NASSAU, Bahamas—Sam Bankman-Fried’s $32 billion crypto-buying and promoting empire collapsed in an incandescent chapter final week, prompting irate prospects, crypto acolytes and Silicon Valley bigwigs to ask how one factor that appeared so promising can have imploded so quick.
The rising picture suggests FTX wasn’t merely felled by a rival, or undone by a nasty commerce or the relentless fall this 12 months inside the worth of cryptocurrencies. as a alternative, it had prolonged been a chaotic mess. From its earliest days, the agency was an unruly agglomeration of agency entities, buyer property and Mr. Bankman-Fried himself, in line with court docket papers, agency stability sheets proven to bankers and interviews with staff and retailers. nobody may say precisely what belonged to whom. Prosecutors are actually investigating its collapse.
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