It’s an often trumpeted refrain from millennials- they suffer from depression and modern living is too hard; baby boomers have made life in the 21st Century too difficult and bequeathed them a world going to the dogs.

Sam Bankman-Fried, aka SBF, who founded and ran crypto company FTX was arrested in The Bahamas and will face fraud and money laundering charges. Creditors are owed US$3 billion and US$10 billion of client funds discovered misused.

He lived large and was feted and endorsed by big shots such as Steph Curry, Tony Blair, Bill Clinton, Tom Brady and Shaq O’Neal. He made huge donations to the Democrats and had his company’s name on a sporting arena. SBF was the king of the city, the boy with the crypto (and Midas) touch.

One didn’t have to spend years at a profession, gaining experience, coming through trials and tribulations – crypto would make you a fortune to last a lifetime. Don’t place your faith in the traditional methods, you are being hoodwinked. Crypto is the way of the future and who says it has to be a backed asset?

Did this 30-year-old know what he was doing? Now people are saying this is another Bernie Madoff situation.

Many people have sought to explain crypto and the block chain. A lot of millennials proclaim it will change the world and break the wheel of traditional financial systems.

But what’s backing it? Can it truly be a fiat currency? What does an unregulated currency system mean for the world?

Crypto once had a market cap of US$3 trillion. Now that’s down to US$890 billion as investors run for cover from an unregulated industry manned by millennials playing video games.

SBF has to answer for what is a spectacular failure that shouldn’t have been allowed to happen in the first place.

Written testimony reveals that SBF wrote to his employees that he froze under depression as FTX fell day by day. He also wrote that he felt deep regret for what had happened and what it meant for the company employees.

His submitted testimony is instructive and once again demonstrates that people’s hard earned money, life savings and what took years to acquire should not be trifled with by kids who do not know what they are doing.

“I would like to start by formally stating under oath:

“I f….. up.

“I know that it doesn’t mean much to say that I’m sorry. And so I’m dedicating as much of myself as I can to doing right by customers. When all is said and done, I’ll judge myself primarily by one metric: whether I have eventually been able to make customers whole. If I fail our customers in this regard, I have failed myself.

“Last year, my net worth was valued at US$20 billion. Today, I would be wrong to say that I have nothing: I have a loving family and food on my plate and that’s more than life has given billions of people.”

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