Sam Bankman-Fried, Crypto Face Reckoning After FTX Failure – Bloomberg

Even if you don’t know much about crypto, the flameout of FTX and the subsequent arrest of founder Sam Bankman-Fried, accused of orchestrating a years-long fraud that diverted billions in customer funds from FTX to Alameda, is juicy stuff. Last week, SBF was extradited to the US after spending time in jail in the Bahamas; two of his associates have pleaded guilty to fraud charges. In the long run, the FTX disaster promises to reshape the future of crypto. Unfortunately, investors aren’t going to find much comfort in the immediate aftermath, as Alexis Leondis writes. They, and other crypto advocates, will have to suffer through their own stages of grief.

Step 1: Denial.

Source: Sam Bankman-Fried, Crypto Face Reckoning After FTX Failure – Bloomberg