Another after-action assessment from today's on-line New York Times...
"FTX's $32 billion valuation was a fantasy, but nobody bothered to look at it closely.
"How do you make a multi-billion company disappear in a week?
"For Sam Bankman-Fried and his crypto exchange FTX, the simple answer is that a leaked balance sheet leads your biggest rival, himself under Federal scrutiny, to instigate a sort of "bank run" you cannot possibly cover, exposing billions of dollars in shortfalls you apparently created by riskily investing money that wasn't yours.
"And revealing yourself, in the process, to be a very new kind of financial villain----one who pitches not just the prospect of profit but also deliverance from the corrupt speculative system in which you 'made' your 'billions.' "
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Note: According to Forbes, which cited a Pew research study conducted this past spring, "almost half of all American men ages 18 to 29 say they have invested in, traded or used a form or crypto currency."