It's hard to exaggerate just how much the Crypto AG scandal has shaken Switzerland. For decades, US and German intelligence used this Swiss company's encoding devices to spy on other countries, and the revelations this week have provoked outrage. From the Cold War into the 2000s, Crypto AG sold the devices to more than 120 governments worldwide.
Now a month removed from the initial report that brought down FTX, the company’s downfall continues to have a ripple effect. This week, the FTX crypto scandal has brought BlockFi back into the spotlight. The company, which at one point considered Sam Bankman-Fried its savior, is now turning on the entrepreneur in an effort to get its assets back.
From the Cold War into the 2000s, Crypto AG sold the devices to more than 120 governments worldwide. The machines were encrypted but it emerged this week that the CIA and Germany's BND had rigged the devices so they could crack the codes and intercept thousands of messages.
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