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S.B.F.’s Media Dreams

Sam Bankman-Fried
Sam Bankman-Fried was arrested on Monday in the Bahamas. Photo: Tom Williams/Getty Images
Theodore Schleifer
June 14, 2022

Crypto winter has come for Silicon Valley. Bitcoin has fallen below $23,000, the lowest level since 2020, and crypto lender Celsius just froze withdrawals, citing “extreme market conditions,” shortly after another crypto ecosystem, Terra-Luna, also collapsed. Some $2 trillion in crypto market value has evaporated since last November. Coinbase C.E.O. Brian Armstrong is laying off 18 percent of his staff in anticipation of a prolonged downturn for the industry.