Companies that replace FTX in the public eye need to understand the values of cryptocurrency and seek to uphold them.
). He is absolutely right that FTX was brought down by a complete failure of corporate controls, but in reality, the situation is far from unprecedented.
This proves the importance of looking into a company’s background and finances — crypto or not — before allowing it to become bigger than Nasdaq, not afterDue diligence can help differentiate sound investments from terrible ideas between good crypto projects and bad crypto projects. And no, “he was on the cover of Fortune Magazine, he was a big name” is not due diligence. It’s falling for the oldest trick in the book.
Because Bankman-Fried might have graced the cover of Fortune , but he proved his worth as an incompetent, incapable leader. He was nothing but a fraud. In a recent tell-all with a Vox reporter on Twitter, he admitted that “the ethics stuff” — read: his beloved philosophy based on philanthropic efforts and effective altruism — was mostly a front, as “it’s what reputations are made of.”So, what comes next? Preventing this from happening again.
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