In the FTX crypto collapse, echoes of recent history

The 21st century has been one financial scandal after another

Sam Bankman-Fried.
(Image credit: Illustrated | Getty Images)

The bigger they are, the harder they fall, at least in the world of finance.

And boy, is Sam Bankman-Fried experiencing a hard fall. Bankman-Fried — known as "SBF" to his fans — is the 30-year-old wunderkind philanthropist billionaire who founded FTX, one of the world's biggest cryptocurrency exchanges. FTX declared bankruptcy in November, and now Bankman-Fried and his company are "in the crosshairs of U.S. prosecutors," The Wall Street Journal reports. FTX's name has already been yanked from the arena where the Miami Heat play. And Bankman-Fried is really, really sorry.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up
Joel Mathis, The Week US

Joel Mathis is a writer with 30 years of newspaper and online journalism experience. His work also regularly appears in National Geographic and The Kansas City Star. His awards include best online commentary at the Online News Association and (twice) at the City and Regional Magazine Association.