Tech 24 – Cryptocurrency Storm: After FTX, fear of domino effect and ideals to be reinvented

Published: 2022-11-18 – 19:40

With the FTX bankruptcy announcement, the very dynamics of cryptocurrencies seem to have come to a halt. However, the supporters of the decentralized payment system have not yet had their last word.

Do you know FTX? This company, which until a month ago was a particularly dynamic crypto asset exchange platform, has just filed for bankruptcy protection in the United States. As its flamboyant creator Sam Bankman-Fried stepped down from the reins of the company, suspicions are mounting over the operations of FTX, based in the Bahamas. First of all, its bankruptcy raises concerns about a domino effect, with companies like BlockFi explaining that they are in a quandary after FTX’s downfall.

What happened there? The investigation by the SEC, the federal regulator of the US financial market, is ongoing. Andy Greenberg, author of the new book Cryptocurrency Criminals. In Search of the Heart of the Dark Web, published by Saint-Simon, is now convinced that cryptocurrency no longer rhymes with anonymity.

Should we therefore abandon the promise of a blockchain-based, decentralized currency that allows transactions to be tracked? The ideal of anonymity advocated by Timothy K. May in The Crypto-Anarchist Manifesto seems increasingly threatened.

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