1️⃣ The Rise and Fall of FTX
FTX was once one of the biggest crypto exchanges, valued at $32 billion and led by its charismatic founder, Sam Bankman-Fried (SBF). It was seen as the future of crypto, with high-profile sponsorships, celebrity endorsements, and billions in user funds.
Then, in November 2022, everything collapsed.
✔️ FTX halted withdrawals, leaving users unable to access their funds.
✔️ A leaked balance sheet revealed financial mismanagement, showing that FTX had secretly used customer funds for risky investments.
✔️ FTX filed for bankruptcy, wiping out billions in assets and triggering a market-wide crash.
2️⃣ The Warning Signs No One Saw
🚨 FTX’s sister company, Alameda Research, had massive debts—and was secretly using FTX customer funds to cover losses.
🚨 FTX had no proper financial oversight—despite handling billions in user deposits.
🚨 SBF’s empire was built on trust, not transparency—and when trust broke, everything fell apart.
3️⃣ The Aftermath: Chaos and Arrests
✔️ SBF was arrested—charged with fraud, conspiracy, and money laundering.
✔️ FTX users lost billions, with many still waiting for compensation.
✔️ Crypto markets crashed, wiping out over $200 billion in value.
4️⃣ Lessons Learned
✔️ Centralized exchanges can fail—even the biggest platforms aren’t immune.
✔️ Transparency matters—users must demand proof of reserves before trusting an exchange.
✔️ Regulation is coming—governments are now cracking down on crypto fraud.
#FTXCollapse #CryptoScandal #BitcoinHistory #Write2Earn
This is just the beginning—Season Two will uncover the real stories that shaped crypto history. 🚀🔥 Let me know if you need any refinements!