 | From the Editor's Desk
The crypto dons of Beirut Meet the men making a killing in Lebanon's underground cryptocurrency market.
Over the last two years, Lebanon has been gripped by an economic death spiral, the culmination of years of government corruption and mismanagement. The electricity supply has collapsed, pharmacies and gas stations are empty, and the Lebanese pound has lost more than 90% of its value. In early 2019, the 100,000 pound note that Awad gave to the manicurist was worth around $66. On the day he handed it over, it was worth $8. Savings, pensions, and salaries have evaporated, and much of the country's previously affluent middle class has found itself struggling to pay basic bills. The many people who were already poor are now struggling to afford food. The monthly minimum wage in Lebanon is now the equivalent of just $33.
Lebanon is a country that knows crises and, to some extent, prides itself on weathering them. But it's difficult to overstate the depth and breadth of this one. A U.N. report said that in spring 2021, an estimated 78% of the population had sunk below the poverty line. The World Bank has said that Lebanon's decline is "likely to rank in the top 10, possibly top 3, most severe crises episodes globally since the mid-nineteenth century."
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