THE IMPLICATIONS OF THE DOWNFALL OF FTX AND THE PICTURE ITS PAINTING CRYPTOCURRENCYS
Alot of events has taking place during this bear market, of course the bear market is a normal situation in crypto so it's something no one can stop or control just like the bull market,but unfortunately for many crypto platforms it was a disaster because it caused the down fall of those crypto platforms . Fine, it all started with Luna, then got to hedge funds and so many more , the latest of them all is FTX which is a crypto platform run by Bankman fried, we all witness how he lost his fortune of $16billion and became broke.
No one was expecting FTX to be part of the disaster that is happening to the crypto system, it came as a shock to everyone, as usual, thinking it was a joke , they filed for bankruptcy. Well the fall of FTX does not just affects it owner alone, the effect span to its investors and and even to the entire crypto market. It has caused many of it's investors lost of funds which will definitely affect them financially because all their hope is that they have investment somewhere which they are hoping that sooner or later they will to reap the fruit of their investment but unfortunately I don't think that will ever happen.
THE PICTURE THE DOWNFALL OF FTX IS PAINTING THE CRYPTOCURRENCY.
Recently I had that Bankman fried which is the owner of FTX crypto platform has been arrested fraud, well I think thats a very good way development to me because the situation surrounding the fall of FTX is a complex one. There was every evidence that he was using investors funds to finance Alameda which is a sister company to FTX which later backfired causing investors to loose their funds. So obviously he never has the interest of the investors at heart.
As it stands now the fall also affect the way and perspective of people about cryptocurrency , its giving cryptocurrency a bad name because already there were accusations that cryptos are been used for money laundry and sponsoring terrorism, now with the fall of FTX and the situation that led to it , this will make people to actually believe that crypto is a scam w hich is not, its just people like bankman fried that is painting crypto black.I hope people get to see the good side of crypto despite how FTX is painting cryptocurrency.