Sam Bankman-Fried, the former CEO of the cryptocurrency exchange FTX was sentenced to 25 years in prison after being convicted of fraud for stealing at least $10 billion from customers and investors.
Sam Bankman-Fried went from cryptocurrency golden boy to the face of the industry's collapse. The founder and former CEO of the massive cryptocurrency exchange FTX was sentenced to 25 years in prison Thursday after being convicted of fraud for stealing at least $10 billion from customers and investors. The collapse of one of the largest crypto exchanges in the world shook the digital currency world and sent prices plunging. Here is a timeline of how it happened.2022Nov.
In its bankruptcy filing, FTX listed more than 130 affiliated companies around the globe. The company valued its assets between $10 billion to $50 billion, with a similar estimate for its liabilities. Bitcoin falls 10%.Nov. 17: Ray gives a damning description of FTX's operations under Bankman-Fried, from a lack of security controls to business funds being used to buy employees homes and luxuries. Nov.
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