Sam Bankman-Fried, once celebrated as crypto's poster child, was revealed to have commingled $8B of customer funds with his hedge fund Alameda Research. The collapse took 9 days from CoinDesk's report to bankruptcy filing. SBF was convicted on 7 counts of fraud in November 2023, sentenced to 25 years. The FTX collapse accelerated regulatory focus globally and ended the era of 'too big to fail' crypto exchanges.
attack·November 11, 2022
FTX Bankruptcy
Second-largest crypto exchange collapses overnight after CoinDesk reveals Alameda-FTX balance sheet irregularities.