FTX was not the first pin to fall but it might be the most important one so far. FTX was the 3rd largest crypto exchange, so for it to fail so hard and so fast came as quite a shocker for many crypto investors.
Disclaimer: Btw, I’m quite a crypto noob so I’m just writing what I think happened or is happening.
If you’re still in the dark, read this: FTX goes bankrupt in stunning reversal for crypto exchange
For me, it’s definitely a wake up call. So far, I haven’t been paying much attention to the crypto failures despite holding crypto. Part of the reason is also because we’re already in crypto winter and my crypto holdings have already fallen so much in value. Depressing to look at it.
Nevertheless, I think there are a few important lesson or takeaways from the FTX debacle I think crypto investors (especially noobs like me) should consider and take action on....