Sam Bankman-Fried : The Man who Shattered Crypto's Illusion

Sam Bankman-Fried, once celebrated as a visionary in the cryptocurrency world, founded FTX in 2019, propelling it to become the third-largest crypto exchange globally. However, in November 2022, FTX faced a sudden collapse after reports revealed that its affiliated trading firm, Alameda Research, held a significant amount of FTX's own token, FTT, raising concerns about financial stability. This led to a surge in customer withdrawals, exposing an $8 billion deficit and forcing FTX to file for bankruptcy. Investigations uncovered that customer funds were misused to cover Alameda's losses and fund lavish expenditures. In March 2024, Bankman-Fried was sentenced to 25 years in prison for fraud, marking one of the most significant financial frauds in recent history. The FTX collapse not only resulted in massive financial losses for investors but also prompted increased regulatory scrutiny of the cryptocurrency industry.

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