The last few weeks have been among the craziest that have been witnessed by the crypto industry.
FTX, the once trusted crypto exchange and all the FTX associated companies, led by founder Sam Bankman-Fried filed a bankruptcy after the exchange was discovered to be insolvent.
Many other crypto exchanges have failed in the past losing investors money being held over there.
Crypto exchanges failing is not an uncommon event in the crypto industry but the scale of fraud and mismanagement with FTX is unprecedented.
The recent events in the crypto industry have caused a distrust in the minds of many in traditional finance about the future of crypto thus putting more pressure on the prices of cryptocurrencies and also may lead many to call for further regulation in the crypto industry.
Being a crypto investor, it's important to note that these failures and big losses are due to fraud, mismanagement of client funds and incompetence. It's not the failure of the software or the blockchain itself.
While the few weeks have been kind of really tough for the crypto industry, it's important to understand that these frauds and catastrophes are because of human and corporate failures but not failure of the technology that powers cryptos.
Blockchains including Bitcoin and Ethereum are still fully operational and secure while they may also offer opportunities for those who believe in the future disruption the technology offers.
In amidst these uncertain times of market volatility and fear, for me it's fair to stay on a web3 platform like Hive itself post stuff and collect whatever rewards I receive.
This is a more safer side to me.
Note: It's not a financial advice.
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