in the early days
The crypto world has been rife with turbulence since its inception in the early 2000s, and the recent collapse of FTX is yet another example of the volatility of the industry. SkyBridge founder Anthony Scaramucci has been a long-time supporter of the crypto space, and his faith in FTX founder Sam Bankman-Fried was unwavering—until it wasn’t.
The SkyBridge founder’s trust in the FTX founder was rooted in the early days of the crypto industry when the space was still in its infancy. Scaramucci’s faith was further cemented by the success of Bankman-Fried’s other crypto ventures, including the popular crypto exchange, Coinbase.
Scaramucci’s trust in Bankman-Fried was so strong that he even invested in FTX, a crypto derivatives exchange founded by Bankman-Fried. Unfortunately, Scaramucci’s trust was ultimately betrayed when the exchange collapsed.
In a recent interview, Scaramucci opened up about his experience with FTX and the exchange’s collapse. He expressed his disappointment in Bankman-Fried and the exchange’s failure to live up to its promises. He also noted that the collapse of FTX has caused a great deal of financial hardship for the many investors who put their trust in the exchange.
Scaramucci’s experience with FTX serves as a cautionary tale for those looking to invest in the crypto space. While the industry has come a long way since its early days, it is still subject to the same risks and uncertainties as any other asset class. It is important for investors to do their due diligence and understand the risks associated with any investment before they commit their funds.
The collapse of FTX serves as a reminder of the importance of remaining vigilant when investing in the crypto space. While the industry has seen tremendous growth over the past two decades, there are still risks associated with investing in crypto. Investors should always be aware of these risks and take steps to protect their investments.
Ultimately, Scaramucci’s experience with FTX serves as a reminder that trust in the crypto space can be fragile. While Scaramucci’s trust in Bankman-Fried was ultimately betrayed, it is important to remember that the crypto industry is still in its early days and that there are still many opportunities for investors to capitalize on. The key is to remain vigilant and do your due diligence before investing.