Sam Bankman-Fried and other FTX executives spent $8 billion worth of customer funds on real estate, venture capital investments, campaign donations, endorsement deals and even a sports stadium, according to testimony from former senior FTX executive Nishad Singh.
As an angel investor and creator, I was drawn to crypto by the promises of technology, financial sovereignty, and inclusivity. But for the last five years, I’ve been constantly confronted with fraud, lack of responsibility, and an utter dearth of ethical behaviour.
The most severe criticism that can be levelled at the crypto ecosystem is its innate attraction for scammers, exploiters, and bad actors with malicious intent. The absurd excesses of SBF and his gang of cronies is a prime example.
