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The Billionaire Who Lost $16 Billion in 24 Hours

In November 2022, Sam Bankman-Fried (SBF), the founder of FTX, one of the largest crypto exchanges, saw his $16 billion fortune wiped out in a single day after reports exposed fraud and mismanagement at his company.

FTX, which was once valued at $32 billion, collapsed when it was revealed that Bankman-Fried had misused customer funds for risky investments. He was later arrested and is now facing multiple fraud charges. The event was one of the biggest scandals in crypto history, shaking investor confidence worldwide.