FTX Benefited From a Suspension of Disbelief: Burgess & Hughes

The narrative that emerged in the days after the collapse of FTX, the $32.5 billion exchange at the center of Sam Bankman-Fried’s crypto trading empire, was that it had to be the result of some highly sophisticated and nefarious scheme that only came to light following a series of unfortunate events. After all, some of the smartest minds in the financial world were sucked in: Sequoia Capital, Tiger Global Management and the Ontario Teachers’ Pension Plan, to name a few.

And that’s what the venture capital and pension funds that seeded FTX surely want you to believe. That they were unwitting victims ...