Before his epic fall, Sam Bankman-Fried was hailed as a crypto genius. Some clients saw smoke and mirrors.


Source: nbcnews.com nbcnews.com

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Until a few days ago, Sam Bankman-Fried was the king of crypto. A 30-year-old MIT graduate with a net worth of $16 billion, according to Forbes, Bankman-Fried ran a top crypto exchange called FTX, counted NFL legend Tom Brady and NBA superstar Stephen Curry as company ambassadors, emblazoned FTX’s name on the Miami Heat arena and donated millions of dollars to lawmakers, mostly Democrats. He regularly wowed much of the financial press. “The Next Warren Buffett?” Fortune Magazine asked on a recent cover. Now, his Bahamas-based empire is scorched, investors are shellshocked and the entire crypto ecosystem is on edge....