Only when the tide goes out do you discover who’s been swimming naked, as Warren Buffett famously said. After more than a decade or near-zero interest rates and the mother of all stock-market parties, the tide of free money is most definitely receding. The bankruptcy of Sam Bankman-Fried’s FTX empire is a foretaste of what may be to come. While the crypto world dances to an arcane beat that may be only tangentially connected to the realm of conventional finance, it’s emblematic of more straitened times that a business valued at $32 billion only a few months ago couldn’t find anyone ...
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