Foreign Policy: Crypto’s Boy King Got Dethroned Overnight

Amy and I were just finishing up Tuesday’s post about the downfall of J. Pierpont Moneygone, and I got the bat-signal from James Palmer to write something for Foreign Policy as well. [Foreign Policy, paywalled]

($5-and-up patrons got the submitted version of this last night.)

It’s about Sam Bankman-Fried being marketed to the public as a mysterious boy wonder genius, when that was just the flimflam to cover up the fact that FTX and Alameda were hollow shells.

But more broadly: the money’s run out in crypto, and everyone should be assumed to be covering up a huge hole in their books.

As Amy and I keep telling you: all crypto companies are as Quadriga as they can get away with. All of them.


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5 Comments on “Foreign Policy: Crypto’s Boy King Got Dethroned Overnight”

  1. Just when you think it couldn’t get any sadder, funnier or more pathetic, cryptocurrency keeps delivering the Comedy Gold.

    Few understand how early we are.

  2. If I woke up one day and found myself worth $20+ billion thanks to crypto scam bullsh-t, I think I’d at least try to cash out $1 billion and put it into Treasury bonds, gold bars, land in New Zealand—something to hedge the minute possibility that the thing I owe my weath to that I described on a podcast as being functionally identical to a Ponzi scheme might end up like every other Ponzi scheme in existence.

    But that’s just me.

  3. Any chance of a poll on which large crypto fund/trading house the great unwashed masses, i.e. me, think will be next?

    Binance? Or are they more professionally run than FTX and their three-letter-acronym boy-wonder CEO and maybe don’t have the sort of glaring exposure to their own arbitrarily valued magic tokens?

    I hope its Binance if only because they seem to have coined the term “Tokenomics” and now I can’t unsee it …

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