**The Rise and Fall of FTX and Sam Bankman-Fried: A Saga of Fraud and Mismanagement**.
**Introduction**.
The collapse of cryptocurrency exchange FTX and the subsequent arrest of its founder, Sam Bankman-Fried, sent shockwaves through the financial world. FTX, once valued at $32 billion, filed for bankruptcy in November 2022, leaving millions of customers and investors devastated. This article delves into the rise and fall of FTX, examining the factors that led to its demise and the wider implications for the cryptocurrency industry..
**The Rise of FTX**.
Sam Bankman-Fried, a former Wall Street trader, founded FTX in 2019. The exchange quickly gained popularity due to its user-friendly platform, low fees, and wide range of cryptocurrencies available for trading. However, FTX’s success was not built on solid fundamentals..
**Fraud and Mismanagement**.
FTX operated in a regulatory gray area, exploiting the lack of oversight in the cryptocurrency sector. Bankman-Fried used customer deposits to fund risky investments and make speculative bets, a practice known as .
