Surprisingly, the disgraced ex-FTX CEO, Sam Bankman-Fried, has been found guilty of masterminding a massive fraud of the magnitude of billions of dollars through pillaging of his clients’ funds. The same man who used to be a celebrated prodigy in the crypto world now suffers the disgrace of his fall that is making ripples throughout the financial world. This collapse raises questions about trust and accountability in the expanding crypto world.

The meteoric rise of Bankman-Fried was matched only by the massive popularity of his FTX trading platform, which became a de facto venue for traders attempting to navigate cryptocurrency markets. But, covered by the curtain of success was the real story—a web of lies that later would come to an end when his fraudulent activities were exposed.

The impact of Bankman-Fried's moves has far-reaching consequences that do not only limit to the initial financial damages. They hit at the core value of the crypto ecosystem which aims to disrupt the concept of centralization, and upset the balance between the regulation and innovation.

With the investors still reeling, authorities work as fast as they can to finally grasp the true magnitude of the havoc caused by Bankman-Fried's treachery. The incident is a wake-up call which the fact that the industry can be as wild as the mentality of the Wild West.

In the aftermath of this seismic event, one can't help but wonder: Who else can we find roosting sabre-toothed tigers in their digital closets and what barriers can we introduce to prevent such future train wrecks? To all is uncertain as the cryptic community deals with this unprecendented lack of trust.