SBF Found Guilty in FTX Collapse That Cost Investors $8 Billion, Ending Crypto's Ideological Roots
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SBF was found guilty of 7 federal fraud charges related to the collapse of his crypto exchange FTX, which lost customers $8 billion. He faces up to 115 years in prison.
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Our reporting at CoinDesk exposed that FTX's balance sheet was propped up by an illiquid stablecoin FTT that FTX itself created. This precipitated FTX's downfall.
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SBF positioned himself as the friendly face of crypto, gaining media fame and political influence. But the FTX scandal showed he was just another financial fraudster.
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Unlike past crypto scams, FTX was embraced by mainstream institutions. Its collapse has led to a regulatory crackdown that is sanitizing crypto of its ideological roots.
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SBF's goal was to bring crypto into the mainstream, but his fraud may achieve that by making crypto just another boring financial instrument.