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Editorial: Bankman-Fried’s conviction is moment of truth for crypto

After the spectacular fall of FTX and its founder Sam Bankman-Fried, it is no longer possible to deny the tawdriness of cryptocurrencies

Bankman-Fried, who was found guilty on all counts of wire fraud, conspiracy and money laundering. Picture: Bloomberg

After years of hype, price bubbles, shameless celebrity endorsements, investor credulousness, capital misallocation and outright fraud, the world of cryptocurrencies has finally had a headlong collision with reality.

In a court in New York on Thursday, a jury took just four and a half hours to declare Sam Bankman-Fried, founder of the collapsed crypto outfit FTX, guilty on all counts of wire fraud, conspiracy and money laundering.

Bankman-Fried, who is 31 and was considered the ...