The downfall of FTX 🤯🌋

Thoughts on the bigger picture behind FTX's downfall and the recent havoc.

What currently shakes the crypto industry is unprecedented in scale, reach and gravity.

I cannot remember an event in the last 5 years that undermined the trust of this industry in a similar way. Mt. Gox hack (2014) and the DAO hack (2016) were big at the time.

But FTX is on a different level given how interconnected FTX is in the ecosystem and its reputa…