#FTXrepayment

The collapse of FTX, once a leading cryptocurrency exchange, unfolded in November 2022 after reports revealed its founder, Sam Bankman-Fried (SBF), had secretly funneled billions in customer funds to his hedge fund, Alameda Research, for risky bets. As withdrawals surged, FTX faced a $8 billion shortfall, prompting a failed bailout attempt by rival Binance. FTX filed for bankruptcy, erasing SBF’s $16 billion fortune. Investigations exposed reckless mismanagement, including unsecured loans and political donations.