The moment is a 'wake up call' for crypto. Here's what to know.
As the dust settles on the FTX debacle, the long, slow, bankruptcy proceedings and other investigations will start. Ray and his team will attempt to sell FTX’s assets for the highest possible value so as to return as much money as possible to creditors. Given the state of FTX’s balance sheet, it remains to be seen how much this will actually be. If SBF really did use FTX customer funds to prop up Alameda Research, the SEC investigation is not going to be pretty.
Christian Catalini, founder of the MIT Cryptoeconomics Lab, hopes that for the crypto space, this is a “wake up call.” In an email to, he called FTX’s meltdown “a reminder of the urgent need for a regulatory framework that is purpose-built for crypto’s unique opportunities and challenges.” He also said that it showed that the crypto community had been focussed on “the wrong metrics of success and progress.
Is that actually possible? That remains to be seen, though 2022 has not been the banner year crypto enthusiasts would have hoped for.
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