The FTX Disaster is Deeper Than You Think

I don’t think <a href="https://www.cnbc.com/2023/08/11/us-judge-sends-sam-bankman-fried-to-jail-over-witness-tampering.html" rel="noopener ugc nofollow" target="_blank">Sam Bankman-Fried</a> should be jailed. If Sam Bankman-Fried is guilty, every executive in Silicon Valley Bank is guilty too. If Sam Bankman-Fried goes to jail, Greg Becker, Silicon Valley Bank CEO, should be his roommate. Sam Bankman-Fried and Greg Becker had good intentions but found huge holes in their balance sheets, so they tried to cover them by taking bigger risks, and before they knew it, the world had Bernie Madoff type of Ponzi schemes on its hands. <h1>Sam Bankman-Fried’s Road to Riches Is Filled With Deception.</h1> Sam Bankman-Fried, often referred to online as “SBF,” attended <a href="https://www.csus.org/" rel="noopener ugc nofollow" target="_blank">Crystal Springs Uplands School</a>, an expensive private school in California, before graduating from the Massachusetts Institute of Technology in 2014 with a bachelor’s degree in physics and a minor in mathematics. Soon after graduating, he became a finance and cryptocurrency entrepreneur and co-founded the now-bankrupt crypto exchange <a href="https://www.investopedia.com/ftx-exchange-5200842" rel="noopener ugc nofollow" target="_blank">FTX</a> and the crypto trading company <a href="https://www.bloomberg.com/profile/company/1824707D:US#xj4y7vzkg" rel="noopener ugc nofollow" target="_blank">Alameda Research</a>. At one point, his wealth exceeded $26 billion. SBF made money by purchasing Bitcoin and other cryptocurrencies in one part of the world and selling them in another, pocketing the difference. When crypto prices declined dramatically in 2022, SBF ran out of money to support his other business ventures and lavish purchases. <a href="https://medium.com/illumination/the-ftx-disaster-is-deeper-than-you-think-ce61876372c7">Learn More</a>