FTX Founder Sam Bankman-Fried Faces Fraud Charges After Crypto Exchange Collapse

SBF built the crypto exchange FTX and hedge fund Alameda Research. He traded on his own exchange, using customer funds.

When crypto prices crashed, FTX experienced a bank run and collapsed, with billions missing. SBF was arrested for fraud.

SBF aimed to earn massive wealth and donate it effectively to global problems. His eccentric persona seemed genuine.

Many wanted to believe SBF would solve problems given his wealth. But the losses are abroad while US anger is intense.

The saga shows issues of misaligned incentives, poor oversight in crypto, and the appeal of a wealthy savior figure.