FTX’s Original Sin Is a Warning to All of Crypto

[Gunnar Larson]

FTX’s Original Sin Is a Warning to All of Crypto
https://www.bloomberg.com/news/features/2024-03-27/sam-bankman-fried-prison-sentence-shaped-by-ftx-crypto-fraud


Sometime between FTX’s collapse and Sam Bankman-Fried’s fraud conviction a
year later, a consensus formed about the onetime boy genius of
cryptocurrency: His wild, curly hair and beanbag chair naps at the office
were largely for show, but his company FTX, which had been used by millions
of people to buy and sell digital currencies, was the real deal. The crypto
faithful see FTX as an almost-success story—if only its owner hadn’t taken
customer money to cover side gambles. As the author Michael Lewis put it on
60 Minutes, “They actually had a great, real business.”
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