Will SBF Get Away With It?
Sean Davis of The Federalist asked me to write something on the Sam Bankman-Fried/FTX situation. It will soon become available on The Federalist website, but I thought I would share it here with you all first.
There are likely over one million victims worldwide and untold billions of dollars forever lost through the collapse of Sam Bankman-Fried’s digital asset empire, propped up by his once enormously popular FTX cryptocurrency exchange, which last week filed for bankruptcy in the United States.
When liquidity concerns issued by FTX’s competitor sparked a crypto bank run on the exchange earlier this month, the world discovered that many of these assets turned out to be nothing more than paper IOUs. FTX’s real balance sheet did not come anywhere close to matching the numbers on the screen. And given the panicked withdrawals, the “FTT” digital token through which Bankman-Fried’s empire maintained their claimed wealth, lost about 90 percent of its value in a day’s time. FTT was a token that Bankman-Fried and his cofounders created, encoura
Article from LewRockwell