Sam Bankman-Fried and the People Who Gave Up Their Money for Nothing

Molly White argues that Sam Bankman-Fried and the collapse of FTX exposed the greater fragility of cryptocurrency.

"The collapse of the FTX exchange revealed the massive duplicity underlying many crypto exchanges, but its implosion should not be attributed to that alone. It, like so many companies in the cryptocurrency industry, had propped itself up on an imaginary foundation of tokens it had invented, and that foundation was bound to fail eventually. When the next company in its position falls, the only surprise should be that people expected any other outcome."

Read more in The New York Times.