“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information,” new FTX CEO John Ray III said in a legal filing on Thursday. “From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.”
Ray, who oversaw Enron’s bankruptcy in 2001,
By giving innovative, science-backed and reliable projects more space and airtime and cutting off any emboldened fraudsters before they have the chance to make any more victims, the industry can allow new names to flourish and help bring the project back to its original mission. By ensuring that the names replacing FTX in the public’s collective understanding of what crypto is and stands for are absolutely foolproof, the industry can reinstate a golden standard of behavior and return to what it was intended to be.
The crypto ecosystem is at a crossroads: It can either innovate, regulate, review and begin again, or it will fail. The FTX saga is a sign that it’s time to make a choice.
It’s true FTX’s downfall was a shock to many: enthusiasts, investors, legislators and casual crypto-curious individuals alike. But, to put it plainly, it could be the best thing to happen to crypto. Only time will tell, and the world is watching.
Daniele Servadei is the co-founder and CEO of Sellix, an e-commerce platform based in Italy.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.