Lesson learned

xuanling11
Coinmonks
Published in
1 min readNov 13, 2022

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Photo by Green Chameleon on Unsplash

Lessons learned from the FTX collapse are more than you can comprehend now.

How can a multiple billion dollar global international company collapse in 8 days?

The CEO lied about everything he did and used investors’ money to go the wall Street Bet-style gambling away funds.

Why no one spots his fraud and point out that everyone should listen?

When people questioned the company balance sheet, he claimed it was okay.

When investors withdrew all their money, he claimed it was fine.

When companies needed more money, he claimed everything was okay.

When the exchange was about to go dark, he claimed to withdraw was okay.

At this moment, nothing is okay.

CEX or Central Crypto Exchange lost its reputation.

People rely on them too much that they hope they can keep their promise. They cannot.

And greedy attracts more people to join a centralized exchange to offer unrealistic returns that they may need help to fulfill.

It is time to rethink crypto.

Think about what crypto can bring to you but no the other way around.

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