'There are companies that are basically too far gone...'
Making matters worse, the industry operating within a relative regulatory vacuum, making them particularly vulnerable to scams and hacks.
In fact, a number of these exchanges operating within and outside of the US have already lost hundreds of millions of dollars in crypto due to hacks,Worst of all, at least according to Bankman-Fried, it may already be too late for some. "There are companies that are basically too far gone and it's not practical to backstop them for reasons like a substantial hole in the balance sheet, regulatory issues, or that there is not much of a business left to be saved," he told the publication.
Where that leaves the crypto market — or what's left of it — remains to be seen. But billionaire investors like Bankman-Fried are likely to have the last laugh if the market does rebound.
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