At one level, FTX was seemingly on high of the world, with over one million clients and celeb endorsements from tennis nice Naomi Osaka to comedy icon Larry David.
Sam Bankman-Fried – often known as SBF – has appeared at occasions with former British Prime Minister Tony Blair and US President Invoice Clinton.
However then questions started to be requested in regards to the hyperlinks between FTX and Bankman-Fried's different enterprise, Alameda.
The Securities and Change Fee received concerned. Main crypto agency Binance proposed after which withdrew a bailout, and prompt there might be irregularities in the way in which buyer funds had been dealt with.
FTX entered a demise spiral.
With no option to pay its money owed, FTX filed for chapter in November 2022 – however was discovered to be lacking $8 billion in buyer funds.
Bankman-Fried was arrested, and later discovered responsible of fraud and cash laundering after a month-long trial.
The autumn of the “Crypto King” was full. Right this moment, he – and the world – will discover out what his punishment can be.
