FTX founder Sam Bankman-Fried's sudden turn from white knight to washout
Sam Bankman-Fried earned a reputation as savior of the crypto industry when he bailed out two platforms earlier this year. But when FTX, the exchange he cofounded and led until Friday (Nov 11), needed a lifeline, none was forthcoming.Until this week, the 30-year-old American was seen as a darling in digital assets who amassed billions in personal wealth by running one of the world's largest crypto platforms.
But as traders rushed to withdraw funds from FTX, Bankman-Fried was in denial and told investors he was convinced the business would be rescued, according to a source familiar with the situation.
By Friday, FTX had filed for bankruptcy. He apologised, repeatedly."Nobody was saying that anything was wrong with SBF," said Marius Ciubotariu, co-founder of the Hubble protocol, a decentralized lending platform.
The company's collapse caught markets by surprise because Bankman-Fried was seen as a business-savvy founder adept at striking deals, he said.Known in financial circles by his initials, SBF, Bankman-Fried had become a prominent and unconventional figure in the industry.
