Sam Bankman-Fried's downfall sends shockwaves through crypto

KEN SWEET

Updated 13 November 2022 at 8:21 pm

Signage for the FTX Arena, where the Miami Heat basketball team plays, is visible Saturday, Nov. 12, 2022, in Miami. Sam Bankman-Fried received numerous plaudits as he rapidly achieved superstar status as the head of cryptocurrency exchange FTX: the savior of crypto, the newest force in Democratic politics and potentially the world’s first trillionaire. Now the comments about the 30-year-old aren’t so kind after FTX filed for bankruptcy protection Friday, Nov. 11 leaving his investors and customers feeling duped and many others in the crypto world fearing the repercussions. (AP Photo/Marta Lavandier)

Sam Bankman-Fried received numerous plaudits as he rapidly achieved superstar status as the head of cryptocurrency exchange FTX: the savior of crypto, the newest force in Democratic politics and potentially the world's first trillionaire. Now the comments about the 30-year-old Bankman-Fried range from bemused to hostile after FTX filed for bankruptcy protection Friday, leaving his investors and customers feeling duped and many others in the crypto world fearing the repercussions. Bankman-Fried himself could face civil or criminal charges. “I've known him for a number of years and what just happened is just shocking,” said Jeremy Allaire, the co-founder and CEO of cryptocurrency company Circle.

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