The FTX imbroglio is a crazy story with far reaching global fiscal and political impact. The cryptocurrency exchange where traders could transact with digital tokens recently (allegedly) enjoyed a $32 billion valuation only to have investors and customers alike watch everything vaporize.
Early indications are (again alleged) wunderkind founder Samuel Bankman-Fried repurposed customer funds for his own plans including high risk investment ventures and loans. And some funds appeared to have disappeared without a trace.
What is next? There will be investigations, indictments, and litigation more than likely and SBF is hardly the only target. Democratic party stalwarts and even athletes who touted the exchange face lawsuits and tarnished reputations.
We will continue following this story as details emerge.
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