At the peak of his dazzling career, Sam Bankman-Fried, popularly called SBF, was worth $26 billion (over A Rs 2 lakh crore). The 30-year-old American entrepreneur, known for his trademark mop of hair and dishevelled looks, had achieved an iconic status in the world of cryptocurrency, becoming its champion in a world ever looking for new ways of wealth creation. He lobbied and donated to prominent government figures, rescued failing crypto projects, and pledged much to charity. The success story looked too big to fail until it eventually did. On November 11, Bankman-Fried's Bahamas-based firm FTX, the world's third-largest cryptocurrency exchange with over a million investors, filed for bankruptcy protection, sending the prices of cryptocurrencies crashing on exchanges worldwide. Overall crypto market capitalisation or the total value of cryptocurrencies traded fell from more than $1 trillion (around Rs 82 lakh crore) on November 6 to $803.6 billion (around Rs 66 lakh crore) on November 21. This was also way off the $3 trillion (around Rs 245 lakh crore) valuation cryptos saw last November when the industry was at its peak. Following his firm's collapse, Bankman-Fried's wealth shrank to nearly $1 billion (around Rs 8,100 crore), even as he faced a series of lawsuits and had to give up his position.
The collapse of FTX has been the biggest so far in a series of recent jolts to the crypto business, adding to the commotion in a sector that has faced brickbats for its absence of regulation or any underlying asset value, making millions of investors susceptible to market vagaries. Coming on the back of a crash in crypto valuations following the Ukraine war that has led to fears of a recession in several parts of the world, the latest event has kicked up more questions about the future of the crypto business.
Bu hikaye India Today dergisinin December 05, 2022 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye India Today dergisinin December 05, 2022 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
FINGER CLICKING GOOD
Finally there’s a Smartphone that’s fit to fire your DSLR
RAISING THE BAR
In the dynamic world of mixology, where every drink tells a story and every pour is a masterpiece, a new chapter is being concocted by some of the bars. Here are eight bars that stirred up a riot.
TRUE BLUE
BLUE MAY BE a colour traditionally associated with all things royal, but when it comes to haute horology, especially Breguet, the hue lends its own cues.
DELICIOUS DINING WITH A SIDE OF LUSCIOUS VIEWS
Bonita, a quietly charming restaurant in Goa’s Arossim brims with flavour and a stunning landscape to boot.
A YEAR OF WONDER
Globetrotting to some of the more interesting travel options that spiced the calendar year
THE TASTE TEST - Some of the more interesting restaurants launched in Asia in 2024
In the dynamic culinary landscape of Asia, Spice embarks on a gastronomic journey through a kaleidoscope of noteworthy dining spots that shone through in 2024. From cosy havens celebrating rich cultural heritage using quality local ingredients to chic spaces blending global influences with a playful vibe, each venue offers something special, whether by the beach or beneath starry skies.
TECH TALK
From a Mac that became mini to gizmoheavy watches, from smart air purifiers to intelligent TVs, these top picks defined 2024.
BOOKS TO LOOK FORWARD TO IN 2025
Book review
PEACE ABOVE ALL
Devdutt Pattanaik offers an alternative view of the Harappan civilisation in his newest book, Ahimsa: 100 Reflections on the Harappan Civilization
A Wealth of SCHOLARSHIP
For art historian Aman Nath, 2024 was a great year for art books, demonstrating the range of India's cultural wealth
