It may be a bit too early to lump Sam Bankman-Fried into the same bucket as infamous fraudsters Bernie Madoff and Elizabeth Holmes — or maybe not.
won’t be ready for some time. Prosecutors in the US attorney for the Southern District are eyeing possible charges before the end of the year, I am told, so barring exculpatory evidence we can’t label him a criminal yet. — the disappearance of billions, massive losses in allegedly segregated accounts in Bankman-Fried’s FTX crypto exchange — “unprecedented.” But he has stopped short of calling it a fraud.
Signs of those holes were certainly there. He amassed his paper fortune, around $16 billion, on the back of a dubious crypto, FTT. There were untoward links between his FTX crypto exchange and a prop-trading fund he ran on the side. He may have been smart but real skillful traders avoid life-altering losses by seeing markets turning against them and moving on. When crypto began to correct and crash, SBF famously doubled down investing in distressed crypto outfits. That should have been a sign of his deception. Yet no one asked where he got the money to do it because he built up such a rep as a do-gooder who was on the right side of investing.
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