Was cryptocurrency a con trick? Between Monday and Friday last week, $32bn disappeared from the face of the Earth. Some blame billionaires taking ordinary people for a ride.
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Crypto golden boy loses everything in one day
Was cryptocurrency a con trick? Between Monday and Friday last week, $32bn disappeared from the face of the Earth. Some blame billionaires taking ordinary people for a ride.
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What's happening?
A cryptocurrencyA digital currency in which transactions are verified and records maintained by a decentralised system using cryptography, rather than by a centralised authority. exchange platform called FTX went bust last week, wiping out billions of dollars in other people's money. Now some think we should give up on cryptocurrency altogether.
FTX was founded by Sam Bankman-FriedAn American entrepreneur who was the youngest billionaire in the world. He had pledged to give most of his wealth to charity across his life, before being arrested on fraud charges.. It was one of the biggest crypto platforms in the world.
But last week it went into a crisis. Over three days, FTX lost $6bn, and finally collapsed.
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It is thought that between $1bn and $2bn of its customers' money was locked up in FTX and now cannot be retrieved.
Some think this is proof that cryptocurrency was never anything more than a scam to cheat people out of their money.
But others insist the idea of money that belongs to people, not to governments or big banks, is still a good one.
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Was crypto currency a con trick?
Yes! This whole crisis took place because of the foolish and selfish decisions of the billionaire owners of crypto exchanges. Now ordinary people have lost their money.
No! Cryptocurrency is just waiting for a technical solution to come and stabilise it.
Keywords
Cryptocurrency - A digital currency in which transactions are verified and records maintained by a decentralised system using cryptography, rather than by a centralised authority.
Sam Bankman-Fried - An American entrepreneur who was the youngest billionaire in the world. He had pledged to give most of his wealth to charity across his life, before being arrested on fraud charges.
Crypto golden boy loses everything in one day
Fall from grace: Sam Bankman-Fried was one of the world's youngest billionaires. Glossary
Cryptocurrency - A digital currency in which transactions are verified and records maintained by a decentralised system using cryptography, rather than by a centralised authority.
Sam Bankman-Fried - An American entrepreneur who was the youngest billionaire in the world. He had pledged to give most of his wealth to charity across his life, before being arrested on fraud charges.