04/17/2024
https://apnews.com/article/sam-bankman-fried-ftx-cryptocurrency-sentencing-sbf-d7bb1a5e94b4c22039d74dfeab1a2ff1
I once saw Cryptocurrency as a hedge against a dollar backed by nothing but a myriad of swords of Damocles, and in the face of all the doubters arguing that it is largely used for illicit activities I would say that the US dollar is the most used currency for illicit activities worldwide. However, seeing the vast capabilities of an ungovernable currency being used in order to further a particular political party nonetheless fazed me, even though the same could and has and will continue to be done with the US dollar. The effortlessness and near perfection of the crime was what frightened me, and this is in no way a post calling for regulation of a form of currency designed to be "unregulatable", but rather just a way for me to express the amount of faith that we as humanity will be putting in each other if we found ourselves in a position where currencies like crypto are what global economies operate on. FTX might have just been a small piece of the puzzle, but if that isn't indication for the fact that technology with such freedom on such a scale has vast and unforeseeable implications, I don't know what is.
Sam Bankman-Fried has been sentenced for a cryptocurrency fraud described as one of the biggest financial frauds in U.S. history.