After his exchange imploded last month, Sam Bankman-Fried became the most hated man in crypto. The speed of his rise and fall has been dizzying
was the crown jewel. It was founded in 2019 and quickly became a crypto-crowd favourite. Mr Bankman-Fried attracted
, including Sequoia, a Silicon Valley venture-capital firm, and Temasek, a Singaporean sovereign-wealth fund, which boosted his credentials. At its peak in JanuaryIts rise tracked the boom of the wider industry. Peak crypto was reached in 2021, when the market capitalisation of all cryptocoins climbed to nearly $3trn. Investors could not get enough of digital assets.
, or non-fungible tokens, leapt from obscure corners of the internet into the mainstream, for instance, when Christies, a British auction house, sold one for $69m in March that year. That September the value of anIt has been downhill for crypto ever since. The market value of all cryptocurrencies now stands at $840bn. That crash can be partly blamed on aBut the fall of Mr Bankman-Fried has turned what was already going to be a difficult future for crypto into a desperate one.
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