Is Today’s Biggest Crypto Story Even About Crypto?
The rapid downfall of cryptocurrency exchange FTX has piqued the interest of the world, but is it a crypto or even a regulation story? Or is it simply a cautionary tale of business mismanagement? There are many lenses from which to view the story from, with no consensus yet formed.
Charlton Haupt, CEO of Bad Astro Society weighed in with what this means for the cryptocurrency industry and retail investors going forward.
“The truth is the FTX issue, even though it’s a cryptocurrency company, is not a cryptocurrency regulation problem as much as it is that we had a centralized entity that wasn’t following rules and regulation that are already put in place. They did a very poor job in managing the company. And now it shines a black.
He has a black eye and egg on the face to cryptocurrencies as a whole. But even the chief restructuring officer, the guy who was the chief restructuring officer for Enron, which is one of the greatest collapses of our company and history and fraud and everything that they did, he in his report said right here.
Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred. Later goes on to say, from compromised systems integrity and faulty regulatory oversight board, the concentration of control in the hands of a very small group of inexperienced, unsophisticated, and potentially compromised individuals.
This situation is unprecedented. So again, this isn’t as much about cryptocurrency. As it is about a very bad group of actors who took off more than they could handle and pulled the wool over everybody’s eyes and their house of cars is finally fallen. I give you FTX. One day a movie will be made about it.”
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