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Whither Crypto?

Sam Bankman-Fried’s recent fraud conviction over the collapse of the cryptocurrency exchange FTX has cast a harsh light on the industry. But looking ahead, blockchain-enabled tools have the power to improve transparency and strengthen the trustworthiness of the financial sector.

NEW YORK/ITHACA – The vertiginous fall of Sam Bankman-Fried, the disgraced founder of the cryptocurrency exchange FTX who was recently convicted of fraud and money laundering in New York, has cast a harsh light on a largely unregulated market. For all the supposed wonders of the blockchain technology underpinning cryptocurrencies, the headline-grabbing events of the past few years indicate an industry in turmoil.