FTX and Canadian crypto FOMO
Sam Bankman-Fried, the former CEO of cryptocurrency exchange FTX, was arrested in the Bahamas on Monday. U.S. prosecutors charged Bankman-Fried with eight counts of fraud and conspiracy. He’s now in a Bahamian prison and could be extradited to the U.S. The company was founded in 2019 and went from being worth US$32-billion to bankrupt in mid-November. Along the way, FTX built up a lot of hype and attracted a lot of investments worldwide. That included support from both Kevin O’Leary and the Ontario Teachers Pension Plan, which invested US$95-million in the company. The Globe’s technology reporter, Temur Durrani, explains what he learned about how the fear of missing out got so many to buy in.
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Show Notes
Sam Bankman-Fried, the former CEO of cryptocurrency exchange FTX, was arrested in the Bahamas on Monday. U.S. prosecutors charged Bankman-Fried with eight counts of fraud and conspiracy. He’s now in a Bahamian prison and could be extradited to the U.S. The company was founded in 2019 and went from being worth US$32-billion to bankrupt in mid-November.
Along the way, FTX built up a lot of hype and attracted a lot of investments worldwide. That included support from both Kevin O’Leary and the Ontario Teachers Pension Plan, which invested US$95-million in the company. The Globe’s technology reporter, Temur Durrani, explains what he learned about how the fear of missing out got so many to buy in.
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