The current perception of the scale of fraud in the cryptocurrency and blockchain technologies ecosystem – now based largely on the scale of and level of headlines dedicated to the FTX fraud and Bankman Fried’s twisted branding of the “effective altruism” movement – along with the perception (and supporting narratives) that crypto is intrinsically fraudulent does not match the real numbers relative to the roughly $3.2 trillion in annual illegal activity in the traditional fiat monetary system. Details here.
Global Corruption and Money Laundering: Traditional Fiat Money V. Crypto
To counterbalance the obsession with the ongoing FTX/Sam Bankman-Fried trial – and its impact on the future of trust in the cryptocurrency marketplace – we finally tracked down the baseline quantative metrics which illuminate a string we have been trying to pull all year: while crypto is definitely going through a creative destruction period, the cumulative destructive trends are more a combination of the frequency of cybersecurity incidents in the space – and the the long term security of crypto, bitcoin, Ethereum and the major crypto exchanges – and crypto as a function…
