Has "SBF", head of the crypto exchange FTX, cheated investors?

Has "CZ", head of the crypto exchange Binance, got rid of an unpopular competitor at the expense of investors?

Or was the management of the FTX company just as down-to-earth as the appearance of "SBF" and was it poorly managed?

Questions to which you may someday, or maybe never, get an answer.

Maybe all three are true: a badly run company, whose business practices are not entirely clean (although often one leads to the other) and which, in an emergency situation, is pushed over a cliff by a competitor.

And as always, one asks oneself: how did it come to this?

Has nobody noticed that something could be amiss here?

would you.

FTX offered a plethora of products: crypto trading, crypto trading on credit, crypto trading on futures, stocks in small bites, but also quite a few interest rate products.

Because like any of the short sellers of shares, who are sometimes justifiably and sometimes less justly scolded and regarded as disreputable, some users on FTX could borrow everything that could be borrowed from the others, so to speak.

Those who lent their (fractions of) shares were promised annual interest of 20 percent (pa).

And with its “Earn” program, FTX offered 5 to 8 percent interest just for users investing their assets – and that doesn’t just mean crypto assets,

Hasn't that happened before?

Right!

Anyone who lent the stablecoin Terra up to May was guaranteed an annual return of around 20 percent thanks to the so-called “anchor protocol”.

It is well known that this story did not end well either.

The lesson is once again: If something is too good to be true, it usually isn't.

If American banks currently pay no more than 0.5 percent annual interest on savings certificates with a one-month notice period, how high must the risk be if you get 8 percent (daily available!)?

But: Crypto is the new bet, said a connoisseur of the scene recently.

Many crypto fans are tough - easy to win, easy to lose.

If you listen to some older influencer videos on YouTube and with what enthusiasm names like Celsius, Voyager or even FTX are recommended there as great earning opportunities, you ask yourself who will be the next to lose everything.

And if in the end the whole scene isn't endangered.

It's just a shame for those who are serious about the business.

The former are not only harder to hear in the noise of the solicitations of half-silver or even just bad entrepreneurs, they also have the less simple and euphonious message.

You catch mice with bacon and the mice of crypto fans with crypto bacon, which they willingly throw after the next barker.