Sam Bankman-Fried is an innovator in making money go 'poof!'
influential in crypto circles raised a red flag about that and sold tons of little nonstock pieces of FTX’s business. This sequence made FTX users wonder about the company’s ability to carry on, so they went to withdraw their money. But FTX, at some point,because it had twisted itself into knots in its lending business.
The SBF part is the most compelling, in the “how could someone even think up something like this?” way. The 30-year-old now-former mogul controls not just FTX, but a hedge fund called Alameda Research. FTX has its own crypto coin, called FTT. FTX is a private company and its stock doesn’t trade on exchanges, but FTT functions almost, a little bit, like a stock. The market sends the price of FTT up when things are good for FTX and down when they’re not.
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