How FTX built a house of cards – On my Om

Om Malik has been reporting on and writing about the Internet for a very long time. I was curious to read his take on FTX.

It might not seem so obvious, but if you follow the breadcrumbs trail — I did — this is a classic Ponzi scheme, where instead of mailed letters of the yore and the tattle of taxi drivers, FTX found suckers at network scale using YouTubers and Tom Brady. The icing on the cake came from media outlets such as Forbes and Fortune, the latter calling Sam Bankman-Fried the next Warren Buffett. Simply put, FTX is a textbook case of a massively successful content-based marketing strategy in the age of social networks.

Emphasis added. 🤔