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Sam Bankman-Fried was seen by many as the golden boy of the cryptocurrency world. He was the CEO of major crypto exchange FTX, which at its peak was worth US$32-billion. He was known to hobnob with celebrities and work with Washington on the thorny issues of regulating crypto.

But both his company and his reputation crumbled this week. Now people who had deposited their digital assets and cash on FTX are having issues getting their money back and investors in the platform have had to write off their investments as zero. Report on Business editor Ethan Lou explains the latest catastrophe in this very bad year for cryptocurrency.

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