Broken Promise

Published in
2 min readNov 19, 2022


Photo by Hunters Race on Unsplash

The crypto is so broken that there is no promise anymore.

Where is SBF sex tape?

Grayscale announced their funds were okay and due to security concerns, they would not share cold wallet addresses.

Of course, this sounds too alarming.

FTX announced that everything was okay until eight days later with the bankruptcy filing.

But I think Grayscale has a very sophisticated fund structure and PR to handle this potential bank run.

Whether or not I agree with them is another story, but the way they handled this situation is a very nice lesson for crypto firms.

The fact is that Grayscale got bad impact on the recent bankruptcy through 3AC then FTX.

Those were major blows and probably pretty bad on their balance sheet.

It reflected on their fund’s valuation:

But, their fund structure is very sophisticated.