The crypto community was left shell-shocked in November 2022 when FTX – one of the leading crypto exchange platforms, filed for bankruptcy. Pessimism towards crypto is at an all-time high, with famous investors like Warren Buffet seemingly right about the risks involved.
Investigations into the exchange uncovered gross financial misappropriation and abuse of users’ funds. The disastrous event left many investors seething and funds lost.
According to reports, FTX had allegedly acted unprofessionally and blurred corporate lines between FTX and sister corporation Alameda. The firm supposedly had borrowed funds illicitly from the exchange and sparked an outcry for regulating crypto exchanges. The revelation led to a negative trend in the cryptocurrency market, with exchanges treading cautiously.
In recent events, Sam Bankman-Fried has been arrested in the Bahamas and is facing the possibility of prosecution for fraud.
SBF Arrest And Charges
According to CNN reports, Sam Bankman-Fried,
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