The story of FTX's downfall is complicated, convoluted, and unbelievably stupid. And the only thing dumber than the people who fell for a 27-year-old tech bro’s promise of wealth and unimaginable riches has been the corporate press’s coverage of the crypto exchange’s implosion. The short of it is this: FTX founder Sam Bankman-Fried is almost certainly a conman and a thief. He opened a “bank” (a crypto exchange), accepted deposits of real money, helped himself to customers' deposits without their knowledge, and then distributed mountains of cash to friends and, more importantly, Democratic coffers. Indeed, Bankman-Fried ranked as the Democratic...
