Sam Bankman-Fried's sudden turn from white knight to washout

FILE PHOTO: FTX logo is seen in this illustration taken, November 8, 2022. REUTERS/Dado Ruvic/Illustration//File Photo

(Reuters) - Sam Bankman-Fried earned a reputation as savior of the crypto industry when he bailed out two platforms earlier this year. But when FTX, the exchange he co-founded and led until Friday, needed a lifeline, none was forthcoming.

Until this week, the 30-year-old American was seen as a darling in digital assets who amassed billions in personal wealth by running one of the world's largest crypto platforms. But as traders rushed to withdraw funds from FTX, Bankman-Fried was in denial and told investors he was convinced the business would be rescued, according to a source familiar with the situation. By Friday, FTX had filed for bankruptcy. He apologized, repeatedly.