@phuongkaa
🫣 He built a $32B empire - and destroyed it himself.
Sam Bankman-Fried / FTX
• MIT grad, ex–Jane Street quant
• Founded Alameda (2017) → crypto arbitrage
• Launched FTX (2019) + FTT
• Kept most FTT internally
• FTX reached $32B valuation
Behind the scenes
• Alameda lost heavily
• ~$10B moved from FTX
• FTT used as collateral
Nov 2022
• Balance sheet exposed
• Bank run → withdrawals halted
• $8–10B hole → bankruptcy
Outcome
• Convicted on 7 charges
• 25 years in prison
• $11B seized
• $7.1B returned to users (2025–2026)
In crypto, trust is everything.
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