FTX - Alameda Saga : Is Crypto Still Worth It?
I got some more information on the FTX - Alameda saga and I honestly don't think words would justify the exact feelings I've had since I learnt how massive this exploit it. It's been over 24 hours and SBF / FTX haven't made any form of announcements about what really went down and this just shows that they most definitely had a hand in this somehow because it just doesn't make sense. Well, if this isn't a hack then the only explanation here is that SBF is trying to secure himself so he doesn't have to start entirely from zero again, and this is nothing but thievery. The latest news is that he's been watched by law enforcement officers in the Bahamas and hasn't been let out of their site. But if otherwise this was a hack, this would make it the biggest hack in the history of crypto.
What a year this has been for crypto as a whole and I just sort of pondered on the image and reputation of the whole crypto industry to onlookers after all that has happened particularly in the past few months. This space probably feels like the worst place to be right now, and I can't begin to even imagine how people have been affected by the several events in this space so far. We had a bear market, a stable coin crash and the crash of the second largest cryptocurrencies exchange all in a year. There are so many other events that have happened with negative impacts on the crypto community and we may begin to question if crypto is still worth it.
As much as this may not be what many would like to hear right now, the truth and my honest opinion is that crypto is worth it. Crypto itself is the freedom from the conventional financial system we've all been enslaved to for decades and centuries and since it is still in its early phase and we are yet to fully take control of the space, many events like those we've seen this year and the past few years are happening. But then, I believe they happen to better shape the industry for example with the FXT issue, no one in their right minds would store their funds on centralised exchanges except they are willing to take the risk of becoming victims too. FTX showed that even the biggest platforms out here are still susceptible to downfall and until we take we full control of our wealth which is the sole purpose of crypto, we are not gonna experience true freedom. I do hope somehow, the victims these several events bounce back on their feet , it's been a tough year, but crypto has more to offer.
