FTX Adds a Complex Chapter to the Financial-Fraud History Books

Former crypto titan Sam Bankman-Fried is convicted of fraud and conspiracy, marking one of the biggest financial frauds in American history. The rise and fall of FTX reflects a broader tale about the sudden mania around a new type of financial system designed to circumvent regulatory guardrails. Efforts to bring more order to digital-asset markets through legislation have been stalled in the US Congress, leaving regulators to police the industry based on existing laws.