IN JULY, THE GIANT cryptocurrency derivatives exchange FTX looked like a pillar of stability. The company and its slacker-chic founder, Sam Bankman-Fried, projected calm and confidence during so-called Crypto Winter, even swooping in to rescue weaker rivals.
That facade crumbled in just a few days in November. First, the value of FTX’s in-house token cratered; then FTX was in talks to be acquired by a rival; then it declared bankruptcy as the rival walked away. It was a stunning turn of events for a company that had been valued at over $30 billion, one regarded as a
