Letter: Crypto winter is coming, but here’s some good news

The bankrupt billionaire and founder of FTX Sam Bankman-Fried is finally arrested (Report, FT.com, December 13). It reminds me of a Chinese idiom. When the lips are gone your teeth will be exposed to the winter chill.

FTX rival Changpeng Zhao of Binance — according to a recent Reuters report — is being investigated by the US Justice Department for possible money laundering. The boss of the biggest crypto exchange must be wondering if a truly decentralised exchange might serve crypto users better.

While bitcoin is struggling to recover to $17,000, Dogecoin may drop further to below $0.08. Elon Musk is rumoured to kick off a Twitter coin and the poor Dogecoin is increasingly like a Cinderella — bullied by a wicked stepmother. However, there is always a silver lining. Maybe it’s good news for the $258bn Dogecoin class action.

How long will the crypto winter last? A long and cold winter is inevitable for bitcoin and Dogecoin holders. However, according to the Chinese belief in yin and yang, the winter solstice — which falls on December 22 — is the beginning of a slow turning point.

Khaw Wei Kang