For Crypto Boy, a sudden crash

I wrote last spring about the only billionaire I actually knew, and that was when he was too young to walk: Sam Bankman-Fried, the cryptocurrency exchange operator whose fortune had been estimated at 11 figures. He was bankrolling a guy who was trying to get nominated as the Democratic candidate for the new Congressional seat south and west of here.

However rich SBF may have been when I wrote about him, he's not as rich now. Today it was announced that his company is suddenly selling out most of its business to a competitor, in order to remedy a "liquidity" problem. It seems his crypto exchange's customers have been engaged in an old-fashioned run on the bank over the last day or two, and there hasn't been enough cool cash on hand to make good on all the withdrawals.

Crypto is such a jungle. Would the world have been a better place if it had never been invented? It sure seems like it to me. Meanwhile, poor Sam, he may be down to his last billion by the end of the day.


  1. Crypto going bust? Boy, I could never see that one coming.........said no one ever.

  2. More like a fried bankman.


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