A lot has happened to cryptocurrency this year, so many big projects that were never expected to crash all went to the dust and the latest of them is FTX. To be honest I am very sure that no one saw it coming perhaps Blackman fried himself might see it coming. well it is simply telling us that we should always expect the unexpected, in as much as the crypto industry is concerned , anything is bound to happen. this year alone has proved that.
Bankmanfried has filed for bankruptcy which simply means that the company can no longer operate the way it used to because of what has happened to the organization, but something has been pondering my mind since the advent of FTX saga. I could remember how so many investors lost their investment during the fall of Luna and some other crypto projects. now the same is about happening to people that has investment with FTX . from the look of things I am very sure that there is no way they will be compensated for their investment which means every penny invested in FTT is gone.
well I really pity those that has investment with FTX, some must have invested their entire life saving, some must have done something very crazy just to see they invest in FTX, but unfortunately they will not be getting either return on investment or their capital. this will definitely affect the investors in several ways both psychologically and emotionally and even financially. Financially that's a very big loss because they will have to look for a way to balance up their financial lives, some must have borrowed money to invest at the same time the emotions that come with the loss is another effect most investors will have to battle.
I just hope this will be the last crypto project that will end catastrophically because it brought the crypto market into another phase of hard bear market.