It’s a perfect crash, with noise and splashes. In the center, a chubby and curly antihero, caught up in his lies and his contradictions. His name is Sam Bankman-Fried, you can’t make it up. His company FTX, based like him in the Bahamas, exploded like a soap bubble. A few days ago, it was valued at $32 billion. Today, zero. Sam Bankman-Fried is ruined, fired, replaced by a bankruptcy pro who, by diving into the accounts, came out scared. He had never seen such a mess, even when he liquidated the energy broker Enron twenty years ago. His name, in the genre, isn’t bad either: John J. Ray III.
FTX is, or rather was, a cryptocurrency exchange platform, these virtual assets created from scratch, which have been giving chills to the financial world for a good decade. The shock wave caused their prices to fall: holders of Bitcoin, Ethereum, Tether, Binance Coin and others (there are thousands of them) “lost” tens of billions
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