The collapse of FTX and the conviction of former CEO Sam Bankman-Fried has left the crypto industry with questions about how it will survive. In some regions like the UK and Canada, crypto exchanges have been forced to exit or merge to survive, even as others in the crypto community see traditional finance as the path to survival.

Earlier this month, a nine-person jury convicted former FTX CEO Sam Bankman-Fried on several counts of fraud. The fall from grace of the former golden boy of crypto has since left many in the industry indecisive about how to proceed.

Crypto Industry Faces Tough Questions

Bankman-Fried’s high-profile FTX backers gave crypto an aura of legitimacy after the collapse of Mt. Gox, a Japanese exchange that lost hundreds of thousands of dollars in customers’ funds. At its peak, FTX attracted investments from Sequoia Capital, Tiger Global, and an Ontario pension fund.

Now, Crypto detractors view Bankman-Fried’s fall as the end of a largely lawless era of crypto. Well-known crypto skeptic John Reed Stark called Bankman-Fried’s conviction a “death knell” for blockchain and Web3.

Read more: FTX Collapse Explained: How Sam Bankman-Fried’s Empire Fell

Now, even as firms like BlackRock and Fidelity show an interest in the sector, crypto proponents face a tough choice. Either seek mainstream acceptance, or adhere to crypto’s ethos and risk staying on the fringes.

According to Charles Storry of crypto futures index platform Phuture, there is still life in the industry.

“Crypto’s public ima

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Author: David Thomas

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