Sam Bankman-Fried crashed his companies and created a financial contagion. KevinTDugan writes on how the deal to save FTX died and how Bankman-Fried has gone from superstar to pariah
If you’ve had any interest in crypto at all this year, you’ve probably heard the cliché “crypto winter.” It’s a convenient shorthand that for the fall in prices and the spread of collapsing companies, yet embedded in the term is a sense of optimism, an implication that spring is around the corner. Now, that spring has been tabled even further.
real talk, the ftx news is the saddest i've felt about the industry since joining. previous blowups were either obviously failed mechanisms or prop shops with a series of bad bets. even celsius gave sufficient warning with their fake yield products...Bitcoin, the biggest and most entrenched cryptocurrency, is down to its lowest point in two years — and falling. The whole crypto universe is down to about $840 billion or so as of Wednesday afternoon.
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FTX founder Sam Bankman-Fried removes ‘assets are fine’ flood from TwitterThe community has been outraged about SBF deleting recent tweets about FTX, with many blaming the CEO for “blatant lies” about the status of assets on the exchange.
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