Investors are spending hundreds of millions of dollars on FTX bankruptcy claims, betting that the firm’s new leaders will recover the money that Sam Bankman-Fried misappropriated.
A year ago, Sam Bankman-Fried and Changpeng Zhao ran two of the largest crypto companies. As they grapple with legal woes, others are jockeying to lead the industry’s next chapter.
The crypto exchange treated them as essential customers, the government said. U.S. authorities want the industry to understand how bad that is for business.