Due to the fact that your humble blogger is not feeling so hot, forgive me for giving you a thin treatment of the wobbles and likely-looking collapse of a key crypto concern, Genesis. However, two excellent tweetstorms cover most of the key ground, and I will direct you to them shortly.

The unwind of FTX is certain to dominate business press, pundit, and politician attention due to how its uber connected and very recently idolized top brass have been revealed as drug-addled business incompetents who neverless seem to have done a very good job at disappearing a lot of the moolah, presumable for their personal use. The level of media noise and coming prosecutions (both the Southern District of New York and Bahama are reportedly ginning up filing) and the failure of supposedly sophisticated player to find anything amiss will presumably chill interest in crypto, particularly if other firms

Keep reading this article on Naked Capitalism (Yves Smith) - Blog.

Leave a Reply