"Bankman-Fried told me that as many as five of his colleagues at FTX were billionaires. And that was just a single crypto company. Many unprofitable start-ups with questionably legal business plans were valued in the billions. Changpeng Zhao, who founded another crypto exchange called Binance, made a fortune estimated at $96 billion. The numbers got so large that even the most delusional crypto fantasies started to sound reasonable. It seemed like nothing could stop crypto’s manic rise. Until, of course, the house of cards collapsed. Starting in the summer of 2022, many companies in crypto were revealed to be frauds. The bubble popped. About $2 trillion of market value was erased. Billionaires went bankrupt. Millions of ordinary people lost their savings. The financial authorities who’d allowed scammers to run rampant finally decided it was time to lay down the law. Bankman-Fried and many of his associates were arrested. Crypto didn’t disappear entirely, but the fever had broken."
Quote Details
Added by wikiquote-import-bot
Unverified quote
0 likes
Original Language: English
Available Languages (1)
Sources
Zeke Faux, Number Go Up: Inside Crypto's Wild Rise and Staggering Fall (2023)
https://en.wikiquote.org/wiki/Cryptocurrency
Revision History
No revisions have been submitted for this quote.
Categories
Cryptocurrency
14 quotes on TrueQuotesView all quotes by Cryptocurrency →
Related Quotes
"Meanwhile, China has been slowly rolling out a digital version of its yuan, also inspired by bitcoin and crypto, in a…"
"[Cryptocurrency is] an asset, a commodity, and a store of value."
"In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending."
"Because imagine the combination of social media, the algorithms that drive social media, the amassing of even larger …"
"I've always been deeply opposed to crypto, bitcoin, etc. You pointed out the only true use case for it is criminals, …"
"The worst thing you can do is lay the wet blanket of government over this emerging area that frankly a lot of people …"
"From the day I started digging into the crypto world, I had seen nothing but red flags. Why were all these companies …"
"Crypto boosters claimed they were in the vanguard of a revolution that would democratize finance and lead to generati…"
"This is the story of the greatest financial mania the world has ever seen. It started as an investigation of a coin c…"
"Having alternative currencies is great, right, because, historically, government's had a monopoly on currency. … At t…"