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Stefan Gleason: Crypto carnage exposes untold risks of unbacked digital wealth
By Stefan Gleason
Money Metals Exchange, Eagle, Idaho
Thursday, November 10, 2022
Cryptocurrency markets were rattled this week by the abrupt collapse of FTX, a major exchange.
Facing a wave of customer requests for withdrawals, FTX announced it was experiencing "liquidity" issues. Rival firm Binance initially offered to help facilitate an emergency rescue of FTX.
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But after some investigation of FTX's finances, Binance concluded, "the issues are beyond our control or ability to help."
The "issues" reportedly include widespread misappropriation of funds in client accounts.
FTX had specifically touted itself as a safe and secure platform. It turns out FTX may have just been playing a confidence game in an industry rife with con artists who lure in suckers with promises of digital riches that are ultimately based on nothing. ...
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