The Unbearable Uselessness of Crypto
Thanks to FTX's collapse, the world may have woken up to the grim reality that the crypto "industry" is nothing but a get-rich-quick lie, wrapped in hype, bobbing on an ocean of libertarian technobabble. Will anyone do something about it?
LONDON – Forgive the appalling cash management (or was it fraud?) that caught FTX with less than $1 billion on hand at a time when short-term liabilities were $9 billion. That sort of thing has also been known to happen to banks.