Like a house of cards, an entire empire has just collapsed. Cryptocurrency platform FTX announced Friday that it is filing for bankruptcy protection. Its leader, Sam Bankman-Fried, had no choice but to resign and be replaced by former CEO John J. to Ray III. This dizzying decline represents, according to Bloomberg“one of the greatest wealth destructions in history“. How could Sam Bankman-Fried lose billions of dollars in one day? And who is hidden behind this almost ruined young man in his thirties? Le Figaro returns to his story.
This son of two law professors at Stanford University was destined for a prestigious education. He initially studied physics at the Massachusetts Institute of Technology (MIT) before turning to cryptocurrencies in late 2017. He moved to Hong Kong the following year and launched FTX in 2019. This trading site, resale and exchange…
Source: Le Figaro
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.