You need to squint hard to see a silver lining in the crypto crash.
Nearly $2 trillion, or two-thirds of the sector’s value, has disappeared. Layoffs and hiring freezes are hitting young companies. And a deadly cocktail of too much leverage and too little liquidity continues to punish companies and funds that wrongly assumed the worst could not happen.
Yet where there’s crisis, there’s opportunity.
Billionaire crypto boss Sam Bankman-Fried has emerged as the man of the moment, using his companies to backstop other players with hundreds of millions in credit. Other executives also rightly see ripe opportunities to consolidate power and gain ground on competitors.
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