The 30-year old billionaire once proclaimed the “King of Crypto” has lost about 94% of his net worth over the past week.
Sam Bankman-Fried has stepped down as CEO of the cryptocurrency exchange FTX after it declared bankruptcy.
Now, authorities are investigating the disappearance of around $1.5 billion in customer funds.
John Hawkins is a senior lecturer at the University of Canberra’s school of politics, economics and society, he says once panic set in, the company was doomed.
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