FTX Collapse Creating Chaos as Users Ask for Regulations

 

FTX nearing bankruptcy has sent much of the crypto industry into a tailspin. The company once had a $32b evaluation and is now headed towards extinction after Binance opted out of the acquisition.

Simon Mak, Professor at Southern Methodist University in Dallas, TX, points out that these companies have sizable effects not only on the market but in the crypto technology space in general. This also begs the question of who, if anyone, is regulating the moral compass that these companies theoretically possess.

Simon’s Thoughts:

“The spirit of cryptocurrencies was to be a funding mechanism to support cool blockchain projects that solve tough and unaddressed problems in society. Now, let’s fast forward to 2022 where cryptocurrencies have now become the main focus in using blockchain for good to solve societal problems.

Why? Easy answer, and it’s the same answer as always, greed and the unmitigated pursuit of wealth without a moral compass. The nuance, however, in this answer is that in the new digital world, wealth and crime scale rapidly, specifically for blockchain. Wealth and crime began with a cohort of technologists, many of whom were educated at top-tier universities like MIT.

It is beyond shameful that there are people who have been gifted with technical superpowers and instead of using their superpowers for good, they use them to increase their personal pocketbook.”

 

Follow us on social media for the latest updates in B2B!

Image

Latest

rankings
Krow Knows: How Fair Are the College Football Playoff Rankings?
November 22, 2024

The college football playoff rankings generate intense debate as the sport undergoes significant shifts due to conference realignments, NIL deals, and transfer portal dynamics. The dominance of the SEC and Big Ten raises questions about fairness, while committee inconsistencies frustrate fans and analysts. For instance, four of the top five ranked teams hail from…

Read More
OEM in the AV Industry
The Role of OEM in the AV Industry: Shaping Innovation, Quality, and Market Competition
November 22, 2024

As technology reshapes the AV industry, Original Equipment Manufacturers (OEMs) are emerging as critical partners for businesses seeking tailored solutions. Whether it’s bespoke LED displays or high-end audio systems, OEM in the AV industry is redefining how companies innovate, differentiate, and meet market demands. This raises a crucial question for professionals navigating this space—how…

Read More
Staying Competitive in a Changing Parcel Landscape
Staying Competitive in a Changing Parcel Landscape
November 20, 2024

In the latest episode of On Time in Full, host Gabrielle Bejarano welcomes Satyen Pathak, a Senior Account Executive at Designed Conveyor Systems (DCS), to discuss trends shaping the parcel market and strategies for companies to remain competitive. With over 20 years of industry experience, Pathak shares his insights into the evolving needs within supply…

Read More
blue collar
Building Efficient and Engaged Blue-Collar Workforces Begins with Leadership Rooted in Personal Development
November 20, 2024

According to a study by Deloitte and The Manufacturing Institute, over 2.1 million manufacturing jobs could remain unfilled by 2030 due to a lack of skilled talent. This workforce shortage reveals a critical gap in leadership within blue-collar industries. Without strong leadership to develop teams and foster growth, businesses face inefficiencies, low morale, and…

Read More