As if this year couldn't have gotten any worse for crypto, the month of November brought a new onslaught of scandals that further damaged investor trust, which was already remarkably low. Fortunately, renowned investor Cathie Wood and her team at Ark Invest have released their monthly update on the market to help give investors a little more insight into current market dynamics and what to possibly expect. Here's what the November update had to say. 

The most recent debacle in crypto had to do with one of the world's most popular exchanges, FTX. In Ark's opinion, FTX's bankruptcy is one of the most damaging events in crypto history -- one that is likely worse than the 2014 Mt. Gox hack which resulted in more than 700,000 bitcoins being lost. At the time, this was about 7% of all bitcoins in circulation. 

Rather than a hack, the FTX debacle was the result of an inside job. As more evidence has come to light, all signs point to former Chief Executive Officer Sam Bankman-Fried as the source of the trouble. It's believed that Bankman-Fried improperly transferred about $4 billion of customer funds to meet the debts of his other trading firm, Alameda Research.

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Source Fool.com