FTX Looked Untouchable Until Customers Asked for Their Money
TL;DR: In November 2022, cryptocurrency exchange FTX collapsed within days after customers tried to withdraw their funds, revealing that billions of dollars had been secretly transferred to a related trading firm. Founder Sam Bankman-Fried was sentenced in 2024 to 25 years in prison for fraud, demonstrating that even platforms backed by celebrity endorsements and venture … Read more