The FTX Collapse: How Sam Bankman-Fried Lost $32 Billion in 10 Days
In early November 2022 FTX was the world’s second largest cryptocurrency exchange valued at $32 billion. Sam Bankman-Fried — known as SBF — was celebrated as a genius philanthropist and the face of responsible crypto. Ten days later FTX had filed for bankruptcy, eight billion dollars of customer funds had vanished, and SBF was under house arrest in the Bahamas. Here is exactly how the fastest collapse of a major financial institution in history happened.