After the “big fall” of the Bahamas headquartered crypto trading company, FTX run by Sam-Bankman Fried who was once considered a “philanthropist for the truth”, now is likely to be facing “criminal charges” by the US government. A “Ponzi Scheme” run by the company was finally filed for bankrupcy and millions of investors lost a lot of money, accounts freezed, funds being “suspiciously transfered” and using billions of dollors for his trading firm, Alameda Research. The company lost $32 billion all in just one night! This is considered one of the worst cryptocurrency meltdowns of the present times.
The company is being charged by the office of Manhattan US attorney raising an important question in business and investment in this “new-age market” is it worthy enough to invest our time and financial capital in it in the midst of such a scandal?
SBF reacting to the statement that: funds were ‘suspiciously transferred’ from FTX after bankruptcy… pic.twitter.com/D2P0g68uUV
— Danger Raven (@TheRealRorbo) December 1, 2022
Cryptocurrency being decentralised is considered a great risk, although the innovation in blockchain technology can be considered to be a boon for many security services. Although, considering you are a “socially responsible investor”, it is better to avoid such investments unless a perfect system is established.