The trial of the former CEO of the bankrupt exchange FTX Sam Bankman-Fried (SBF) is set to begin on October 3. This event could mark the beginning of the end for the disgraced founder as he faces up to 100 years of imprisonment.
In line with this, there is a need to go down memory lane and get familiar with how it all fell apart for the former Billionaire and his Crypto Empire, which included FTX (the third-largest crypto exchange by trading volume as of then)
Pre-Bankruptcy Events
Contrary to what some might think, FTX’s woes didn’t begin when Binance CEO Changpeng “CZ” Zhao tweeted about his company’s intention to liquidate their FTT (FTX’s native token) holdings.
The spotlight was already on the crypto exchange following a Coindesk article released on November 2, 2022, which revealed that FTX’s sister company, Alameda Research, had 71% of its assets in crypto tokens, with FTX’s native token FTT and SOL representing 48% of these assets. This was worrisome because
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