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Sam Bankman-Fried, once considered a star in the freewheeling world of cryptocurrency, has been charged with conspiracy, fraud and money laundering. Stefani Reynolds/AFP via Getty Images

FTX’s collapse mirrors an infamous 18th century British financial scandal

In the Charitable Corporation Scandal, a group of politically connected directors leveraged the company’s altruistic image to attract investors – before raiding the funds to prop up other ventures.

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