As I write this, Sam Bankman-Fried, once a crypto darling and the man in charge of FTX, has been extradited to the US. facing charges over the collapse of the crypto exchange (opens in new tab). The synonym for corporate scandal in America has been Enron for decades now and, funnily enough, the same attorney who handled that bankruptcy is now in charge of FTX: saying he “never seen such a complete failure (opens in new tab)“.

Cryptocurrency remains an emerging industry, but now that certain tokens like Bitcoin and Ethereum are well established, it feels like the wider landscape is fraught with little more than grifters and endless variants on the classic “pump n’ dump” scam: and this year there were many chickens at home to roost. There is even a collective name for the many smaller cryptocurrencies that are launched every month in the vain hope of naively attracting money: shitcoins.



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By wy9m6

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