characters and products may change, the script of financial market disorder remains painfully familiar,” Robin Vince, president and CEO of banking giant BNY Mellon, wrote in a
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