Regulation throughout the world has been a double-edged sword. Too much of it will stifle innovation and progress, and too little of it creates a marketplace where willful defaulters can cause harm to the system affecting the participants at scale.
The recent set of events of one of the largest exchanges of cryptocurrency filing for bankruptcy has ensured billions of dollars being wiped out of the system alongside potentially having larger systemic implications for the investors in cryptocurrency at large (Goes back to the old adage – there is never only one skeleton in the closet).
When one looks back at the sequence of events that got us here, there were many red flags all along – the owner of the exchange SBF owning a personal stake in a hedge fund which market made on the exchange through leverage, registration of the subsidiary companies in Bahamas where the bankruptcy jurisdictions were remote, being one of the largest democrat funders for doing ‘world good’ and the list goes on – however, it goes back to the old adage, when the price goes up, most questions are rarely raised.
While the filing of the bankruptcy of the exchange does have resonance of Enron written over it (due to the intent and scale of ramifications it could cause), the article below covers some of the web of events that created and funded the exchange.
Click the link to read the article – https://thepostmillennial.com/ukraine-invested-in-top-dem-donors-crypto-company-ftx-as-biden-admin-funded-war-effort-report?utm_campaign=64483