Sep 11 2024 62 mins 26
Between 2021 and 2022 cryptocurrencies experienced one of the greatest bull runs come bubbles in recent financial history. Thousands of coins hit the market. From coins with meme pet dogs as the logo to those which claimed to offer privacy and sovereignty to the buyer, offering them a ‘once in a lifetime opportunity’ to escape the system and build inter-generational wealth all at the same time. As in past financial bubbles some coins shot up in price only this time, given the lack of regulation in the market, many soared tens of thousands of percent in a matter of weeks or even days on more than one occasion.
Like all too good to be true stories, the bubble soon burst and with it a whole industry was soon brought under scrutiny. Many of the thousands of coins marketed just a few months back as must have tokens collapsed in value…many losing 99% of there supposed value. Fraud after fraud was uncovered from within the industry as retail investors quickly realized they’d been had. The coins were worthless. The technology sketchy. The exchanges corrupt. And some, such as the mega exchange FTX now being exposed as giant black holes of financial (and political) fraud. In this instance resulting in a cool $10 Billion dollars of customer funds being siphoned off into the private bank accounts of the CEO and now prisoner (serving a 25 year sentence) Sam Bankman Fried.
But make no mistake, this was just one of many scandals that have emerged from within the crypto space and in episode 79 we are joined by a crypto insider who actually took part in a the development and launch of one of the many worthless tokens during the 2021-2022 period. As part of his own path to redemption for his own role in what he feels, is a space built on corruption, deception and fraud. h now wishes to warn the world about what really goes on inside the crypto industry. An industry he feels, is beyond repair. As part of the conversation we discuss his past, what he learnt, how customers and investors can protect themselves, privacy coins like Monero, the future of Bitcoin, the FTX scandal and finally whether or not any of these assets are ‘safe’ to invest in based on his insider knowledge of the industry.
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