Mark Gilbert , Columnist

FTX Is Dead But Don't Dance on Crypto's Grave Just Yet

Markets always find new ways to implode, no matter how much regulation is imposed on them.

November 11, 2022 at 3:09 PM UTC

Corrected

November 11, 2022 at 3:55 PM UTC

Mark Gilbert is a Bloomberg Opinion columnist covering asset management. A former London bureau chief for Bloomberg News, he is author of “Complicit: How Greed and Collusion Made the Credit Crisis Unstoppable.”

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At his peak, crypto mogul Sam Bankman-Fried was worth $26 billion. At the start of this week, he still had $16 billion. Following the collapse of his crypto exchange FTX and his Alameda Research trading house, his assets in the Bahamas have been frozen by the authorities, he’s being investigated by the US Securities and Exchange Commission for potential violations of securities rules, and regulators in Cyprus are poised to suspend his license to operate in Europe.