The Fall of FTX Crypto
It seems incredible that just three weeks ago, the FTX cryptocurrency exchange was valued at $32bn. FTX founder and CEO Sam Bankman-Fried, known as SBF, whose personal wealth was estimated at $16bn, was seen as a financial mastermind and one of the most trusted voices in the Crypto world, he is now facing multiple investigations and possibly criminal ones over the coming months.
Many people are equating the collapse of FTX to the Bernie Madoff affair, whose Ponzi scheme lost over $60bn. There are also accusations that billions of dollars in customer deposits have been secretly transferred to Alameda Research, a hedge fund owned by FTX, where they were used in high-risk investments. Yet more allegations were stated,