Sam Bankman-Fried’s shadow still looms over the crypto industry

Cryptocurrency advocates might believe that FTX’s collapse was an anomaly — but they could have trouble convincing the public of the same.

By Emma Roth, a news writer who covers the streaming wars, consumer tech, crypto, social media, and much more. Previously, she was a writer and editor at MUO.

Photo Illustration by Cath Virginia / The Verge | Photo by Bloomberg, Getty Images

During Sam Bankman-Fried’s monthlong fraud trial, prosecutors presented damning evidence that the fallen crypto founder knew full well what he was doing from the beginning. He knew that Alameda Research borrowed billions in customer funds from FTX. He knew his fellow executives fabricated balance sheets to send to lenders. He knew FTX wasn’t fine when he told customers it was.

bankman fried shadow still looms crypto industry