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By Mohammed Kudrati In 2021, cryptocurrency millionaires were on the covers of magazines for all the right reasons. In 2022, they're on the cover of magazines for all the wrong reasons, joining those who realise that magazine covers are slippery slopes to doom. The state of the global crypto ecosystem in 2022 has juxtapositioned itself with its state in 2021 all too perfectly. Last year, it was thriving, as around 13 months ago, most cryptocurrencies saw their lifetime highs. Today, the prices of most benchmark cryptocurrencies are trading at prices around a third of that. These lower prices o...
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By The Conversation In modern capitalism, it seems as if stories of companies and managers who engage in fraud and swindle their investors occur like the changing of the seasons. In fact, these scandals can be traced back to the origins of publicly traded companies, when the first stockbrokers bought and sold company shares and government securities in the coffee houses of London's Exchange Alley during the 1700s. As a historian of 18th century finance, I am struck by the similarities between what's known as the Charitable Corporation Scandal and the recent collapse of FTX. A noble causeThe Ch...
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By Sourit Sanyal On Monday, Sam Bankman-Fried, the founder of FTX and Alameda Research was arrested in the Bahamas after being criminally charged by US prosecutors. He was earlier slated to testify in the US Congress on Tuesday before getting arrested by the Royal Bahamas Police Force. This marks a sharp fall from grace for Bankman-Fried, who often goes by the abbreviation SBF. His arrest comes after FTX filed for bankruptcy in November after being unable to fulfil customers' withdrawal requests. Here's the journey of the 30-year-old crypto entrepreneur, whose empire went from riches to rags i...
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