FTX’s filing for bankruptcy was an existential event – like the moment when grown-up thinking re-enters the room

As fraud and conspiracy charges were laid against FTX founder Sam Bankman-Fried in the US on Tuesday, a funny thing happened to the price of bitcoin: it went up.

Since bitcoin is still a handy barometer of sentiment in the whole crypto universe, one must assume that more than a few punters saw headlines about “one of the biggest frauds in American history” – the US attorney for the Southern District of New York’s description of Bankman-Fried’s alleged crimes – and decided this was just the moment to top up their bets.

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