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FTX on Steroids: Is “Tether” the Biden World’s Crypto
Just days ago, Bloomberg estimated 30-year-old Sam Bankman-Fried’s (SBF) personal wealth at an astonishing $16 billion. Now, the disgraced FTX founder is essentially bankrupt, and if there is a shred of justice in the world, soon headed for prison.
The collapse of FTX and its founder is one of the most spectacular implosions in history. There is no shortage of narratives to mine for interesting article fodder. Celebrities like Tom Brady and his now ex-wife Gisele lost millions to the scam. There’s the Silicon Valley “smart money” that was hopelessly entranced by a wunderkind founder. SBF also used his ill-begotten lucre to become one of the largest donors in left-wing politics of the past four years. There’s also the FTX pet philosophy of “effective altruism,” the cult-like fad ideology of contemporary Silicon Valley that SBF exploited to conduct his fraud and justify taking enormous risks. And who can forget the 28-year-old girlboss CEO of Alameda Research Caroline Ellison, who bragged that her vast financial empire only requires “elementary school math” to turn profits, and whose public list of turn-ons includes “controlling major world governments.”