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Chicago Sun-Times

National

David Roeder

‘I said you’re a fraud.’ CME Group’s boss spotted early trouble at crypto exchange FTX

FTX CME Group Sam Bankman-Fried Crypto John Ray III Chicago Merc

Witnesses testify in May to the House Agriculture Committee. They are (from right) Terrence Duffy, chairman of CME Group; Sam Bankman-Fried, CEO of cryptocurrency exchange FTX; Christopher Edmonds, chief development officer at Intercontinental Exchange; and Christopher Perkins, president of investment firm CoinFund. (AP)

Sam Bankman-Fried, who sold himself as a T-shirt-wearing, video-gaming whiz kid disrupting all things financial, has been arrested in the collapse of his FTX cryptocurrency exchange.

It’s shaping up as the biggest scandal roaring through the markets since Bernie Madoff’s Ponzi scheme and, irrespective of Bankman-Fried’s guilt or innocence, it’s making a lot of supposed sharpies look very bad.

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