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The FTX meltdown
Night falls on made-up cash
Imagine a world during which you may make up new sorts of cash and different individuals pays you, nicely, actual cash to get some. Let’s name what they’re shopping for cryptocurrency tokens. But as a result of there are such a lot of varieties of tokens, and so they’re onerous to purchase and promote, think about that an entrepreneur creates a non-public inventory market to commerce them. Let’s name {that a} “cryptocurrency alternate.” Because the tokens don’t have any intrinsic worth and different exchanges have gone belly-up, you’d be sure that yours was ultra-safe and nicely regulated.
That was the idea behind FTX Trading, a crypto alternate began by Sam Bankman-Fried, a twentysomething who touted refined expertise, like a 24/7 “automated danger engine” that will test each 30 seconds to see if depositors had sufficient actual cash to cowl their crypto gambles. Technology would guarantee “full transparency.”
Behind the façade, although, FTX was seemingly simply old style embezzlement. According to US investigators, Bankman-Fried took clients’ cash and used it to purchase fancy homes, make political donations, and amass big stakes in illiquid crypto tokens. It all got here crashing down in November. John Ray, appointed to supervise the bankrupt firm, stated that FTX’s expertise “was not refined in any respect.” Neither was the purported fraud: “This is simply taking cash from clients and utilizing it in your personal objective.”
Bankman-Fried, an MIT graduate whose dad and mom are each Stanford University legislation professors, was arrested within the Bahamas in December and faces a number of counts of conspiracy, fraud, and cash laundering.
To be taught extra about cryptocurrency promoters, we suggest if Wolf of Wall Street were about crypto, a satirical video by Joma Tech.
From drugs to homicide
How fentanyl grew to become a killer
Back in 1953, the Belgian physician and chemist Paul Janssen set about creating the strongest painkiller he might. He believed he might enhance on morphine, designing a molecule that was 100 occasions stronger however with a brief period. His discovery, the artificial opioid fentanyl, would turn into the painkiller most generally used throughout surgical procedure.
Today, fentanyl is setting grim information—it’s concerned within the unintended loss of life of round 70,000 individuals a yr within the US, or about two-thirds of all deadly drug overdoses. It’s the main explanation for loss of life in American adults underneath 50, killing greater than automobile accidents, weapons, and covid collectively.
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