FTX was the world’s third-largest cryptocurrency exchange when it collapsed in November 2022, evaporating $32 billion in value in a matter of days and leaving an estimated one million creditors holding the bill. Founder Sam Bankman-Fried had secretly funneled customer deposits into his affiliated trading firm Alameda Research, using them to fund risky bets, political donations, and a lavish lifestyle — all while positioning himself as the good-guy billionaire who would give his wealth away. SBF was arrested in the Bahamas, extradited to the United States, convicted on all seven counts of fraud and conspiracy, and sentenced to 25 years in federal prison.
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