As the impact of the FTX collapse continues to unfold, there are several aspects of the event that reach well beyond the cryptocurrency world. And as more information comes out, the more important the situation appears.
A Few Facts and Curious Coincidences
First of all, the massive financial scandal has left investors with billions of dollars in losses. That in itself makes the debacle one of the costliest on record. The speed at which FTX both attracted investors and lost all of its money is also unprecedented. Its CEO, Samuel Bankman-Fried (also known by his initials SBF), went from a net worth of up to $26 billion to essentially broke in a matter of days.
It’s also amazing how Bankman-Fried was able to acquire such a large amount of investor cash so quickly and publicly.
Why didn’t that attract some sort of regulatory inquiry despite warnings from market experts in congressional testimony?
The Madoff of Cryptos
This is a very good question since the dynamics of the collapse involved evident malfeasance on the part of Bankman-Fried. Not only were basic capital protections ignored, but FTX investors’ cash was diverted into Alameda Research, an investment firm owned by SBF. That’s an illegal and unethical conflict of interest that should have already drawn criminal charges against him, especially in light of the scope of the financial losses. He has rightly been described as the Bernie Madoff of cryptocurrency.
Yet somehow, amazingly, SBF has yet to be arrested. What’s more, regulators missed these obvious red flags. Or did they simply ignore them?
And if regulators ignored the FTX transgressions, why would that be?
The simple answer, though certainly not the only or complete one, is that Bankman-Fried and FTX were and remain politically connected to very powerful people. That’s a well-established fact.
Son of Stanford Professors
Another well-established fact is that Bankman-Fried’s parents are both Stanford professors. His mother, Barbara Fried, teaches courses in federal income taxation, legal theory, tax policy, distributive justice, and moral psychology. His father is an expert in taxation policy and has testified before Congress. Both are deeply connected to the Democratic Party establishment, and both profited handsomely from FTX to the tune of some $300 million in properties.
Turning a Blind Eye
But did politicians help protect FTX along the way?
That, too, has yet to be established. It is a fact, however, that the political elite in Washington, our elected representatives, benefitted greatly from FTX. Since 2019, Bankman-Fried has been the second largest donor to the Democratic Party, contributing $38 million of essentially stolen investor funds from FTX to the party.
But it wasn’t just the Democrats that were funded by FTX. In that same period, Bankman-Fried’s co-CEO, Ryan Salame, who ran various parts of FTX, donated about $20 million to the Republican Party. So both parties gained from large financial contributions by FTX.
One can’t help but wonder how many blind eyes and legal protection such contributions may have bought Mr. Bankman-Fried. That is speculative but not unreasonably so.
Tainting the Bitcoin Well
Furthermore, hundreds of millions of dollars have been stolen from the exchange and funneled into bitcoin. That dynamic is turning the world’s top cryptocurrency into a haven of thieves and tarnishing its already damaged reputation. Bitcoin is already under duress as energy costs associated with mining have risen while bitcoin’s price and credit sources have contracted.
The timing of the FTX collapse is another coincidence. It certainly helps the anti-cryptocurrency crowd. Critics warn that money, especially cryptocurrency, is just too important to leave to the market and private issuers.
That argument sounds reasonable, but it’s also highly coincidental with the FTX crash occurring in the same period as the Federal Reserve’s public announcement and initial testing of its Central Bank Digital Currency, known as the digital dollar.
Why’s that important? There are at least a few reasons.
A Perfect Crisis for the Digital Dollar
One is that the FTX crash is the perfect crisis to help “demonstrate” to the public that unregulated, decentralized, and anonymous exchanges, and trades and holdings of cryptocurrencies that are beyond the purview of the federal government pose a threat to investors.
That’s true, but the same could be said about unregulated real estate transactions or the buying and selling of used cars. Nonetheless, the cryptocurrency chaos can be used to justify a federal crackdown on the industry.
Another reason is that the American public will not be easily convinced of the need or desirability of the digital dollar. The FTX collapse may be one way to help shatter public confidence in all cryptocurrencies as safe and viable alternative investments in order to persuade the public to accept the issuance of the digital dollar.
The digital dollar will be transparent and programmable to provide the Fed with new levels of control over our spending habits, strip away privacy, and greatly restrict personal autonomy. In short, digital currency is a formula for tyranny that will be presented as needed for currency security.
Who Are the Shadow Players?
There are other curiosities about FTX and its sudden downfall, such as the identity and influence of FTX and Alameda Research co-founder and CTO Garry Wang. He has been silent so far, and not much is known about him.
Finally, it’s certainly coincidental that Bankman-Fried sought a bailout from his industry rival Changpeng “CZ” Zhao, owner of Binance, the world’s largest cryptocurrency exchange. Some believe that China-born Zhao’s loyalties still lie with Beijing. That is not known at this time.
But as enigmatic as the people surrounding the fall of FTX appear to be is how it was allowed to happen in the first place, which leads to at least one more question …
Was FTX designed to fail?
Views expressed in this article are the opinions of the author and do not necessarily reflect the views of our premium news partners at The Epoch Times.
Three Reasons a Coffee Gift Set From This Christian Company Is Perfect for Christmas
When you’re searching for a Christmas gift that’s meaningful, useful, and rooted in faith, you don’t want to settle for anything generic. This season is filled with noise — mass-produced products, last-minute picks, and trends that fade as quickly as they appear. But one gift stands apart because it blends genuine quality with a message that matters: a coffee gift set from Promised Grounds Coffee.
This small Christian-owned company has become a favorite among believers who want to support faith-driven businesses while giving friends and family something they’ll actually enjoy. Here are three reasons a Promised Grounds Coffee gift set may be the most thoughtful and impactful present you give this year.
1. It’s Truly Delicious Coffee
Too many “gift-worthy” coffees look beautiful in the package but disappoint when the cup is poured. Promised Grounds takes the opposite approach — exceptional taste first, thoughtful presentation second.
Their beans are sourced with care, roasted in small batches, and crafted to bring out a rich, smooth flavor profile that appeals to both casual drinkers and true coffee lovers. Whether someone enjoys bold, dark roasts or lighter, more delicate blends, every sip reflects quality that stands shoulder-to-shoulder with the biggest specialty brands.
Simply put: this coffee is good. Really good. Some say it’s absolutely fantastic. If you want a gift that won’t be re-gifted, ignored, or shoved in a cabinet, this is it.
2. It Spreads the Word While Serving a Real Purpose
There are many Christian gifts that are meaningful… but not exactly practical. There are also useful gifts that have nothing to do with faith. Promised Grounds Coffee bridges both worlds beautifully.
Each gift set delivers an encouraging, faith-centered message through its packaging and presentation — a simple but powerful reminder of God’s goodness during the Christmas season. The cups are especially popular and serve as a daily reminder of the blessings from our Lord. At the same time, the product itself is something people will actually use and appreciate every single day.
It’s a gift that uplifts the spirit and fills the mug. A gift that points loved ones toward Scripture while still being part of the normal rhythm of life. And in a culture that increasingly pushes faith to the margins, giving a gift that quietly but confidently honors Christ can make a deeper impact than you might expect.
3. It’s Affordable, Valuable, and Elegantly Presented
Many people want to give something meaningful without breaking their Christmas budget. Promised Grounds Coffee strikes that perfect balance — the sets look and feel premium, but the price remains accessible.
The packaging is classy, clean, and gift-ready, making it ideal for:
- Family members of all ages
- Co-workers or employees
- Church friends or small-group leaders
- Hosts, neighbors, and last-minute gift needs
It’s the kind of gift that feels more expensive than it is — and more thoughtful than most of what you’ll find on store shelves.
The Perfect Blend of Faith, Flavor, and Christmas Cheer
A coffee gift set from Promised Grounds Coffee checks every box: a gift that tastes amazing, conveys your faith, supports a Christian business, and brings daily enjoyment to the person who receives it. In a season when so many gifts are forgotten, this one stands out for all the right reasons.
If you want a Christmas present that reflects your values and delivers genuine joy, Promised Grounds Coffee is the perfect place to start.
