Was Sam Bankman-fried a crypto wonder child?

Sam Bankman-Fried was hailed as a crypto wonder child. What happened? | David Gerard | The Guardian ‘Bankman-Fried’s secret turned out to be a financial shell game.’ Photograph: Bloomberg/Getty Images Sam Bankman-Fried was hailed as a crypto wonder child. What happened? Bankman-Fried promoted himself as an eccentric genius.

What is crypto & how does it work?

Crypto are digital assets —they have no tangible form. Cryptocurrencies exist and operate on a public ledger called a blockchain, which records all crypto transactions. Blockchain encryption is designed to make all transactions immutable and secure from tampering, counterfeit, and other forms of fraudulent transactions.

Who is FTX & how did he become a Crypto Trader?

He had worked at quantitative trading firm Jane Street until 2017, when he struck out on his own with his Alameda Research crypto hedge fund. With Alameda as its market maker, FTX rapidly became one of the most popular crypto exchanges. Traders loved its complex futures and options products.

Why did Bankman-fried leave FTX?

Bankman-Fried promoted himself as an eccentric genius. In reality, his image was a distraction from what was going on inside FTX Last Tuesday, FTX, the second-largest cryptocurrency exchange in the world, closed withdrawals, blaming “severe liquidity problems”. By Friday, FTX had filed for bankruptcy.