The Bahamas: Office of the Attorney General & Ministry of Legal Affairs – Statement from the Attorney General of The Bahamas Sen. Ryan Pinder KC on the arrest of Sam Bankman-Fried (12.12.2022)

Opinion: Another Crypto Currency Company going bust…

There is clearly huge losses in investing in crypto-currencies these days. The markets aren’t steaming or beaming up high. It is maybe a downturn and a natural progression after a rising bear market over the years. However, in the recent months there been some red flags.

This being the fall of Celsius, Terra, Voyager and Three Arrows. Only today the well known FTX is seeking bankruptcy as well. That means that several of crypto-currency exchanges or “banks” has fallen.

For me that is a sign of a negative spiral. When the entities that trade, store crypto-currencies and are the middle-men are ones going bust. They are going in the wind and the consumer buying from these entities are losing their investments. Their savings and risks have outweighed the supposed massive gains.

These entities was supposed to sell, trade and be the wallet of the crypto-currencies. These entities was initially ensuring the blockchains or the trade of crypto. So, when these businesses goes bust. You know the business model isn’t working or have enough liquidity to work. They cannot even find a sustainable method or means of running the trade. The businesses has leveraged tokens and these internal coins has been deemed worthless. That’s why they fell after the value of these tokens crashed into the ground.

It is like these businesses has gone in circle. They have promised huge returns and being secure places to invest in crypto. The owners and CEOs has pledge vast funds and equity. It seems that these companies has sold dreams and it has turned into nightmares.

They have sold the clouds, but never taken anyone up into the air. These things didn’t have a foundation or a roots to begin with. The companies was just selling dreams and visions, but not substantial or valuable products. That’s why these are falling apart so rapidly. Either when their own tokens are devalued or cease to exist. If not when either Bitcoin or Ethereum is losing steam. It’s like everything evaporates and goes into thin-air.

That’s why the following of these companies only shows how this bear-market has worked. When the times are good and people are investing. Everything seems on the “up and up”. However, when people are pulling their funds and the big investors loses interests. It is like a crash is happening and it’s erupting in a total cluster-fuck. Where the only last resort is going bankrupt and stop operating.

This unregulated market surely knows how to make itself look irredeemable. Because, the companies that trades crypto and seems like the major players are all falling out. They are just losing it and will cease to exist. That is a tragic result, as all the ones investing and spending money through these entities are losing their money. Unless, they were able to pull out their funds or empty their wallets in time. Because that is off essence here.

We can surely see there is no good news. Only another company who traded crypto going bust. Another place where people invested and trusted to do their “banking” has been lost.

The ones that believes the crypt currencies are the future. Is making it much harder for themselves. When their banks, stock-exchanges or whatnot are going under this rapidly. They are just proving why there is a need for legislation and for more oversight. Since so much values are lost and people are hurting just for trusting in these entities. It is just not sustainable and it will deplete small time investors who did risk their funds into it. Peace.