The recent collapse of the global cryptocurrency markets has exposed many previously hidden dangers related to these blackbox investments. Growing secrecy at our nation’s public pensions has turned government retirement plans into blackboxes themselves. Public pension officials have agreed to be kept in the dark about how much they’re poised to lose in cryptocurrency investments and aren’t eager to acknowledge the losses resulting from their gambling in crypto. No one knows for certain just how much blackbox cryptocurrency blackbox public pensions own. What do the bankrupt crypto companies TerraLUNA3 +1.1%, 3AC, CelsiusCEL +3.6%, Voyager, and FTX have in common with our nation’s public pension plans? They all provide opaque financial products to unsuspecting investors that have massive hidden risks. Hailed by the mainstream media as “crypto-winter,” the gross mismanagement of the above five companies has substantially contributed to the $2 trillion collapse of global crypto markets this year. First to be included in the growing list of victims is Canada’s third largest pension fund, the Ontario Teachers’ Pension Plan.
Full story : Blackboxes Within Blackboxes: Cryptocurrency In Your State Pension.
