Cryptocurrency exchange FTX, once valued at 32 billion dollars, collapsed within days in November 2022 after reporting revealed its founder Sam Bankman-Fried had secretly funneled billions of dollars in customer funds to his affiliated trading firm Alameda Research, triggering a bank run and the exchange's bankruptcy filing. Bankman-Fried was convicted of fraud and conspiracy in 2023 and sentenced to 25 years in prison, and the collapse became one of the largest financial frauds in U.S. history and a major setback for the cryptocurrency industry's credibility.
Facts
Event TypeCryptocurrency collapse 1 Cross-Tradition Connections
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FTX's collapse in November 2022, following revelations that customer funds had been misused, became one of the largest financial frauds in cryptocurrency history and led to its founder's criminal conviction.
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