Crypto is ailing. Sam Bankman-Fried is betting a billion dollars he can fix it.

The chief executive of cryptocurrency exchange FTX Trading has appointed himself the industry’s saviour—and crypto investors are closely watching his moves after months of market carnage. This year, he bailed out a troubled digital-currency lender and tried to stabilise another. He acquired crypto exchanges in Canada and Japan. He appeared in magazine ads opposite supermodel Gisele Bündchen in a bid to keep mainstream investors enthusiastic about crypto despite the downturn.