On the morning of November 8, Sam Bankman-Fried, founder and CEO of FTX and Alameda Research, a hedge fund that also trades in cryptocurrencies, was a billionaire.

He was one of the richest men in the world.

The 30-year-old former trader was the institutional face of the crypto space, nicknamed “SBF” by his initials. He was simply the king of the fledgling blockchain-based financial services industry. Bankman-Fried was a god in the crypto sphere.

He had amassed this immense power, in large part by rescuing and acquiring crypto firms, weakened by the credit crunch caused by the collapse of sister cryptocurrencies Luna and UST on May 9. 

Source link