This week brings a milestone in the world of cryptocurrency—the trial of accused fraudster Sam Bankman-Fried begins Tuesday in New York. Bankman-Fried, or SBF, founded the FTX exchange that famously went belly-up and cost a lot of people—many of them everyday investors swayed by celebrity endorsements—a lot of money. Not too long ago, SBF was perhaps the face of the crypto world, but if you think that world is now rallying behind him, think again. And if you think people who lost a fortune in the collapse of FTX are done with crypto, think again on that, too. Coverage:
- Cathartic: The New York Times reports that many of those still standing in cryptocurrency are rooting for a conviction. "That will be cathartic for the crypto ecosystem," says Travis Kling of the crypto firm Ikigai Asset Management, which lost most of its assets in the FTX debacle. The sentiment is repeated again and again in the story: SBF deserves to pay, and only then will the still-reeling world of cryptocurrency be able to recover from the damage.