January 30, 2023

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The king of cryptocurrencies allegedly built a house of cards worth NOK 320 billion

The king of cryptocurrencies allegedly built a house of cards worth NOK 320 billion

According to US media reports, US authorities will charge Sam Bankman-Fred with fraud.

The founder of cryptocurrency exchange FTX, Sam Bankman-Fried, has been arrested in the Bahamas. US authorities believe he defrauded his investors.

In the past, he has been compared to the greatest giants in American banking history. Now the thoughts are turning into scandals of the largest pyramid scheme.

In just three years, Sam Bankman-Fried has become one of the biggest cryptocurrency stars. The company he founded and owns, the cryptocurrency exchange FTX, quickly became the second largest cryptocurrency exchange in the world as measured by trading volume.

It was valued at around NOK 320 billion, twice that of Norsk Hydro, one of Norway’s most valuable companies.

Everyone should make a fortune investing in cryptocurrency. The 30-year-old is most comfortable in shorts and a money-drenched T-shirt. The son of two law professors, he became a political player. During this year’s midterm elections, he was the person who gave the second most money to the Democratic Party.

Some of America’s most famous personalities, such as NFL legend Tom Brady and TV comedian Larry David, have been hired to speak passionately about cryptocurrency exchanges.

The sports hall of the Miami Heat basketball team has become the FTX arena. A sponsorship agreement that should have been worth NOK 1.35 billion.

Sam Bankman-Fried got really big, really fast.

Then, in early November, the bubble burst.

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