IT'S POSSIBLE THAT you don't fully understand what Sam Bankman-Fried did or what transpired at his company FTX. This may help.
Explain it to me like I’m … 5 years old.
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.
Explain it to me like I’m … 10.
A really smart guy owned a bank. He was also a terrible poker player. He used made-up money to buy his way into a high-stakes game and then he lost, so he paid his casino tab by robbing his own bank (allegedly). When his customers heard about his gambling losses, they stormed the bank to pull their money out, but there wasn’t enough in the vault to pay them all back.
Explain it to me like I’m … a crypto newbie.
This story is from the November 21 - December 4, 2022 edition of New York magazine.
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This story is from the November 21 - December 4, 2022 edition of New York magazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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