The rise and fall of FTX is one of the most staggering examples of corporate fraud in history. Sam Bankman-Fried transformed a startup into a $32 billion powerhouse in record time, becoming the face of the crypto industry. From high-profile Super Bowl commercials to influencing national policy in Washington D.C., he cultivated an image of a genius billionaire who was destined to redefine global finance. However, the reality was a carefully constructed house of cards. Beneath the surface, FTX was illegally moving billions of dollars in customer funds to its sister company, Alameda Research. This secret pipeline was used to fund high-stakes trades and luxury lifestyles, violating the most fundamental rule of banking: never gamble with your clients’ money. The breaking point arrived in Nove
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