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Revision as of 01:33, 15 December 2022

This page contains spoilers — important plot secrets and/or conclusions may be revealed. For example,
HOLY SHIT FTX COLLAPSED BECAUSE OF FRAUD ON THEIR OWN END, NOT BINANCE!!!1

FTX was a crypto exchange (the second largest exchange, behind Binance) run by Sam Bankman-Fried✡ (SBF), a Jewish-American League of Legends player living in the Bahamas. Founded in 2019, it managed to scam investors out of billions of dollars; before suddenly filing for Chapter 11 bankruptcy on November 11, 2022. With a really rapid collapse happening almost overnight, detectives started to investigate the real cause of the bankruptcy.

Spoiler alert: it was fraud.

The Collapse

SBF Gets Arrested

About a month after the collapse, the American government ordered John Ray III (FTX's new CEO post-bankruptcy) and Sam to testify about the fall of FTX. Soon after, Bahamian authorities arrested Sam; who is currently being extradited to the US in order to testify.

If Sam is found guilty, he could be facing 115 years in prison; which is effectively a life sentence, just like Bernie Madoff's.

See Also

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