FTX and Crypto’s Buzz Drain
The media loves its villains. While Elon Musk’s Twitter escapades took over much of November’s news flow, Musk is something of a known entity at this point. Sam Bankman-Fried now wins the award for fastest up-and-coming villain. Just a few weeks ago, his name (or SBF initials) only meant something to those in crypto circles. Today, fallout from FTX’s collapse, the crypto exchange that he founded in 2019, continues to grow and has infiltrated politics, Wall Street, and pop culture circles.
When the dust settles, one truth that will be found with FTX is that the company relied on crypto buzz to get itself in a position to lose billions of its client’s dollars.
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