Is this the end of crypto?
The Economist published that headline in the wake of the recent collapse of FTX, one of the world’s largest and most highly publicized cryptocurrency exchanges.
“Never before has crypto looked so criminal, wasteful, and useless,” the magazine observed.
But looks can be deceiving.
Make no mistake about it: FTX’s crash is bad for everyone with so much as a toe dipped in crypto. In short, FTX loaned billions of dollars to its trading arm — something it pledged not to do — and couldn’t come close to covering when customers tried to pull their money out in droves.