🚨 The Crypto Empire That Crashed Overnight
In 2022, FTX, one of the world’s largest cryptocurrency exchanges, imploded in spectacular fashion—wiping out billions in customer funds and shaking the entire crypto industry.
✔️ Founded by Sam Bankman-Fried (SBF), FTX was seen as a crypto savior, backed by celebrities and venture capital giants.
✔️ Behind the scenes, customer funds were secretly funneled to SBF’s hedge fund, Alameda Research.
✔️ When the truth surfaced, FTX filed for bankruptcy, and SBF was arrested for fraud.
This wasn’t just a crypto crash—it was a modern-day financial scandal with global consequences.
💰 The Rise – From Dorm Room to Crypto Royalty
🚨 SBF launched FTX in 2019, promising transparency and innovation.
🚨 The exchange grew rapidly, handling billions in daily trading volume.
🚨 FTX secured naming rights to stadiums, ran Super Bowl ads, and became a symbol of crypto legitimacy.
But beneath the surface, a house of cards was forming.
🔥 The Collapse – A Tweet That Triggered a Meltdown
✔️ In November 2022, a leaked balance sheet revealed Alameda’s heavy reliance on FTX’s own token, FTT.
✔️ Binance CEO CZ tweeted doubts, sparking a bank run on FTX.
✔️ Within days, FTX halted withdrawals, filed for bankruptcy, and SBF resigned.
The crypto world was stunned. Over $8 billion in customer funds vanished.
⚖️ The Fallout – Trials, Trust, and Regulation
🚨 SBF was charged with fraud, conspiracy, and money laundering.
🚨 The collapse led to calls for stricter crypto regulation worldwide.
🚨 Investors, celebrities, and politicians who backed FTX faced scrutiny.
FTX’s downfall wasn’t just a crypto story—it was a cautionary tale about hype, trust, and unchecked power in digital finance.
#FTXCollapse #CryptoScandal #SamBankmanFried #FinancialHistory
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