The rise and fall of FTX, the cryptocurrency exchange led by Sam Bankman-Fried, is the subject of a new documentary released by Bloomberg. The film provides an in-depth look at the history of FTX, including its foundation and eventual collapse. It features exclusive insider information and interviews with key players in the rise of digital assets. Bankman-Fried, who grew up in a privileged academic environment, showed an early aptitude for mathematics and went on to study physics and mathematics at MIT. After working at Jane Street Capital, he founded Alameda Research, which eventually became one of the world’s largest producers of digital tokens. Bankman-Fried and his team later launched FTX, which quickly gained attention in the crypto market. Despite presenting himself as an altruistic billionaire with a simple lifestyle, Bankman-Fried was known to spend millions on luxury apartments and private jets. FTX relocated to the Bahamas in 2021 to take advantage of more favorable regulations. However, the beginning of the end for FTX came with the drop in price of its token, FTT. Binance founder Changpeng Zhao’s tweet about selling FTT triggered a sharp decline, revealing the close ties between Alameda and FTX. The collapse of FTX led to liquidity problems and bankruptcy filings for multiple affiliated firms. Sam Bankman-Fried is currently facing charges of fraud and deception, with a potential prison sentence of up to 115 years if convicted.
By
By
By
By
