The once-hailed ‘boy wonder’ of the crypto industry rose to prominence after founding trading firm Alameda Research in 2017 at the age of 25. So what went wrong? Bevan Hurley looks back at Bankman-Fried’s remarklable rise, and dramatic fall.
Using second-hand car market as an example, George Akerlof, spouse of former US Fed chair and US Treasury Secretary Janet Yellen, showed in 1970 how information asymmetries between sellers and buyers can cause market failures