FTX - Sam Bankman-Fried's 32 Billion Dollar Failure

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Sam Bankman-Fried was the face of the crypto world before it all came crashing down around him. Sam founded Alameda Research and FTX where the former was a crypto firm and the latter was a crypto exchange. Both of his companies created him a net worth of $26 billion dollars but now he literally has a negative net worth. Sam’s net worth hit that peak in the same year it also plummeted. How could that be? How could someone fall so far and so quickly?

Losing tens of billions of dollars and being extradited out of the Bahamas to appear in a United States court is not a rock bottom that I want to hit anytime soon. It all fell apart when the CEO of Binance tweeted that he was going to liquidate all of the crypto that Sam and his colleagues had made up called FTT. The problem with that is FTT was the only real asset that Alameda or FTX had and I’m using the term “real asset” loosely. Once that tweet was sent people started to bail on FTT and FTX in a hurry and unfortunately for Sam he didn’t have any money for people to trade in for. Oops.

Sam Bankman-Fried is currently out on a $250 million dollar bail. Most of his former colleagues have already pleaded guilty to their crimes so things are not looking good for Sam. Let us know what you think of the whole situation in the comments and thank you for watching!

Written by: Nathan Council
Narrated by: Nathan Council
Edited by: Gonzo Lugo

CHAPTERS:
00:00 Intro
00:21 FTX’s Rise
02:49 FTX’s Fall
05:20 Outro
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I hope Justice is served to the people who loses their money

darionrobinson
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they just didn't see it coming like big investors and well known hedge funds seemed not to be smart enough to run audits in a company they are funding but instead decided to trust a bunch of friends with no prior experience to run a billion dollar worth company. I'm really freaked out billions of dollars are gone just like that

kamgaingkjordan
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And the best way to get SBF to cooperate is to tell him, "We're putting you in the same cell as Epstein."

neowuwei
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It's just amazing how much Sam can talk so much shite and people eat it up🤣

meric
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100 grand salary means nothing if you use your investors money as your own piggy bank 🤔

bryanthompson
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YOU JUSTS CAN'T MAKES YOUR OWN MONEY!! THAT'S WHY THEY ARE IN THE FEDERAL PRISON

Tammy
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This is what happens when funds invest in someone because they sound smart look nerdy went to the right schools and came from the right family.
They didnt look into the business at all and totally ignored all of the character flaws like playing video games on a hedge fund call.
Yet there are plenty of entrepreneurs with solid business models that cant get funded because they dont meet the BS test they use. Well jokes on you now. Gotcha

mrgirth
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Glad my moneys in the bank in the form of loans to me 😂😂😂

bigupthebeast
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🤣 least he's rich so his parents could always bail him out I'd say he'd got off really easily and he committed a bigger fraud than most CEOs would

meric
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He strayed from the straight path after Frodo left him.

Elaba_
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I trust gas station sushi over this guy!

bearing_aficionado
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Lol 🤣 he made a very good how to fail tutorial

Grinwa
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Sam Bankman-Fried borrow lots of money from many companies

basook
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no no he is sam swiss bank man. or some other secret bank with the loot

auro
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This is worst, to the people who invest at FTX I felt so sad, hopefully there money back.

reynaldo_santos
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MONEY ALWAYS HAS A TRAIL & THEN OTHER PEOPLE TRIED TO GETS RICH THROUGH THIS SCAM

Tammy
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-> 🤔 Maybe We're The 1st Spiritist* Pop-Metal Or Rock Band In This World...
But Don't Pay Much Attention To Our Neanderthal English, HaHa ❤ HaHa
*NOTE:
-> Spiritist is who professes Spiritism, the Gospel continuation
It has began with the books by Allan Kardec and continued in the books by Francisco C. Xavier, the greatest and more important medium/prophet of spirits of the last centuries...

KARYTTAH_PopMetal_Rock_BAND
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He's in it saying guys come on. He just he's just a kid

imhungry
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Old news man this is same information as every other video…

drecapi