This essay is an excerpt from Cryptomania, the newly released book from TIME technology correspondent Andrew R. Chow, which chronicles the pandemic-era rise and fall of crypto, and of mogul Sam Bankman-Fried. In 2022, it was hard to walk around Washington without seeing Sam Bankman-Fried’s face. While the press often praised him for his humility, the founder and CEO of the crypto exchange FTX plastered ads of himself all over the city, and particularly in areas where congressional staffers might walk to work, like Union Station. Although Sam still lived in the Bahamas in order to avoid regulation, he was shuttling from Nassau to Washington, D.C., every week or two to meet with la
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