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Highly Recommended Watch: Scam of the century? Cryptocurrency and the collapse of FTX • FRANCE 24 English (youtube.com)
If the rise of cryptocurrencies seemed too good to be true, Bitcoin and its ilk have lost 74-percent of their value since reaching dizzying heights just one year ago. What was billed as the insurgent innovation that would decentralize and democratize global finance has instead proven an unregulated mess prey to money laundering and scams. Now comes a real reckoning with the collapse of a company that as recently as September was valued at 32 billion dollars: FTX.
 


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    Francisco Gimeno - BC Analyst First question in this podcast. What happened with FTX? Not a simple question, in fact the unraveling is showing so much weirdness and mismanagement and lies which soon or later would have tumbled down. And for most FTX was a trusted place. FTX scam is not so much about crypto as a typical scam as it has happened before in banking or stock companies. But as it happened inside the crypto environment and given the size of the crypto market and DeFi world it has been a huge problem, which by the way continue to surprise us every day. Everything will come at the end to the topic of regulations in the digital economy, and a new iteration of crypto, the crypto.2 market, freer from useless and scam coins, tokens and projects. Or at least is what we are hoping for, in the near future.