No one should be surprised at the collapse of the crypto exchange FTX – not even at how many people were surprised. Despite the novelty of the assets, the narrative of the crypto crisis was established long ago.
BARCELONA – Swiftly rising interest rates have punctured the cryptocurrency bubble, exposing fragility, bad governance, and even fraud in many corners, most notably at the crypto exchange FTX. And FTX’s spectacular collapse comes on the heels of other recent failures in the cryptosphere, such as Terra-Luna, Three Arrows Capital, or Voyager Digital. No one should be surprised – not even at how many people were surprised.
BARCELONA – Swiftly rising interest rates have punctured the cryptocurrency bubble, exposing fragility, bad governance, and even fraud in many corners, most notably at the crypto exchange FTX. And FTX’s spectacular collapse comes on the heels of other recent failures in the cryptosphere, such as Terra-Luna, Three Arrows Capital, or Voyager Digital. No one should be surprised – not even at how many people were surprised.