When Hollywood gives us the inevitable biopic about Sam Bankman-Fried and the collapse of his FTX cryptocurrency exchange, it’ll be interesting to see whether even skilled filmmakers are able to convincingly portray Bankman-Fried as any kind of compelling villain figure. FTX’s 30-year-old founder has admitted to many mistakes. But while his operations are now being investigated by the Securities and Exchange Commission and Justice Department, there isn’t yet any evidence that he’s committed a crime. His sins, rather, seem to be those of a distracted young dilettante who was in over his head, and who never fully realized that running a $32-billion company operating in a volatile financial sector is a full-time job.

Bankman-Fried fashioned himself a lobbyist, not only on behalf of FTX, but also the crypto industry as a whole; became deeply vested in an array of ambitious philanthropy projects; spent a lot of time tweeting and giving interviews; and, crucially, continued to build out his original trading firm, Alameda Research, in parallel with FTX. Ultimately, it seems to have been the Alameda anchor that dragged down the FTX ship.

According to an investigative report by David Yaffe-Bellany of the New York Times, based on interviews with Bankman-Fried’s subordinates and confidantes, the commercial operations of FTX and Alameda were promiscuously intermingled. Alameda has been run by a former trader named Caroline Ellison, a one-time romantic partner of Bankman-Fried. And according to Yaffe-Bellany, “a guest who visited FTX’s complex in recent months said Ms. Ellison had been sitting within view of computers displaying [FTX’s] trading data.” By design, the structure of Bankman-Fried’s operations blurred the usual lines that separate professional and personal spheres, with the entire FTX senior brain trust living, working, and often dating within the same isolated Bahamas resort compound.