One year ago, CoinDesk's Ian Allison sent me the FTX balance sheet and asked for my take. I laid out what I saw, asking several times whether it was real, because a balance sheet that bad just did not seem possible given all we'd read about Sam Bankman-Fried, Alameda and FTX over the preceding years. It was very real, and Ian brought down the house with his award-winning reporting. I'm proud to publish my latest thoughts on SBF here on CoinDesk.
However, the road SBF took to obtain his riches and pursue his proclaimed good intentions was one filled with extreme carelessness and negligence, and likely also fraud. Today, his fortune is wiped out, and he faces criminal charges that could result in over a 100-years of jail time. All of the well-intentioned benefits he pledged have instead been replaced by terrible damage to the lives of his customers.
How can his actions elicit sympathy instead of outrage? It appears to come down to a growing view that honest work required to provide a service is not as important as altruistic pledges. It ultimately should come as little surprise to us that if we do not show appreciation for the hard, time-consuming work required to deliver great services, the quality of what companies deliver us will decline.
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