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On the Cover of New York Magazine: The Week Sam Bankman-Fried Fell to Earth

New York Magazine отправил это письмо 23 ноября 2022, 01:47. Тема: «On the Cover of New York Magazine: The Week Sam Bankman-Fried Fell to Earth». В архиве Валеры письмо сохранено как скриншот рассылки с адреса hello@e.nymag.com. Ниже — краткий текстовый фрагмент для ознакомления и полный вид письма на скриншоте.

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New York Magazine отправил это письмо 23 ноября 2022, 01:47. Тема: «On the Cover of New York Magazine: The Week Sam Bankman-Fried Fell to Earth». В архиве Валеры письмо сохранено как скриншот рассылки с адреса hello@e.nymag.com. Ниже — краткий текстовый фрагмент для ознакомления и полный вид письма на скриншоте.

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New York logo On the Cover: Sam Bankman-Fried in August. Photograph by Sasha Arutyunova.

This week’s cover story tracks the fall of Sam Bankman-Fried, the man who pitched himself as a humanity-saving crypto genius and wound up losing $32 billion. To finance big bets on crypto companies, SBF promised investors high returns and zero risk. His cryptocurrency exchange, FTX, minted tons of its own token, which SBF reportedly used as collateral to take out loans for Alameda Research, his other company. This was shady and dangerous, because it meant that if the price of the token fell below a certain level, it would leave Alameda unable to pay back its lenders. And apparently, SBF had given himself a $1 billion personal loan out of Alameda's coffers. In short, Lane Brown explains, "A silly-haired wizard sold magic beans. The villagers loved it! Until they stopped believing in magic and demanded their money back, only to find out that the wizard had already spent it."

READ THE COVER STORY » Black Friday Sale : Subscribe for 75% off and get unlimited access to everything New York . Plus, receive exclusive access to The Strategist’s Incredibly Exhaustive Gift Guide.

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