The crypto market behaving erratically is nothing new, but absolutely no one saw such epic levels of fund mismanagement coming from established giants. The young industry’s turn to a more sordid state of affairs hit everyone by surprise, especially after the heady rush of the bull run last year.
2022 was marred by corruption and fraudulent activity. An industry that claims to have traceable and public transactions saw big bucks being funneled maliciously with much audacity and uniqueness. NFTs were being stolen, but no one knew what to do. Rug pulls wreaked havoc in DeFi space. Trillions have been wiped from the markets so far.
All that remains now are the tales of incompetence and arrogance of some of the fallen bigwigs that serve important lessons for those watching closely. Let’s look at the year that was.
The True Face of Sam Bankman-Fried
FTX’s collapse weighs heaviest on the market marking the fall of the golden boy of the industry. Sam Bankman-Fried resigned as CEO of FTX as the company filed for Chapter 11 bankruptcy in November. He is now being touted as the new Bernie Madoff.
His media tour comments that chimed something along the lines of – “I’m an idiot, not a crook” – did not sit well with the community. The former FTX exec was slapped with a litany of charges and accused of ripping off nearly one million people.
Bankman-Fried and his once closely-knit circle of friends/colleagues were accused of…
