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Certainly, FTX’s crash is bad for everyone with so much as a toe dipped in crypto. FTX loaned billions of dollars to its trading arm — something it pledged not to do — and couldn’t come close to covering when customers tried to pull their money out in droves. For a minute, it looked like FTX might get bailed out by selling itself to its biggest competitor, Binance, which sounds more like a hookup app than a serious financial enterprise.
FTX’s rogue-in-chief was founder and CEO Sam Bankman-Fried, aka “SBF,” the son of Stanford professors who employed Daniel Friedberg as his chief regulatory officer. Those in the online poker community will remember Friedberg in the mid-2000s.
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FTX splashed its name on sporting arenas (most prominently, the Miami Heat’s), Formula One cars, and the blue polo shirts of MLB umpires. It attracted celebrity promoters like Tom Brady and Steph Curry. Brady and Curry are named as co-defendants in a class action lawsuit. The suit alleges FTX and its collaborators took “advantage of unsophisticated investors from across the country” to add more participants to what the Bay Area News Group called a Ponzi scheme.
Congress is now set to investigate FTX’s collapse. House Financial Services Committee Chair Maxine Waters saying that the country needs “legislative action to ensure that digital assets entities cannot operate in the shadows outside of robust federal oversight and clear rules of the road.”
In the immediate aftermath of the FTX crash, two sports betting companies — BetDEX and PlayUp — seemed at risk of collateral damage. FTX had either invested or contemplated investing in them, but it looks as though both may have dodged a bullet.
Before the crash, it was widely reported that Bet DEX, a decentralized, crypto-centric sport betting exchange co-founded by former FanDuel CEO Nigel Eccles, was in line for a significant investment from FTX. As it turns out, that investment was fully secured before this month’s meltdown.
First, it is critical to distinguish between crypto as an investment vehicle, and a form of transactional currency exchanged between people. Second, with anything big, bold, and new — especially when it involves a technological concept that is difficult for most people to wrap their heads around quickly — there are bound to be minor hiccups and major hurdles on the path to widespread adoption.
As was the case with legalizing sports wagering in general, foreign markets are a lot further along than the U.S. regarding the use of cryptocurrency in sports betting.
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