Sam Bankman-Fried, FTX, and the beginning of the crypto ice age

A few months ago, cryptocurrency exchange FTX was valued at around $32 billion. The brand was plastered on the Miami Heat arenas and umpires during the World Series. Tom Brady pitched it during the Super Bowl.

FTX is currently bankrupt. Over a million creditors may have lost money. FTX founder Sam Bankman-Fried also faces potential civil or criminal liability.

The FTX crash has shocked the financial and business world, but it’s especially bad for the future of cryptocurrencies. Bankman-Fried, or “SBF” as he is known in Cryptoland, was a boy wonder in the industry and a friendly face who led the charge for integrating crypto into the traditional financial system.

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