Sam Bankman-Fried resigned as chief executive of FTX after the cryptocurrency spectacularly collapsed in the space of just 72 hours. Almost a month to the day, officers arrested him in the Bahamas after charges were filed in the US.
FTX was left teetering on the brink of insolvency in early November when larger rival exchange Binance dramaticallyCiting"corporate due diligence" and reports of"mishandled customer funds" at FTX, the company walked away, sending its ailing competitor's native crypto token FTT into oblivion as investors rushed to withdraw funds.
With no other offer on the table, FTX was forced to file for bankruptcy proceedings and its founder, the one-time"Crypto King" quit as chief executive.Advertisement Bankman-Fried himself was used to rubbing shoulders with the elite, having appeared on stage at an event with former prime minister Tony Blair and ex-US president Bill Clinton .
FTT, the token created by FTX, was designed to offer discounts and incentives to the exchange's customers, raising questions about the health of Alameda and spooking Binance boss Changpeng Zhao.
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