Bitcoin (BTC) is the most revolutionary currency since the advent of modern currency. Citizens are protesting the indentured servitude brought on by fiat economics by purchasing and holding Bitcoin. One of the largest wealth transfers in history has been set in motion, and its full effects will not be felt for decades.
Bitcoin’s inspiring and terrifying double-edged sword is that it has sparked a trillion-dollar cryptocurrency and blockchain industry. Sam Bankman-Fried, the disgraced founder of the bankrupt FTX Group, is a prime example of the consequences that can arise when social outcasts hold positions of power in the business world. Known by his initials, SBF, Sam Bankman-Fried “sincerely apologized” for his role in a scheme to defraud investors, fool auditors, and use customer funds to prop up FTX’s sister hedge fund. SBF may be entangled with Gary Gensler of the SEC, and we haven’t even begun to untangle the political web he’s in yet.
Highlights:
Sam Bankman-Fried, who is “under supervision” in the Bahamas, has his sights set on Dubai.
Aftershocks from FTX persist: As BlockFi reportedly considers filing for bankruptcy, SALT has temporarily suspended withdrawals and deposits.
Due to “unprecedented market turmoil,” Genesis Global has temporarily suspended withdrawals.
Funds in the millions for FTX, a crypto company, are frozen as a result of the bankruptcy.
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Disclaimer: This isn’t financial advice; it’s just for education. Crypted Crypto can’t guarantee its accuracy. Every investment and trade carries some risk, so always do your own research. Invest only what you can afford to lose.
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