Posted 3/25/2024, 9:00:00 AM
FTX Founder Sam Bankman-Fried Convicted of $10 Billion Crypto Fraud After Rapid Rise and Fall of His Exchange
- Launched cryptocurrency exchange FTX in 2019, grew rapidly during COVID-19 pandemic
- Seen as savior and white knight in crypto space, acquiring multiple distressed assets
- FTX collapsed in November 2022 due to liquidity crisis, $10B in customer funds lost
- Federal prosecutors filed criminal and civil charges against SBF and top executives
- Convicted in November 2023 of fraud for stealing at least $10B from customers and investors
