The Collapse Of FTX Was Inevitable – Bitcoin Magazine

The below is a direct excerpt of Marty’s Bent Issue #1282: “The personification of dirty grift.” Sign up for the newsletter here.

Every once in a while, the world is reminded of how easy it is for some people to get completely duped by a con man. The last week has been one such reminder. Unless you’ve been living under a rock, you are probably aware of the epic blow up of FTX and the abject fraud that led to it. We won’t bore you with a rehash of the token mechanics of FTT or dive into the deplorable nature of FTX and Alameda overtly stealing user deposits and setting them on fire with bad investments and trades. Your Crazy Uncle Marty won’t even dive into the fallacious theories surrounding Sam Bankman-Fried’s (aka “SBF”) financial support of the Democratic party and buddy-buddy relationship with the regulators who should have probably been investigating him. What I’d like to focus on is how the hell so many supposedly intelligent people got duped by such an obvious con man.