The FTX fraud and first principles

FTX, which was valued at $32 billion a few months ago and funded by the finest names of the global financial markets, suddenly declared bankruptcy on November 11

Since the middle of last week, the spectacular bonfire of FTX, a crypto exchange, has kept us enthralled. FTX, which was valued at $32 billion a few months ago and funded by the finest names of the global financial markets such as Sequoia, Temasek, Ontario Teachers’ Pension Plan, SoftBank Group Corp, and hedge funds Third Point and Tiger Global, suddenly declared bankruptcy on November 11. Since then, bizarre stories of worthless tokens shown as assets, the sudden withdrawal of billions of dollars of cash before bankruptcy, the fake altruistic halo of the frizzy-haired boy-wonder founder Sam Bankman-Fried, known as SBF,