The saga around the fall of cryptocurrency exchange FTX and the trial of its CEO Sam Bankman-Fried is still a shock to many as a result of the large amount of losses recorded. FTX collapsed in November 2022 leading to widespread losses which plunged the cryptocurrency exchange to lows not recorded in a month.
The FTX impact on the market was increased due to the earlier collapse of Terra’s algorithm stablecoin. The fall of the exchange revealed a whopping $8 billion hole in accounts with users staking the claims.
Prosecutors Charge Bankman-Fried On Seven Counts
US prosecutors swung into action leading to the arrest of Bankman in Bahamas and his extradition to the United States. Charged with seven counts of fraud, regulators sought to recover all user funds while proposing new regulations in the market.
His associates, Caroline Ellison, Ryan Salame, Nishad Singh, and Gary Wang were also charged. All four pleaded guilty and took deals before the trial of Bankman-Fried. After a tr
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