Viva the (responsible and careful) revolution in financial markets
A responsible revolution is needed after unfettered bravado, poor business controls and lack of transparency saw FTX centralised exchange fail
OPINION PIECE: Missing fundamentals threaten to drag cryptocurrency market into the doldrums
By Connie Bloem Co-Founder of Mesh.
With the seemingly unconditional support of institutional investment houses, FTX centralised exchange founder Sam Bankman-Fried has fallen from grace. His demise highlights the urgency of a responsible revolution to provide a real alternative to traditional financial markets, which have fallen victim to manipulation and fraud, perpetrated in centralised companies behind opaque layers of technology by some particularly bad actors.
In an eerie echo of the months and days leading up to the 2008 credit crunch, the financial world is at a precipice once again, except this time it is the global cryptocurrency market in the crosshairs, with billions in investments going up in smoke in the wake of fraud and capital mismanagement. The fallout will be felt for a long time to come.
Published in Business Day, 17 November 2022.