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At one level, FTX was on high of the world, with over 1,000,000 subscribers and movie star endorsements starting from tennis nice Naomi Osaka to comedy icon Larry David.
Sam Bankman-Fried – also called SBF – has appeared at occasions with former British Prime Minister Tony Blair and US President Invoice Clinton.
However then questions started to be requested concerning the relationship between FTX and Bankman-Fried's different enterprise, Alameda.
The Securities and Change Fee grew to become concerned. Main crypto agency Binance supplied a bailout after which withdrew it, suggesting there might have been irregularities in how buyer funds have been managed.
FTX entered a loss of life spiral.
With no approach to repay its money owed, FTX filed for chapter in November 2022 – nevertheless it was found that $8 billion in consumer funds have been lacking.
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. At this time, he – and the world – will discover out what his punishment will likely be.