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Sam Bankman-Fried’s empire has sunk from $32 billion to bankruptcy.
FTX has been considered as one of the most secure and trusted exchanges of the free-growing crypto industry, wanting to bring the token into the financial mainstream.
But Sam Bankman-Fried’s $32 billion empire collapsed almost overnight, highlighting the extreme volatility of virtual currencies. The crash sent shockwaves through the market and raised questions about its viability.
He apologized, but that didn’t help the more than a million creditors who are now potentially out of pocket.
Elsewhere, we asked why tech companies are laying off employees.
