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The Real Victims Of Sam Bankman-Fried’s Ponzi Scheme Are Not Celebrities Or Institutional Partners, But Everyday Investors

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2 years ago

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There are likely over one million victims worldwide and untold billions of dollars forever lost through the collapse of Sam Bankman-Fried’s digital asset empire, propped up by his once enormously popular FTX cryptocurrency exchange, which last week filed for bankruptcy in the United States.

When liquidity concerns issued by FTX’s competitor sparked a crypto bank run on the exchange earlier this month, the world discovered that many of these assets turned out to be nothing more than paper IOUs. FTX’s real balance sheet did not come anywhere close to matching the numbers on the screen. And given the panicked withdrawals,

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