Crypto market has experienced an 'education by fire,' says Loomdart

Episode 122 of Season 4 of The Scoop was recorded remotely with The Block's Frank Chaparro and Larry Cermak, and Loomdart, co-founder of eGirl Capital.

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In this month's 'Market Pulse' episode of The Scoop, The Block Vice President of Research Larry Cermak and Loomdart, a founding member of crypto-native venture firm eGirl Capital, reflect on FTX’s collapse and speculate on what comes next for the crypto industry.

According to Cermak, former FTX CEO Sam Bankman-Fried (SBF) is remaining in the Bahamas to stay engaged with local regulators:

“Sam still has connections in the Bahamas and the government is still standing by him … He just made them look terrible, so they kind of have to go in this direction”

During a recent interview, SBF confirmed he is still living in the Bahamas, although he is not communicating with FTX’s new CEO John Ray.

While FTX's collapse pushed crypto prices to new yearly lows, Loomdart says it is ultimately better for the long-term health of the industry: 

“Crypto is such an open and free ecosystem to where if we don't have this type of education by fire it just keeps getting worse… If FTX didn't blow up now and they managed to keep going — I don’t think that hole was going to shrink.”

During this episode, Chaparro, Cermak, and Loomdart also discuss:

  • Why the jurisdiction of FTX’s bankruptcy matters
  • How crypto OGs got taken out during this cycle
  • Loomdart’s tips for surviving bear markets

This episode is brought to you by our sponsors Tron, Ledn
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