THIS 30 YR OLD STOLE 15 BILLION DOLLARS!!!! (FTX & CRYPTO)

Sam Bankman-Fried—a.k.a. SBF, the founder and CEO of the now-defunct crypto exchange FTX—earned trust by winning the approval of elite institutions. Then he allegedly siphoned about $10 billion of customer deposits into a hedge fund run by his purported ex-girlfriend who then squandered it on risky bets that didn't pay off.Show more

Sequoia Capital, Silicon Valley's premier venture capital fund, trusted SBF enough to invest over $200 million. Crypto lender BlockFi trusted him enough that it's now facing bankruptcy. And, of course, retail investors trusted him to keep their money safe. They're unlikely to see any of it ever again.

Unlike blue-chip financial institutions that gain trust by being too big to fail—meaning taxpayers will provide a backstop—SBF did it in part by winning the affection of the progressive elite in a way that set him apart from the usual libertarian crypto bros.

The World Economic Forum hosted him as a speaker in Davos, Switzerland, listing FTX as a corporate partner. Journalists fawned over him, including Fortune magazine, which asked if he was "the next Warren Buffett" in a cover story that evoked another infamous profile.

Securities and Exchange Commission (SEC) Chief Gary Gensler is accused by one congressman of helping the company to create a "regulatory monopoly." As the second-largest donor to Democratic politicians in the lead-up to the 2022 midterms, SBF branded himself a new kind of capitalist, a different sort of billionaire.