From bad to worse for Crypto Boy

The problems of former crypto billionaire Sam Bankman-Fried, whom I knew when he was just months old, have worsened quite a bit since I wrote about them the other day. The competitor that was going to buy out his failed crypto exchange, FTX, has walked away from the deal, and unless some other white knight appears, the whole operation seems to be headed to a bankruptcy court somewhere.

Reuters had a story yesterday about how it all went south so fast. It's here. It's not flattering. Our boy made some horrendous mistakes in judgment, at best.

I have never fully understood the crypto game, but it looks to me like a lot of people have lost, or are going to lose, a lot of money, and they are going to be very, very unhappy. I hope SBF's still got enough money for lawyers – and security. He doesn't seem like the fugitive type, but facing the music is not going to be at all pleasant.