The FTX drama continues several days after it filed for bankruptcy. The whole of the Crypto Industry has been on fire since the discovery and the pundits are warning that a lot more companies will fall during the coming days.

Honestly, I am pissed at what is happening in the cryptoverse. So pissed that I finally got around to buying a cold wallet. Why? Well think about it? This is an exchange for crying out loud! And an exchange that is the second biggest in the world! One led by someone who was wrongfully raised in a pedestal and worshipped by the MSM. Well, egg on their faces. Damn them all!

Personally, I don’t have any stake in FTX. But for fuck’s sake, why am I feeling the effects of this? I bleed for all the people who got duped. Afterall, why couldn’t they get duped? Mainstream media after all, insisted that this guy (the one with the curly hair and with scammy look) was legitimate, trust-worthy and perfectly reliable. “He doesn’t like money” they say. “He will donate 90% of his wealth to charity” they say. “His parents are investment bankers” (erratum: they are Stanford professors) they say. Holy shit! Would you like to canonize him as a saint??? Painted as such by a supposedly trustworthy mainstream media, do you still wonder why there were so many victims?

It doesn’t need to be said, that this sets the cyrptoverse back, if not five years, then ten years. This is obvious. As of this writing, several companies are still coming out stating their losses from this. Kevin O’Leary (billionaire and of Shark Tank fame) has come out calling for regulation. He has warned that institutions would stay away from crypto until regulation is implemented. I can’t say I blame him. He lost quite a few.

But on the other side of the coin, this has gotten the rest of the cex’s to ponder how to secure themselves. Binance has published for the sake of transparency, Binance’s cold wallet addresses. This is to let investors know where funds are stored and its value. Coinbase has done the same thing. Proof of Reserves should now be a standard for these exchanges in the future.

Additionally, Binance has declared that they will implement an “industry recovery fund”. One that will help “strong” projects during liquidity crises. If this sounds noble, then it probably is, but then again, you have to remember, Binance is a business. It probably just wants a huge piece of the pie when these “strong” projects falter during such events. After all, by the time Binance steps in, prices would be dirt cheap by then.

But as always, there are opportunities out there. But I would wait for the dust to settle. I figured that a lot more companies out there have exposure to FTX and have not come forward. For once each of these companies do come out, you can be sure that the prices will be pushed downward some more. For example, there are stellar coins out there that have become collateral damage. If I had some extra cash, I would surely, put them in there.

Stay safe guys. Now is the time to observe and secure ourselves. That’s one of the reasons I bought a cold wallet quickly, you just can’t seem to trust anybody nowadays. And this debacle with FTX could only affect the whole crypto industry negatively!

DISCLAIMER: I am not a financial adviser and what you have read here is purely my opinion and may be used to further your own research. This is not financial advise. Cheers!