Last week crypto investor Mike Novogratz took to CNBC in an attempt to help analyze the fallout from the FTX scandal. Speaking to Aaron Ross Sorkin, Novogratz – who suffered major losses (and humiliation himself) when Terra/Luna collapsed – laid out how trust has been lost in the asset class for the time being.
“This is about transparency and disclosure in a lot of ways. Our industry has failed to self-regulate. I think the money side of crypto, companies like ours, are going to get regulated and should be,” he says to start the interview.
“The tech side of crypto, the on-chain stuff, that has its own series of regulatory challenges. But that should be kept separately. Right now we’re in a deficit of trust – people think there’s a black swan around every corner,” he continues…
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