Investing
They Fled Wall Street for Crypto. They Have Few Regrets
Young employees flocked to digital currency firms as asset prices soared. The implosion of Sam Bankman-Fried’s empire is a big test of faith.
Sam Bankman-Fried
Photographer: Jeenah Moon/BloombergThis article is for subscribers only.
First, stablecoin TerraUSD collapsed. Then hedge fund Three Arrows Capital went under, dragging Voyager Digital and Celsius Network down with it.
In the latest blow, Sam Bankman-Fried’s empire — once considered a crypto savior — imploded, causing a crisis of confidence that’s wiped out billions of dollars and is spreading to companies across the industry.