Was a new philosophy to blame? The sudden downfall of Sam Bankman-Fried has left many talking about the philosophy that he followed.
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Crypto whizz kid arrested and facing prison
Was a new philosophy to blame? The sudden downfall of Sam Bankman-Fried has left many talking about the philosophy that he followed.
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What's happening?
A few months ago, Sam Bankman-Fried was on top of the world - a multi-billionaire before he was 30. Now, he is facing trial for fraudDeceiving others for gain, often financial. .
Sam Bankman-Fried ran a cryptocurrencyA digital currency in which transactions are verified and records maintained by a decentralised system using cryptography, rather than by a centralised authority. trading company.
But now he is accused of stealing customers' money from one company he ran and using it for another company.
Find out more
Bankman-Fried believes in an idea called effective altruism. The idea is that everyone should try to do the most good possible for the whole of humankind.
Many think that Sam Bankman-Fried used this idea to justifyProve that something is reasonable. his decisions. As long as he was doing good in the long run, he felt he could do anything now.
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Was a new philosophy to blame?
Yes! Sam Bankman-Fried was a strong believer in effective altruism. It shaped the bad choices he made.
No! This was about one person making bad decisions. It is a simple case of a company being run by someone without enough experience.
Keywords
Fraud - Deceiving others for gain, often financial.
Cryptocurrency - A digital currency in which transactions are verified and records maintained by a decentralised system using cryptography, rather than by a centralised authority.
Justify - Prove that something is reasonable.
Crypto whizz kid arrested and facing prison
Freefall: Just weeks ago, Sam Bankman-Fried was one of the world’s youngest billionaires. Glossary
Fraud - Deceiving others for gain, often financial.
Cryptocurrency - A digital currency in which transactions are verified and records maintained by a decentralised system using cryptography, rather than by a centralised authority.
Justify - Prove that something is reasonable.