Nine Years Ago Today: Recalling The Bitcoin Exchange Failure That Was Much Bigger Than FTX
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While FTX’s collapse last year rattled the Bitcoin ecosystem, nine years ago a bigger failure damaged it even more. What does that teach us? The fall of FTX, a crypto empire that defrauded investors, customers and employees to the tune of $8 billion, rattled the ecosystem, with many worrying whether the ecosystem would survive. However, this was not the first time a failure of such a magnitude has happened in the space. Unbeknown to many cryptocurrency newcomers, in 2014 the world’s largest bitcoin exchange, Mt. Gox, went bankrupt following a series of hacks and mismanagement issues. The fall resulted in
Treasury Secretary Janet Yellen – who despite being a renowned economist couldn’t predict that the U.S. was headed for its worst inflationary period in over 40 years – has stated that the fall of the FTX exchange is exactly why the country needs to focus on crypto regulation. Janet Yellen…