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A greed story: How FTX crash became the Lehman Brothers moment for crypto exchanges
![A greed story: How FTX crash became the Lehman Brothers moment for crypto exchanges](https://img.etimg.com/thumb/msid-95494095,width-1015,height-761,imgsize-25736,resizemode-8/prime/money-and-markets/a-greed-story-how-ftx-crash-became-the-lehman-brothers-moment-for-crypto-exchanges.jpg)
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Synopsis
FTX, one of the biggest crypto exchanges, has blown up. The episode triggers the memory of the 2008 financial crisis. The common link: trapping investors with a narrative of high returns. Experts feel cryptocurrencies have lasted too long due to a robust story and backing from young tech founders. So, will the asset class dissipate or evolve now?
When smart people at Sequoia saw Sam Bankman-Fried (SBF) play League of Legends, a multiplayer online video game, at the same time giving satisfactory answers to their questions, they immediately fell in love with him. After the meeting Sequoia, a venture-capital fund, ended up investing USD200 million into his idea. Two days ago, the fund wrote off that entire investment to zero. SBF, the 30-year-old MIT graduate founder of FTX, a
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