At one level, FTX was seemingly on prime of the world, with greater than one million prospects and superstar endorsements from tennis nice Naomi Osaka to comedy icon Larry David.
Sam Bankman-Fried – also referred to as SBF – appeared at occasions with former British Prime Minister Tony Blair and US President Invoice Clinton.
However then questions began to be requested in regards to the hyperlinks between FTX and Bankman-Fried’s different enterprise, Alameda.
The Securities and Trade Fee grew to become concerned. Main crypto agency Binance provided after which withdrew a bailout, and prompt there is perhaps irregularities in how buyer funds had been dealt with.
FTX entered a dying spiral.
With no approach to pay its money owed, FTX filed for chapter in November 2022 – however it was found that $8bn in buyer funds had been lacking.
Bankman-Fried was arrested, and later discovered responsible of fraud and cash laundering following a month-long trial.
The “Crypto King’s” downfall was full. Right this moment, he – and the world – will discover out what his punishment can be.