The game is up for Sam Bankman-Fried
The former boss of FTX has been charged with eight criminal counts
Only a month has elapsed since Sam Bankman-Fried, the founder of ftx, a crypto exchange, placed the firm, along with Alameda Research, its sister hedge fund, into bankruptcy proceedings. The exchange was unable to meet customers’ withdrawal requests; the problem, it became clear, was that some $8bn of customer assets had ended up in the custody of Alameda, and were missing. In the intervening days Mr Bankman-Fried has given countless interviews in which he has apologised, appeared confused by the unravelling of his empire, pleaded ignorance and generally tried to shift the blame.
This article appeared in the Finance & economics section of the print edition under the headline “Chained”
Finance & economics December 17th 2022
- How the West fell out of love with economic growth
- The game is up for Sam Bankman-Fried
- America’s inflation fever may be breaking at last
- What an unusual auction says about the art market
- Europe looks increasingly complacent about the winter ahead
- The struggle to put a carbon price on a flight
- The insidious threats to central-bank independence
From the December 17th 2022 edition
Discover stories from this section and more in the list of contents
Explore the editionMore from Finance & economics
Europe could be torn apart by new divisions
The continent is at its most vulnerable in decades
How corporate bonds fell out of fashion
The market is at its hottest in years—and a shadow of its former self
An American purchase of Greenland could be the deal of the century
The economics of buying new territory
China’s markets take a fresh beating
Authorities have responded by bossing around investors
Can America’s economy cope with mass deportations?
Production slowdowns, more imports and pricier housing could follow
Would an artificial-intelligence bubble be so bad?
A new book by Byrne Hobart and Tobias Huber argues there are advantages to financial mania