How Serious Are Sam Bankman-Fried’s Alleged Campaign-Finance Violations?
New YorkerAPR 2023
The entire FTX saga has shown the corrupt and volatile nature of Sam Bankman-Fried, the crypto industry at large, and its regulators. As the company scrambles to find assets for paybacks, the crypto market is tanking. Entities like the federal Southern District of New York are probing how wide-ranging potential offenses are — with bribery, fraud, and campaign finance violations all in play.
Despite the myriad problems exposed by the FTX fiasco, cryptocurrency can't be counted out as a viable investment. With wages slowing and the service sector contracting in the US, it's possible that the Fed will ease up on interest rate hikes — something very positive for the crypto market. A market rebound may be on the way.