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

A few months ago, the cryptocurrency exchange FTX was valued at approx $32 billion. Its brand was plastered on the Miami Heat’s arena and on the umpires during the World Series. Tom Brady was hawking it during the Super Bowl.

Now, FTX is entering bankruptcy. More than a million creditors could have lost their money. And FTX’s founder, Sam Bankman-Fried, is facing the possibility of civil or criminal charges.

The spectacular collapse of FTX is causing shockwaves across the finance and business worlds, but it’s particularly bad for the future of crypto. Bankman-Fried — or “SBF” as he is known in crypto-land — was the boy wonder of the industry, the friendly face leading the charge to integrate crypto into the traditional financial system.

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