FTX’s Failures Are Crypto’s Too
“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information.”
Photographer: Leon Neal/Getty Images EuropeWelcome to Bloomberg Crypto, our twice-weekly look at Bitcoin, blockchain and more. If someone forwarded this to you, sign up here. In today’s edition, Emily Nicolle identifies a troubling truth about crypto underlying the FTX debacle:
As global investigators and regulators prepare to delve deeper into the collapse of Sam Bankman-Fried’s now-defunct crypto empire, others in the digital-asset industry are keen to show that they have everything in order. But once authorities are done with the most immediate problem that FTX presents — including possible criminal behavior — their next action will likely be to crack down on bad habits that are rife throughout the sector.