Sam Bankman-Fried’s Parents Were There for FTX’s Rise, and Now Its Fall
Sam Bankman-Fried, the creator of the defunct exchange FTX, always distinguished apart
from other cryptocurrency entrepreneurs, but not because of his preference for videogames or baggy shorts.
In discussions with Washington policymakers, Mr. Bankman-Fried would mention
that both of his parents were Stanford Law School professors. Even to those
who were predisposed to see little value in the business, their reputations served as
a stamp of approval for their son as he built his crypto empire.
Last month, FTX went out of business due to reports that it had used consumer money to support
a sibling trading firm. The business is going through bankruptcy court.
Investigators include regulators and prosecutors. Customers are uncertain as to when
they will receive their money returned. In the Bahamas, Mr. Bankman-Fried has since been detained.
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