FTX: the dizzying fall of Sam Bankman-Fried, the Bernard Madoff of cryptocurrencies

FTX: the dizzying fall of Sam Bankman-Fried, the Bernard Madoff of cryptocurrencies

FTX the dizzying fall of Sam Bankman Fried the Bernard Madoff

“SBF”, his nickname, is the former CEO of the FTX platform. The second largest cryptocurrency exchange platform in the world before its bankruptcy, it allowed its creator to forge a reputation as a successful boss in just a few years. And become the face of virtual currencies. Originally from Palo Alto, California, he started by the royal road of Wall Street, after studying at the Massachusetts Institute of Technology (MIT). In 2017, he launched Alameda Research, a cryptocurrency trading company, and FTX two years later. On the strength of his lightning success, he has forged prestigious partnerships with American football legend Tom Brady, Brazilian supermodel Gisèle Bundchen, and comedian Larry David, who appeared in an advertisement for FTX notably broadcast during the Super Bowl.

Curly and bushy hair, simple dark T-shirt and Bermuda shorts, he was one of his successful entrepreneurs that the world is tearing up. Having become a darling of the media, he was indeed a privileged interlocutor for anyone seeking to learn more about cryptocurrencies, he who popularized these virtual digital assets. Popularized and defended. A true white knight in this sometimes adrift sector, he liked to come to the rescue of companies in difficulty. He was also considered a generous philanthropist. A claimed vegan, he was a figurehead of this “effective altruism” found among the big American fortunes. Behind this expression, a doctrine which consists in encouraging the richest to redistribute their money for causes which they consider essential. Before his wealth collapsed in days, the 30-year-old promised to donate the majority of his fortune to philanthropic causes.

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