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Business Post’s View
After the spectacular fall of FTX and its founder Sam Bankman-Fried, it is no longer possible to deny the tawdriness of cryptocurrencies
After years of hype, price bubbles, shameless celebrity endorsements, investor credulousness, capital misallocation and outright fraud, the world of cryptocurrencies has finally had a headlong collision with reality.
In a court in New York on Thursday, a jury took just four and a half hours to declare Sam Bankman-Fried, founder of the collapsed crypto outfit FTX, guilty on all counts of wire fraud, conspiracy and money laundering.
Bankman-Fried, who is 31 and was considered the …
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