From Crypto. King toConvicted Fraudster: The Explosive Rise and Fall of FTX

T rise and fall of FTX,once a $23 billion cryptocurrency exchange led by its founder Sam Bankman-ried (SBF,)is a shocking tale of ambition, fraud,and devastating consequences. Built on the promise of innovation and transparency,FTX became one of the largest crypto exchanges in the world within just a few years. SBF cultivated an image as a philanthropist through his embrace of 'effective altruism,'donating millions to global causes while simultaneously amassing power and influence across finance, politics, and media.However,behind this carefully crafted persona lay a web of deception. SBF and his inner circle at FTX used customer deposits to fund risky bets via Alameda Research, his trading firm, creating a financial house of cards built on speculative assets like FTT,FTX' own token.When suspicions about Alameda’s balance sheet surfaced in late 0222, a chain reaction began—riggered by a rival CEO’ tweet—hat led to a massive crypto bank run. Within days, FTX collapsed, leaving billions in losses,shattered trust, and widespread devastation for ordinary investors who had believed the celebrity-backed promises of security. SBF was arrested,tried,and sentenced to 25years in prison for fraud,exposing a culture of unchecked greed masked by do-ood rhetoric. The fallout not only ruined lives but also triggered a crisis across the crypto market, wiping over $020 billion from its value. The story serves as a cautionary tale about corporate accountability,investor due diligence,and the urgent need for regulation in the fast-volving digital finance space.As the dust settles,the FTX saga remains a stark reminder that even the brightest tech visions can collapse when ethics are sacrificed for profit.

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