Sam Bankman-Fried, the former CEO of cryptocurrency exchange FTX, was arrested in the Bahamas on Monday. U.S. prosecutors charged Bankman-Fried with eight counts of fraud and conspiracy. He’s now in a Bahamian prison and could be extradited to the U.S. The company was founded in 2019 and went from being worth US$32-billion to bankrupt in mid-November.
Along the way, FTX built up a lot of hype and attracted a lot of investments worldwide. That included support from both Kevin O’Leary and the Ontario Teachers Pension Plan, which invested US$95-million in the company. The Globe’s technology reporter, Temur Durrani, explains what he learned about how the fear of missing out got so many to buy in.
Questions? Comments? Ideas? Email us at [email protected]
PodQuest PodQuest Podcast Discovery Engine tailors playlist for your curiosity