FTX’s Original Sin Is a Warning to All of Crypto

FTX’s Original Sin Is a Warning to All of Crypto https://www.bloomberg.com/news/features/2024-03-27/sam-bankman-fried-prison-... Sometime between FTX’s collapse and Sam Bankman-Fried’s fraud conviction a year later, a consensus formed about the onetime boy genius of cryptocurrency: His wild, curly hair and beanbag chair naps at the office were largely for show, but his company FTX, which had been used by millions of people to buy and sell digital currencies, was the real deal. The crypto faithful see FTX as an almost-success story—if only its owner hadn’t taken customer money to cover side gambles. As the author Michael Lewis put it on 60 Minutes, “They actually had a great, real business.”