Never in business history has there been a more abrupt heel turn than the one we saw from Sam Bankman-Fried — or SBF, as he's universally known — over the past week, Axios' Felix Salmon writes.
The big picture: It now looks likely that SBF — once arguably the most trusted man in crypto — will turn out to have been a crook who was embezzling customers' funds.
The bottom line: SBF's stated dream — and that of most other crypto entrepreneurs — was for the industry to improve upon and supplant the world's existing financial infrastructure. That dream is now dead.