The FTX crypto victim card can be hard to play

Sam Bankman-Fried has tried to present himself as a naive 30-year-old who got out over his skis, but each day brings new reports of elaborate internal tools used to support the profits of trading firm Alameda. — Bloomberg

THE crypto industry has suffered many booms and busts in its brief lifespan, but nothing like this.

Sam Bankman-Fried, currently sitting in a Bahamian jail, has been accused by the United States securities regulator of orchestrating a years-long fraud that diverted billions in customer funds from opaque and offshore exchange FTX to a now-bankrupt empire.The outrage among FTX’s roughly one million creditors is understandable, as is the skittishness of investors yanking money from other crypto platforms like Binance.