Already suffering from a “tech bro” image problem, FTX has shown the industry in a worse light than even the sceptics imagined.
A 39-year-old man we will call Blake phoned this week in desperation. He wanted to know if there was any more information about the administration of FTX Australia.
Blake, 30,000 other Australians and thousands of other people around the world, are now facing the arduous and possibly hopeless journey of trying to recover their money. In a savage report released on Friday, FTX’s new CEO said: “Never in my career have I ever seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.”
Other exchanges are feeling the pain after several weeks of FTX-triggered turmoil. They either held large swathes of the now worthless FTT token on their balance sheets. Or they used the FTX platform to hold cryptocurrency and watched their holdings evaporate. It has also emerged that Bankman-Fried told a VOX reporter: “Yeah just PR. F--- regulators,” he said in response to questions on whether his commitment to working with regulators to make crypto safe was just public relations.
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