It’s the bankruptcy of the decade: FTX, the second largest crypto-asset trading platform, valued at 32 billion dollars (31 billion euros) in early November, sank. The company is no longer worth anything and leaves more than 100,000 creditors suspended from a long legal procedure to hope to see their assets – valued between 10 and 50 billion dollars. “I’m really sorry, I screwed up”simply said Samuel Bankman-Fried, the founder of FTX and the main actor of this vertiginous fall.
Son of two law professors from Stanford University in California, Sam Bankman-Fried (known as “SBF”) studied at the prestigious Massachusetts Institute of Technology (MIT), before becoming a trader on Wall Street. This is where he understands the mechanics of trading assets between the United States and Asia – buying where it’s cheap, reselling where it’s more expensive, and pocketing the difference. In 2017, his brokerage company Alameda Research applied the recipe to bitcoin, a virtual currency very popular in Japan. Profit: 20 million dollars in three weeks. The entrepreneur settles in Hon
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