sometime in between FTXwith the collapse of Sam Bankman FreedA year after his fraud conviction, a consensus has emerged that he was once a crypto whiz kid. Although his wild, curly hair and office naps on beanbag chairs were mostly for show, his company, FTX, was used by millions of people. Buying and selling digital currencies was real. Cryptocurrency enthusiasts see FTX as almost a success story — if only its owners weren't taking customers' money to cover sideline gambling.as an author michael lewis wear it 60 minutes“They actually had a great, genuine business.”
That idea was further reinforced by the twists and turns of the FTX bankruptcy. When the company collapsed, $8 billion in customer funds disappeared, but its lawyers now say they expect to recover enough money to fully repay everyone. Bankman Fried's allies have used this to suggest that client money was not stolen, but rather redirected to at least some surprisingly good investments. Law professors Ian Ayers and John Donoghue wrote in a recent paper that “despite what may be said about Mr. Bankman Freed, he was a brilliant businessman'' and that he was wrong to even declare him bankrupt. insisted. His lawyers are using this argument to seek a lighter sentence. On March 28, a federal judge will decide whether to grant him leniency or sentence him to more than 40 years in prison, as sought by prosecutors.
