Another case, very sadly for those that lost money, of misjudgement and ill-informed investment choices. I am seeing a plethora of cryptocurrency cases where there has been fraud, of one type or another. The Financial Conduct Authority (FCA) has a very useful page providing advice and warnings for those that are looking to invest in Crypto. For me, the question (at this stage) is why? Some of the old adages apply here; never invest money that you can’t afford to lose, and if it looks to good to be true, it is likely that it’s not true.
Eventually, there will be a use for cryptocurrencies and digital currencies too, but using them for transactions is very different from ‘investment’ otherwise known as ‘speculation’.
Bankman-Fried is facing up to 110 years for fraud, but yet again this is another case, and it will sadly happen again, where investors are chasing dream returns that are not realistically possible.