Engaging in deep reflections over experience with FTX
In an earlier post, I wrote about how I made a stable income on FTX before the whole fraud unravelled. It is easy to learn the wrong lessons in investing because an investor can make money despite being very wrong. Customers of FTX who escaped with some profits should not gloat about it. They were wrong and should count themselves as lucky. I was lucky. Regardless of whether the outcome was good or bad, this disaster calls for post-mortem reflections.
Right till the end, I never suspected Sam Bankman-Fried (SBF) to be a fraud even when the bank run was intense. I was duped. Thankfully, I assumed that crypto was unsafe and was constantly on alert to look out for warning signs.
I registered as an FTX customer in 2021. From the beginning, there were already signs that something was wrong. When I wired money to FTX Blockfolio last year, the recipient was...