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The Icarus Syndrome
On Monday, Sam Bankman-Fried (SBF) was arrested by the Bahamian authorities on behalf of the US government for his role in the downfall of the cryptocurrency exchange platform FTX. This latest development marks a spectacular fall from grace. At one point, some believed SBF had a realistic shot at becoming the world’s first trillionaire. It seems like those predictions were slightly off. Indeed, SBF has gone from Silicon Valley wonderkid and breaker of the Kimchi Premium to jailbird all before his 31st birthday. The story of FTX’s downfall provides us with a sobering reminder of what can happen when investors get caught up in the hype and forget to do the homework.
