The emerging picture of what went wrong suggests the crypto empire was a mess almost from the start. FTX wasn’t simply felled by a rival, or undone by a bad trade or the relentless fall in the value of cryptocurrencies. From its earliest days, the firm was an unruly agglomeration of corporate entities, customer assets and Mr. Bankman-Fried himself. No one could say exactly what belonged to whom, according to court papers, balance sheets shown to bankers and interviews with employees and investors. Prosecutors are now investigating the collapse of the $32 billion crypto-trading empire in an incandescent bankruptcy last week, prompting irate customers and Silicon Valley bigwigs to ask how something that seemed so promising could have imploded so fast. . . .
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