Opinion: Crypto tycoon Sam Bankman-Fried didn’t lose a US$16bil fortune. His ‘fortune’ was never real


All the talk about Bankman-Fried suddenly losing his entire fortune isn’t designed to explain to laypersons what happened to FTX. It’s designed to hide the fact that his fans and investors made a terrific blunder. — AFP

The Greek tragedy unfolding in the financial press over the past week is the story of Sam Bankman-Fried, the would-be cryptocurrency tycoon and political kingmaker whose multibillion-dollar empire has sunk like the Titanic after its encounter with the iceberg.

Bloomberg put it this way: “Bankman-Fried’s Assets Plummet From US$16bil to Zero in Days.”

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