The bewildering alternative universe of crypto currency which makes hedge fund derivatives look sane in comparison has taken a knock with the collapse of Sam Bankman-Fried’s FTX.
Bankman-Fried, a week ago was among the most respected figures in the sector with a $24bn personal fortune and close links with Wall Street and celebrities. He advertised during the US Super Bowl, was a leading donor to the Democratic party and spent tens of millions of dollars over the past year trying to reshape how Washington and the world think about finance and his crypto exchange. The company he founded FTX, had become an industry-dominating business in just three years, valued at $32 billion as recently as January. It had less than $1bn in easily sellable assets against $9bn in liabilities before it went bankrupt last week.
The Washington Post remarked: “Just a few months ago, Bankman-Fried was toasted as crypto’s Warren Buffett; now he’s drawing comparisons to convicted fraudster Elizabeth Holmes.”
He was born 6 March 1992 with two Stanford University law academic parents and is a Sun Pisces in a confident, expansive opposition to Jupiter, trine an influential Pluto and sextile Uranus Neptune in Capricorn. The Uranus Neptune marks him out as a poster-child of his generation – highly-strung, inventive, not always good at listening to advice. He also has a hard-edged, determined and unsentimental Saturn Mars conjunct in Aquarius with Venus nearby.
His 10th harmonic is the strongest – it refers to the wheel of fortune – what rises high also falls low.
If his birth date is accurate then the full impact of his failure may not become obvious for a few months or there will be significant repercussions. From March 2023 onwards he has tr Pluto in Aquarius bearing down on his Mars/Uranus and Mars/Neptune midpoint and his Saturn/Uranus and Saturn/Neptune midpoints. Followed in 2024/25 by his Solar Arc Mars Saturn conjunct his Sun.
FTX was founded on 8 May 2019 in the Bahamas/Antigua giving it a Taurus Sun which caught the recent Lunar Eclipse. It was trine the tough and can-be-self-destructive Saturn Pluto in Capricorn, which had moved by Solar Arc to close the conjunction this year. There was also an ‘adventurous’, risk-taking Mars opposition Jupiter square an unrealistic/slippery Neptune. Mars Jupiter in hard aspect can be associated with the misuse of others’ money and is being undermined by tr Neptune in square this year and next.
Pluto in Capricorn started with hedge funders running riot and tripping up and may well be about to finish with the next generation of money magicians falling flat on their face.