To the crypto nation, is it not ironic that FTX has to run to the government for order when many people are still positing that the government should stay away from the world of crypto? At a personal level, I do believe that the biggest crypto invention out there is integrating with the government at a deeper level on regulation. That is the only roadmap for sustainable development and growth for the nascent sector. Government brings order.
Today, FTX has failed and it has to report itself to the government: “The chapter 11 bankruptcy filing was made at a federal court in Delaware and includes Bankman-Fried’s proprietary trading arm Alameda Research, as well as approximately 130 affiliated companies.”
Good People, there is a lesson here: this crypto thing is not living on the effervescence like the one you saw in your secondary school chemistry lab. The fall of FTX has not crashed BTC badly. This is good news even within a really challenging situation. Indeed, there is an inherent resilience in this movement. But do not mindlessly hodl.
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“The immediate relief of Chapter 11 is appropriate to provide the FTX Group the opportunity to assess its situation and develop a process to maximize recoveries for stakeholders,” said the new FTX chief, Ray.
“The FTX Group has valuable assets that can only be effectively administered in an organized, joint process. I want to ensure every employee, customer, creditor, contract party, stockholder, investor, governmental authority and other stakeholder that we are going to conduct this effort with diligence, thoroughness and transparency,” he added.
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