Red Flags Always There for Sam Bankman-Fried’s FTX Exchange

Although skeptics said the red flags were always there, that is no consolation to those who banked on FTX and lost big, writes Samuel Wan and James Van Straten in their opinion piece for Crypto Slate.

The two suggest that the recent collapse of FTX supports the narrative that “Bitcoin maximalists were right all along.”

Each day seems to bring a new twist.

In particular, questions hang over Sam Bankman-Fried’s (SBF) political influence and connections, as well as FTX’s apparent “pass” with the Securities and Exchange Commission (SEC).

Well over a year ago, CoinGeek had revealed FTX Head of Compliance as none other than Dan Friedman, implicated in a 2008 online poker cheating scandal.  FTX was quick to scrub all mention of Friedman on its LinkedIn page.

The two writers add:

At the heart of the scandal lies FTX’s native FTT token and the way it was managed. In the course of a liquidity stress test, it fell short of justifying its lofty pre-collapse $3.4 billion market cap valuation.

The net result of the scandal is the loss of billions and an industry scrambling to preserve what little reputation and credibility remain.

Undoubtedly, the bankruptcy has birthed a new wave of Bitcoin maximalism, and as some might say, their vitriol towards sh*tcoins has proven to be on the mark time and time again.

nChain announces the appointment of Christen Ager-Hanssen as its new Group CEO

ZUG, Switzerland,  — nChain, a global leader in blockchain research and development and delivery of world-class blockchain solutions for enterprises and governments, including central bank digital currencies (CBDCs) and micro payments, today announces the appointment of Mr. Christen Ager-Hanssen as its new group Chief Executive Officer.

nChain is committed to the adoption of the Bitcoin (BSV) Blockchain by users on a global scale and provides technical and development support to the Bitcoin Association in relation to the operation of the Bitcoin (BSV) Blockchain protocol.

The Bitcoin (BSV) Blockchain was created by nChain’s Chief Scientist, Craig Wright, who develops and drives the companies’ extensive IP portfolio. nChain currently has almost 2,800 registered patent applications of which approximately 500 have been granted, ensuring it is perfectly positioned to provide the full spectrum of IP solutions that government and enterprise clients demand.

The Bitcoin (BSV) Blockchain, powered by nChain, allows users to transact and immutably store data at a fraction of the cost of any competitor, with average transaction costs standing at around 1/50th of a cent. Furthermore, the BSV Blockchain scales unbounded and already allows for around 100,000 transactions per second

Christen Ager-Hanssen is a renowned investor with a career spanning more than 40 years. He has been involved in numerous M&A transactions including public take-overs and venture capital deals. He is also an internet pioneer, telecom executive, media owner, disruptor and leading influencer in the blockchain community. He is currently the CEO and Chairman of his own family office, Custos Group, an international investment firm with offices in London, Stockholm and Oslo.

nChain’s group chairman Stefan Matthews commented: “The entire Board is delighted that someone of Christen’s calibre has agreed to join us at group level to drive the entire nChain group forward. nChain has an exciting portfolio of approximately 2,800 registered patent applications. Christen has already identified how we can better utilise our technology and patent portfolio to monetise our business and drive further investment into our R&D as well as to develop the Bitcoin (BSV) ecosystem to speed up the development and sales of our enterprise and government solutions.”

Christen Ager-Hanssen commented: “I am extremely excited about joining the group holding company of nChain as their new CEO, having already invested in the company. After extensive research of blockchain and smart contract technologies, I have concluded that the Bitcoin (BSV) Blockchain protocol is the only blockchain that can scale and handle the massive number of transactions which the digital world will demand to create far-reaching efficiencies.”

About nChain

Founded in 2015, nChain has offices in London (UK), Zug (Switzerland), Ljubljana (Slovenia), and Manila (Philippines) and advances the potential of blockchain technology through ongoing research and development of inventions, including the maintenance of a robust patent portfolio, and by offering commercial solutions such as Kensei, a developer-friendly set of APIs built on the BSV blockchain. nChain also offers solutions in the digital payment space, along with professional services that assist enterprises of all types to benefit from blockchain technology. nChain currently has almost 2,800 registered patent applications of which approximately 500 have been granted, ensuring it is perfectly positioned to provide the full spectrum of IP solutions that government and enterprise clients demand.

About Christen Ager-Hanssen

Christen Ager-Hanssen, a Norwegian citizen living in London, is a renowned investor as well as a leading influencer in the blockchain community. He is the CEO and Chairman of his family office, Custos Group, an international investment firm with offices in London, Stockholm and Oslo that has created a unique platform with a highly differentiated strategy, targeting world-beaters and tomorrow’s enterprising disruptive innovators. Custos invests in young companies as well as more established businesses geared for expansion and change. Custos also operates and invests through the Addreax Group (www.addreax.com) of the United Kingdom which, through its subsidiary companies and many online verticals, a rapidly expanding online retail department store and operator of gated loyalty programmes, including for students and alumni. Addreax is a recognised expert in customer acquisition, brand-building, marketing, e-commerce and retail sales and has a track record in establishing digital assets and in digital transformation and has built strategic relationships acting as a customer acquisition partner for many major super-brands including, amongst others, Apple, Samsung, Coca-Cola, Nike, H&M, Adidas, Asos, Lenovo, Hewlett Packard, Microsoft, Amazon, Adobe, 3, Burger King, Disney, and Expedia.

- Aaron Goldstein, Gambling911.com