The spectacular fall of FTX and Sam Bankman-Fried
Another serious blow to crypto’s reputation
Last week Sam Bankman-Fried was the most important person in crypto. The floppy-haired 30-year-old former billionaire, who goes by sbf, is the founder of ftx, then the industry’s third-largest exchange. When crypto prices collapsed earlier this year he swooped in with loans for Voyager and BlockFi, handing the lending ventures hundreds of millions of dollars, and snapped up assets from Three Arrows, a crypto hedge fund. Many saw a new John Pierpont Morgan, the banker who saved the American financial system in 1907.
This article appeared in the Finance & economics section of the print edition under the headline “Bankman fried”
Finance & economics November 12th 2022
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- Financial markets bet on an end to China’s “zero-covid” policy
- Are tech stocks now good value?
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