Sam Bankman-Fried and the FTX Saga Could Be a Blessing in Disguise for Crypto and NFTs. Here's Why. With these markets still in their infancy, investigating and adjudicating the FTX scandal will turn out to be a vital evolutionary, developmental and restructuring step.
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While navigating a tragedy, few people welcome a comment like, "It was all for the best." Too often we hear this pep talk from compassionate friends or family, as we quietly think to ourselves, They just don't understand what I'm going through.
But do they? A recent investment scandal might offer some insights into why that cliché can be spot-on after all.
Truth be told, there have been many bad eggs in the crypto space: The sheer fact that the technology was created to allow for anonymity created a breeding ground for hustlers and scammers. But over the last few months, the U.S. government (including the SEC) has finally been cracking down on Web3 crooks, with the first NFT indictment — filed on June 1, 2022 by the U.S. Attorney's Office of the Southern District of New York and charging Nathanial Chastain of the NFT marketplace OpenSea with wire fraud and money laundering — and with an abundance of other rug-pulls currently being investigated by a variety of law enforcement agencies.