{"id":348170,"date":"2023-10-03T18:30:26","date_gmt":"2023-10-03T13:00:26","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=348170"},"modified":"2024-04-03T11:24:37","modified_gmt":"2024-04-03T05:54:37","slug":"sam-bankman-fried-and-the-spectacular-collapse-of-ftx-heres-a-rundown","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/sam-bankman-fried-and-the-spectacular-collapse-of-ftx-heres-a-rundown\/","title":{"rendered":"Sam Bankman-Fried and the spectacular collapse of FTX: Here&#8217;s a rundown"},"content":{"rendered":"<ul>\n<li><em>SBF was accused of misappropriating customer funds in FTX&#8217;s custody.<\/em><\/li>\n<li><i>Experts noted that the chances of SBF&#8217;s conviction were high.<\/i><\/li>\n<\/ul>\n<p>Once seen as the face of cryptocurrencies, disgraced entrepreneur Sam Bankman-Fried (SBF) awaits his fate as he gets ready for the criminal trial beginning on <a href=\"http:\/\/ambcrypto.com\/sbf-cant-blame-ftx-counsel-in-opening-remarks-judge-rules\/\" target=\"_blank\" rel=\"noopener\">3 October<\/a> for his role in what many experts have dubbed as one of the biggest financial frauds in American history.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Is your portfolio green? Check out the\u00a0FTT Profit Calculator<\/p>\n<hr \/>\n<p>The 31-year-old faces multiple charges for his alleged involvement in the high-profile collapse and subsequent bankruptcy of FTX [FTT], which was one of the biggest crypto exchanges in the market during its peak.<\/p>\n<p>Primarily, he is accused of misappropriating customer funds entrusted with the exchange to prop up his crypto trading firm Alameda Research.<\/p>\n<h4>A trip down the memory lane<\/h4>\n<p>According to crypto market data provider <a href=\"https:\/\/research.kaiko.com\/insights\/looking-back-on-ftxs-impact\" target=\"_blank\" rel=\"noopener\">Kaiko<\/a>, FTX made pointed business moves in order to build a foothold in a market otherwise dominated by global behemoths like Binance and Coinbase.<\/p>\n<p>FTX had one of the lowest and, therefore, most attractive fees among top crypto trading platforms. A report published last year noted that FTX charged a taker fee of just 0.07% and a maker fee of 0.02%, in comparison to Coinbase&#8217;s 0.5% for both.<\/p>\n<p>Naturally, lower fees attracted tons of liquidity and individual investors.<\/p>\n<p>Apart from cost advantages, the exchange doled out highly-leveraged and innovative derivatives contracts which attracted risk-seeking traders. In fact, FTX enjoyed an impressive derivatives market share at 15%, compared to just 6% in the spot market.<\/p>\n<figure id=\"attachment_348201\" aria-describedby=\"caption-attachment-348201\" style=\"width: 829px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/BTC-perpetual-contarcts.jpg\"><img decoding=\"async\" class=\"size-full wp-image-348201\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/BTC-perpetual-contarcts.jpg\" alt=\"\" width=\"829\" height=\"366\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/BTC-perpetual-contarcts.jpg 829w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/BTC-perpetual-contarcts-300x132.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/BTC-perpetual-contarcts-768x339.jpg 768w\" sizes=\"(max-width: 829px) 100vw, 829px\" \/><\/a><figcaption id=\"caption-attachment-348201\" class=\"wp-caption-text\">Source: Kaiko<\/figcaption><\/figure>\n<p>Nonetheless, the exchange registered monthly volume of nearly $100 billion at its zenith, which was on par with Coinbase.<\/p>\n<figure id=\"attachment_348203\" aria-describedby=\"caption-attachment-348203\" style=\"width: 806px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/FTX-volume.jpg\"><img decoding=\"async\" class=\"size-full wp-image-348203\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/FTX-volume.jpg\" alt=\"\" width=\"806\" height=\"301\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/FTX-volume.jpg 806w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/FTX-volume-300x112.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/FTX-volume-768x287.jpg 768w\" sizes=\"(max-width: 806px) 100vw, 806px\" \/><\/a><figcaption id=\"caption-attachment-348203\" class=\"wp-caption-text\">Source: Kaiko<\/figcaption><\/figure>\n<p>FTX&#8217;s rise also resulted in a surge in the fortunes of founder and CEO Sam Bankman-Fried.<\/p>\n<p>Prior to FTX&#8217;s collapse, he was ranked the 41st richest American in the <a href=\"https:\/\/www.forbes.com\/profile\/sam-bankman-fried\/?sh=735266fe4449\" target=\"_blank\" rel=\"noopener\"><i>Forbes<\/i> 400<\/a> list and his net worth peaked at $26.5 billion. He spent his fortunes on venture investments, luxury real estate, and even political donations.<\/p>\n<p>However, behind the rosy exteriors, was a cobweb of deception and dirty tricks.<\/p>\n<h4>The empire comes crashing down<\/h4>\n<p>An explosive report by news publication CoinDesk proved to be the undoing of FTX. The investigative story revealed that Alameda Research, FTX&#8217;s sister company, was in possession of a significant amount of FTX&#8217;s native FTT tokens. So much so, that it had more FTT tokens on its balance sheet than the total market cap of the asset at that time.<\/p>\n<p>What heightened scrutiny was the disclosure that Alameda used FTT extensively as collateral for loans issued by FTX.<\/p>\n<p>Imagine an entity accepting collateral in the form of assets which it mints natively. This raised suspicion that FTX was funneling client&#8217;s funds in custody to extend credit to Alameda, a sign of insolvency.<\/p>\n<p>This essentially triggered a bank run on FTX as customers scurried to get their funds out of the exchange. Withdrawal requests worth billions started to overwhelm the trading platform. The world&#8217;s largest exchange Binance announced a bailout deal only to back out of it a day later.<\/p>\n<p>Meanwhile, FTT was in free fall, losing 80% of its value in two days.\u00a0 FTT&#8217;s collapse led to a rapid unwinding of the exchange, with a multi-billion-dollar hole in its balance sheet.<\/p>\n<figure id=\"attachment_348237\" aria-describedby=\"caption-attachment-348237\" style=\"width: 977px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/FTT.jpg\"><img decoding=\"async\" class=\"size-full wp-image-348237\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/FTT.jpg\" alt=\"\" width=\"977\" height=\"361\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/FTT.jpg 977w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/FTT-300x111.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/FTT-768x284.jpg 768w\" sizes=\"(max-width: 977px) 100vw, 977px\" \/><\/a><figcaption id=\"caption-attachment-348237\" class=\"wp-caption-text\">Source: Kaiko<\/figcaption><\/figure>\n<p>Eventually, SBF stepped down as CEO of FTX and the exchange filed for bankruptcy protection on the same day. SBF&#8217;s empire, which was allegedly built on hard-earned money of unsuspecting traders, came crumbling down.<\/p>\n<p>As of 10 March 2023, his net worth was reduced to just $4 million.<\/p>\n<p>Kaiko&#8217;s research highlighted the profound impact of FTX&#8217;s collapse on the broader crypto market. Global exchange liquidity has been cut in half, and market depth is still a long way from restoring to pre-collapse levels.<\/p>\n<figure id=\"attachment_348244\" aria-describedby=\"caption-attachment-348244\" style=\"width: 874px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Market-depth.jpg\"><img decoding=\"async\" class=\"size-full wp-image-348244\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Market-depth.jpg\" alt=\"\" width=\"874\" height=\"373\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Market-depth.jpg 874w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Market-depth-300x128.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Market-depth-768x328.jpg 768w\" sizes=\"(max-width: 874px) 100vw, 874px\" \/><\/a><figcaption id=\"caption-attachment-348244\" class=\"wp-caption-text\">Source: Kaiko<\/figcaption><\/figure>\n<h4>Odds stacked against SBF?<\/h4>\n<p>As SBF goes on trial, talks around the outcome of the case have taken center stage. Former official of the U.S. Securities and Exchange Commission (SEC) <a href=\"https:\/\/twitter.com\/JohnReedStark\/status\/1708836671813239215\" target=\"_blank\" rel=\"noopener\">John Reed Stark<\/a> listed out three reasons which could lead to his conviction.<\/p>\n<p>Stark noted that testimonies by high-profile corporate insiders, including Caroline Ellison &#8211; the former CEO of Alameda Research, to reduce their own criminal sentences, would play a big part in SBF&#8217;s implication.<\/p>\n<p>Secondly, the authorities had access to a mountain of incriminating proof against the disgraced tycoon. He particularly praised restructuring officer John J. Ray for his work in gathering all the evidence.<\/p>\n<p>Last but not least, Stark blamed the &#8220;blabbermouth syndrome&#8221; of SBF for his own downfall. His &#8220;public-relations campaign&#8221; during which he gave numerous interviews could be used by the prosecution to reveal inconsistencies in his statements, the ex-SEC official said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sam Bankman-Fried faces multiple charges for his alleged involvement in the collapse and subsequent bankruptcy of crypto exchange FTX.<\/p>\n","protected":false},"author":80,"featured_media":348251,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,44,66,3,4,20],"tags":[],"class_list":["post-348170","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-global-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Sam Bankman-Fried and the spectacular collapse of FTX: Here&#039;s a rundown - 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