Remarks
Sam Bankman-Fried Has Fallen. Long Live Crypto?
Despite ongoing legal scrutiny, the performance of the asset class this year has defied and dismayed skeptics.
Photo illustration: 731; photos: Getty Images (2)
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Financial markets have alarmingly short memories. Dreaming about the future is a much more powerful force than dwelling on the past.
Just look at what transpired in the cryptocurrency market as the US government successfully prosecuted FTX exchange co-founder Sam Bankman-Fried for one of the biggest financial crimes in history. Rather than selling off amid the powerful reminders of how much everyone got wrong during the digital-asset bubble in general—and the ascendancy of Bankman-Fried’s empire in particular—crypto prices continued their vigorous rebound from last year’s face-plant.