FTX Collapse: ‘Emperor’ Bankman-Fried Had No Clothes

FTX Collapse: ‘Emperor’ Bankman-Fried Had No Clothes

A face of the regime of Sam Bankman-Fried, the founder of FTX, was revealed Nov. 22 during the company’s first hearing in Delaware bankruptcy court.

The 30-year-old former trader was practically considered an ’emperor’ among his employees: this is the image used by an FTX lawyer to describe what happened after Bankman-Fried filed for bankruptcy in the chapter 11 of his crypto empire consisting of FTX and Alameda Research.

Everyone realized for the “first time that the Emperor had no clothes,” James Bromley, co-manager of law firm Sullivan & Cromwell, told Judge John Dorsey.

Leave a Reply

Your email address will not be published. Required fields are marked *