The mainstream media has covered the news of the collapse of crypto exchange FTX and the legal cases against the founders Sam Bankman-Fried and his associates especially Caroline Ellison, Gary Wang , Nishad Singh and others.
Yet most of the mainstream media refuses to even mention one of the main reasons why FTX collapsed, the rampant ageism in the tech sector, giving too many powers to young people who have very less experience which leads to mistakes and great financial losses.
In most companies young people work with older people, who share their experience, so that the trainee does not make costly mistakes which lead to losses.
While young people usually find it easier to adopt new technology and have an open mind, they are also greedy and often do not have good judgement.
Though Sam Bankman-Fried, Caroline Ellison and others had excellent academic records and family background, they had very less experience in handling large amounts of money or foresight in the tech sector.
It is very difficult to predict the future, most older people are aware of the problems they are likely to face when they invest their money. Young people rely on algorithms, artificial intelligence and the limited knowledge they have. While older people also make mistakes, they are usually wiser.
Though some older investors who are cheated, exploited, robbed by young frauds faking bank , online accounts are complaining, the tech, internet companies and government officials in some countries continue to support young frauds causing great financial losses to older investors