How SBF collapsed FTX!
Sam Bankman-Fried, the CEO of FTX, one of the world's largest cryptocurrency exchanges, has been arrested and is facing charges of wire fraud, securities fraud, and money laundering. Bankman-Fried had been hailed as a genius and the “king of crypto” who had become a famous philanthropist with an estimated $16 billion, as well as a major Democratic contributor.
The collapse of FTX was triggered by a series of lies and deceptions, such as falsely portraying its booming image while in reality it was deeply in debt. Reports estimate that at least $1 billion in consumer cash vanished. Bankman-Fried has been accused of scamming FTX investors on his own and was released on a record-breaking $250 million bail. His former supporters and fans have begun to distance themselves from him.
Bankman-Fried made his fortune by doing “cryptocurrency arbitrage” and eventually started his own cryptocurrency exchange, FTX. It allowed riskier trades than other exchanges and let people make bets with a lot of leverage. He became a well-known example of how the ultra-rich can use their money for good, and the September issue of Fortune had him on the cover. He had already promised to give away 99 percent of his wealth and started the FTX Foundation to improve animal welfare and fight global poverty.
In the past year, Bankman-Fried had become a major political donor, spending almost $40 million on the midterms and even testifying in front of Congress about crypto regulation. Some politicians, like Senators Dick Durbin (D-IL) and Kirsten Gillibrand (D-NY), are now giving Bankman- Fried's money to charity. He had also made plans to spend up to $1 billion on politics in 2024 if it meant stopping Donald Trump.
The case of Bankman-Fried is a cautionary tale about the dangers of trusting too much in the power of money. It also serves as an example of the importance of being honest and transparent when running a business. It's a lesson to all entrepreneurs that despite the best of intentions, if you're not careful, you can end up losing it all.
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