𝗦𝗮𝗺 𝗕𝗮𝗻𝗸𝗺𝗮𝗻-𝗙𝗿𝗶𝗲𝗱’𝘀 𝗗𝗼𝘄𝗻𝗳𝗮𝗹𝗹: 𝗙𝗿𝗼𝗺 $𝟯𝟮𝗕 𝘁𝗼 𝟮𝟱 𝗬𝗲𝗮𝗿𝘀 🚨☠️

𝗥𝗶𝘀𝗲 & 𝗙𝗮𝗹𝗹

SBF launched Alameda Research in 2017, then FTX in 2019, hitting a $32B valuation by 2021 with Super Bowl ads and celeb hype. In Nov 2022, CoinDesk exposed Alameda’s $8B hole – FTX had loaned customer deposits to Alameda for risky bets and luxury buys. Binance teased a bailout but backed out; FTX filed bankruptcy Nov 11. SBF resigned, got arrested in the Bahamas Dec 12, and was extradited.

Conviction & Aftermath

Ex-GF Caroline Ellison and others testified he orchestrated the $10B+ fraud. Convicted on all seven counts in Nov 2023, he got 25 years in March 2024, plus $11B restitution. Now in a California prison, he’s appealing. FTX bankruptcy recovered $16B, but trust in crypto took a hit.

Lesson:

Hype masked greed – DYOR and diversify to avoid this fate. What’s your takeaway? Drop it below! 👇 #SBF #FTXFall #CryptoLessons #BinanceSquare #FTX

(Trade smart on Binance – low fees! Not advice – DYOR!)