The FTX Crypto Victim Card Can Be Hard to Play
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Blaming Sam Bankman-Fried is convenient cover for some firms that should have known better.
The crypto industry has suffered many booms and busts in its brief lifespan, but nothing like this. Sam Bankman-Fried, currently sitting in a Bahamian jail, has been accused by the US securities regulator of orchestrating a years-long fraud that diverted billions in customer funds from opaque and offshore exchange FTX to a now-bankrupt trading empire. The outrage among FTX's roughly 1 million creditors is understandable, as is the skittishness of investors yanking money from other crypto platforms like Binance. Bankman-Fried has tried to present himself as a naive 30-year-old who got out over his skis, but each day brings new reports of elaborate internal tools used to support the pro...