What's going on with FTX? The cryptocurrency exchange FTX has filed for bankruptcy amid revelations that it lent billions in customer assets to an affiliated trading firm called Alameda Research. Now its owner—a prominent Democratic donor and supporter of cryptocurrency regulation—is reportedly under criminal investigation.
Both FTX and Alameda Research were owned by Sam Bankman-Fried. Earlier this year, a Fortune magazine headline said he "has been called the next Warren Buffett." But "now, Bankman-Fried looks, at best, like the original storyline for Michael Saylor of Microstrategy during the Dotcom bust. Or, more likely, like Elizabeth Holmes of Theranos infamy. Or, with increasing plausibility, like a less civic-minded Bernie Madoff," writes Michael W. Green at Common Sense.
