Last week saw a major rupture in the reputation of crypto. FTX, an exchange that allowed users to trade digital currencies for assets or fiat money, went bust.
The fallout has been deafening. Since news first broke the company’s enigmatic founder, Sam Bankman-Fried, saw his enormous fortune (thought to be $15.6bn) evaporate. Now creditors are circling and there could be as many as one million people to pay back.While this story has dominated conversations around Web3 in recent days, there’s a danger that some might malign the technology itself, rather than placing accountability for the collapse at the feet of those in charge of the exchange.
