Is this the end of crypto?
The collapse of FTX has dealt a catastrophic blow to crypto’s reputation and aspirations
The fall from grace was hard and fast. Only a fortnight ago Sam Bankman-Fried was in the stratosphere. ftx, his cryptocurrency exchange, then the third-largest, was valued at $32bn; his own wealth was estimated at $16bn. To the gushing venture capitalists (vcs) of Silicon Valley he was the financial genius who could wow investors while playing video games, destined, perhaps, to become the world’s first trillionaire. In Washington he was the acceptable face of crypto, communing with lawmakers and bankrolling efforts to influence its regulation.
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This article appeared in the Leaders section of the print edition under the headline “Crypto’s downfall ”
Leaders
November 19th 2022
From the November 19th 2022 edition
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