A Crypto Emperor’s Vision: No Pants, His Rules

Mr. Bankman-Fried spent much of Crypto Bahamas shuttling back and forth from his laptop to the convention stage. Even his mother, Barbara Fried, had trouble getting time alone with him: As she tried to catch his eye one afternoon, a blockchain bro in a polo shirt cornered Mr. Bankman-Fried, asking him to film a birthday message for a friend. A few minutes later, he was backstage, shaking hands with Tony Blair and making awkward small talk about Brexit.

Unlike some crypto conferences, the gathering in the Bahamas was an invitation-only affair, and it drew a high-rolling crowd. As a party favor, FTX’s guests were offered discounts at a private jet company. On the bus ride to a beachside party, one attendee talked up his crypto yacht collective — “the most exclusive club that’s the most inclusive once you’re in.”

In places like Puerto Rico, the arrival of crypto millionaires chasing tax breaks has sent housing prices skyrocketing, outraging longtime residents. But the political leadership of the Bahamas has welcomed FTX with open arms. Prime Minister Philip Davis began the first day of conference programming with an enthusiastic speech, declaring that crypto entrepreneurs are “better wired for innovation and change than most people on the planet.” Later, in an interview, Mr. Davis said he’d been pleasantly surprised when Mr. Bankman-Fried wore a suit to a meeting at his office. “We want you here,” Mr. Davis recalled telling him.

Mr. Bankman-Fried skipped most of the conference festivities, but he didn’t neglect his hosting duties. He had dinner with Mr. Blair and Mr. Clinton, and rarely turned down a selfie. He also made plenty of time for Mr. Scaramucci, the chairman of SALT, a corporate events organization that helped put on the conference.

SBF’s double act with the Mooch marked the end of Crypto Bahamas. Back in the green room, FTX staffers exchanged hugs and high fives. Mr. Bankman-Fried was scrolling on his phone. He stretched and ran his hands through his hair. Then he checked his watch. The comedy bit had taken about four minutes. “I’ve got a lot of emails to catch up on,” he said.

Outside, the convention center was emptying, as hundreds of crypto enthusiasts headed for the airport. It was the calm before the coming meltdown. To leave the resort, guests had to walk through the Baha Mar casino, the largest in the Caribbean, a brightly lit hall of flashing slot machines.