By now you’ve likely heard about the stunning collapse of Sam Bankman-Fried’s crypto exchange, FTX, and its associated high-risk trading company, Alameda Research. I won’t attempt to fully summarize how FTX went from being worth some $32 billion to declaring bankruptcy, practically overnight. But at its core, the story is this: S.B.F., as he’s known, and the byzantine web of companies that comprised his crypto empire, hid things from investors. He reportedly lent billions of dollars linked to depositor funds from FTX to Alameda; took outsize risks with other people’s money; experienced a liquidity crunch and then a modern-day bank run when a rival crypto king, Binance’s Changpeng “CZ” Zhao, tipped the first domino by dumping his FTX tokens.