As Sam Bankman-Fried went on trial this week on charges of fraud and money laundering related to the collapse of FTX, his $US32 billion cryptocurrency exchange, it feels like the right time to step back and take a hard look at the digital assets mania that has vaporised billions of investor dollars over the past five years.

What is it about financial markets that made the promoters and the promises of bitcoin and other cryptocurrencies so appealing? Why did it all go so badly wrong, and what are the consequences for society? Academics, journalists and even a moderately famous former teen idol have all tackled the subject with varying perspectives and degrees of success.

Financial Times