The near-overnight collapse of FTX International sent shockwaves through the crypto industry that are now reverberating in Washington. As the dust settles and details of what went on behind closed doors emerge, it’s clear that FTX’s leadership displayed a complete disregard for corporate governance, risk management and, most importantly, business ethics.
Sam Bankman-Fried’s indictment is a step toward vindication for the good and honest builders and creators in the crypto ecosystem. While he and any others responsible for the mismanagement, misdeeds and misinformation at FTX must be held accountable, we must be careful not to paint the entire crypto ecosystem in broad strokes based on one company’s misconduct.