All the talk about Bankman-Fried suddenly losing his entire fortune isn’t designed to explain to laypersons what happened to FTX. It’s designed to hide the fact that his fans and investors made a terrific blunder. — AFP
The Greek tragedy unfolding in the financial press over the past week is the story of Sam Bankman-Fried, the would-be cryptocurrency tycoon and political kingmaker whose multibillion-dollar empire has sunk like the Titanic after its encounter with the iceberg.
Bloomberg put it this way: “Bankman-Fried’s Assets Plummet From US$16bil to Zero in Days.”
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