Lessons from the FTX Crash

By Aidan Carney Skytt

Sam Bankman-Fried (SBF) ran the world's second largest crypto exchange, FTX. FTX, along with over 100 other associate companies have gone insolvent because of large scale fraud from SBF.

Pictured above, SBFs former girlfriend and CEO of his trading firm, Alameda Research. Fraud was committed when SBF used FTXs reserves to fund Alameda Research, along with over $100 million in Bahama beach front real estate. 

Caroline ellison 

None of this would've happened if people used crypto how it was intended to be used: decentralized. A centralized, crypto exchange has no place in the Web3 world. 

The Lesson