Continuing Education – Evening Lecture
The FTX Collapse: Lessons for Engineering Ethics
Presenter: Sujata K. Bhatia, MD, PhD, PE
Professor/Affiliated Faculty
Drexel University, University of Delaware, John Hopkins University, and Harvard University
Tuesday, November 21, 2023
5:30pm-6:30pm – Presentation (Eastern time)
6:30pm-6:45pm – Q&A Session & Closing Remarks
PDH Credit: 1 credit
Location: This will be an online presentation only.
Price:
$10 each for all attendees
Abstract:
The FTX cryptocurrency exchange, founded by entrepreneur Samuel Bankman-Fried, was initially hailed as a safe, accessible, and trustworthy platform to empower consumers to buy and sell cryptocurrencies. With endorsements from celebrities and politicians along with high-profile partnerships with professional sports, FTX continued to build its positive reputation, and Bankman-Fried was praised as the next Warren Buffett, with many calling him the white knight of crypto. However, FTX was ultimately exposed as a fraud, with $8 billion of customer funds lost by November of 2022. FTX failed to adequately assess and reduce the risks associated with the investments, leaving the company vulnerable to market volatility and unexpected downturns. Notably, FTX sold a visionary idea to gullible investors; used complex technology that customers did not question; and persuaded renowned individuals to invest. This talk will describe the underlying causes for the FTX disaster, suggest signals of fraudulent enterprises, and discuss lessons for engineering ethics and technology development.
Biography:
Sujata K. Bhatia, MD, PhD, PE is a physician, bioengineer, and professionally licensed chemical engineer. She received her undergraduate degrees in chemical engineering, biology, and biochemistry from the University of Delaware in 1999, and she received her MD and PhD in bioengineering from the University of Pennsylvania in 2003. Her experience spans industry and academia. From 2003 to 2011, she worked for the DuPont company, on the preclinical and clinical development of tissue adhesives for wound closure, microspheres for tumor treatment, and omega-3 fatty acids for cardiovascular health. From 2011 to 2016, she was a Lecturer and Assistant Director for Undergraduate Studies in Biomedical Engineering at Harvard University. From 2016 to 2021, she was a full Professor of Chemical and Biomolecular Engineering at the University of Delaware. She is now Professor of Microbiology and Immunology at the Drexel University College of Medicine, and Affiliated Faculty in the Department of Chemical and Biological Engineering, as well as the School of Biomedical Engineering, Science, and Health Systems at Drexel University. She continues to teach courses for University of Delaware, Johns Hopkins University, and Harvard University.
Registration:
Please register no later than Tuesday November 21, 2023 at 12 noon. Cancellation requests received by the registration deadline will be fully refunded.
Should you have any further questions, please do not hesitate to reach out to Cynthia Tarun at tarun.aichedvs@gmail.com, 832-341-4960 (Mobile).