https://www.vox.com/future-perfect/23500014/effective-altruism-sam-bankman-fried-ftx-crypto

Profound philosophical errors enabled the FTX collapse.

I have a lot of reasons to be furious at Sam Bankman-Fried. His extreme mismanagement of FTX (which his successor John J. Ray III, who previously helped clean up the Enron debacle, described as the worst he’s ever seen) led to the sudden collapse of a $32 billion financial company. He lost at least $1 billion in client funds after surreptitiously transferring it to a hedge fund he also owned, potentially in an effort to make up for huge losses there. His historic management failures pulled the rug out from under his users, his staff, and the many charities he promised to fund. He hurt many, many, many people.