As I write this Sam Bankman-Fried, once a crypto darling and the man in charge of FTX, has been extradited to the US to face charges over the crypto exchange’s collapse (opens in new tab). The byword for corporate scandal in America has for decades now been Enron and, funnily enough, the same lawyer who handled that bankruptcy is now in charge of FTX: and says he’s “never seen such a complete failure (opens in new tab)“.

Cryptocurrency remains a nascent industry but, now that certain tokens like Bitcoin and Ethereum are well-established, it feels like the wider landscape has become fraught with little more than grifters and endless variants on the classic “pump n’ dump” scam: and this year, a lot of chickens came home to roost. There’s even a collective noun for the many smaller cryptocurrencies that launch every month in the vain hope of attracting naïve cash: shitcoins.

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By nmybx

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