Timeline: The downfall of Sam Bankman-Fried and the colossal failure of FTX

📆 3/28/2024 6:08 PM
📰 mercnews

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Sam Bankman-Fried went from cryptocurrency golden boy to the face of the industry’s collapse.

FILE – FTX founder Sam Bankman-Fried, center left, is escorted out of Magistrate Court following a hearing in Nassau, Bahamas, Dec. 19, 2022. Bankman-Fried, charged with a host of financial crimes, was arrested in the Bahamas on Dec. 12, 2022. The founder and former CEO of the massive cryptocurrency exchange FTX was sentenced to 25 years in prison Thursday after being convicted of fraud for stealing at least $10 billion from customers and investors.

Nov. 10: Cryptocurrency lender BlockFi announced it is “not able to do business as usual” and was pausing client withdrawals as a result of FTX’s implosion. Nov. 17: Ray gives a damning description of FTX’s operations under Bankman-Fried, from a lack of security controls to business funds being used to buy employees homes and luxuries.

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A timeline of the downfall of Sam Bankman-Fried and the colossal failure of FTXSam Bankman-Fried, the former CEO of the cryptocurrency exchange FTX was sentenced to 25 years in prison after being convicted of fraud for stealing at least $10 billion from customers and investors.
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