This situation is a mess. Some of the information here might be outdated by the time you read this, and we might have missed today’s breaking news, but this is our attempt to give you some sort of overview of the situation.
Yes, one of the largest crypto companies in the industry was playing with customers’ money. An embarrassment for the industry, but it also reminds us of what an unregulated wild west this still is.
The beloved CEO of FTX, Sam Bankman-Fried, a self-proclaimed supporter of effective altruism, friend of politicians in Washington, and the world’s richest 30-year-old just a week ago, went from hero to zero.