“Cryptocurrency is a giant scam, although a complicated scam . . . ” So begins Stephen Diehl’s diatribe against the crypto industry.
When he published it in June, Bitcoin and other crypto assets were trembling. Since then, the collapse of FTX, the second-largest crypto exchange, has created a potentially existential crisis. Billions of dollars of customer assets seem to have been incinerated, along with FTX founder Sam Bankman-Fried’s status as an altruistic visionary. Is crypto all just a mirage?