Bug or a Feature? The FTX Collapse & the Scam of Capitalist Cryptocurrency
Crypto billionaire Sam Bankman-Fried has been indicted on fraud and conspiracy charges following the collapse of FTX, the cryptocurrency exchange he founded. FTX was one of the largest such exchanges in the world and its collapse cost over $1 billion, destroying many working people’s savings.
Chris Caruso, an economic researcher who works at the Kairos Center, discusses the FTX Ponzi scheme and what its collapse tells us about the reality of capitalist crypto markets.