The Collapse Of FTX: Insiders Tell All | CNBC Documentary

Former billionaire, Sam Bankman-Fried, saw a meteoric rise as crypto's golden boy and an even more spectacular fall from grace as his $32 billion cryptocurrency exchange, FTX, collapsed in a matter of days. FTX customers and investors around the world watched in shock as a single tweet ignited a series of events that ended with the former crypto titan facing a dozen federal charges and waiting for trial behind bars. FTX customers, investors and employees were devastated to learn that $8.9 billion dollars in customer’s funds went missing from the exchange.

In this documentary, CNBC’s Kate Rooney speaks to the people most impacted by the fall of Bankman-Fried’s crypto empire. The in-depth documentary includes a candid interview with former President of FTX US who reveals what it was like to work directly for Bankman-Fried and what red flags concerned him most about the company. FTX investor, Anthony Scaramucci, tells all about his front-row seat to the collapse and what it was like to visit SBF while his empire was crumbling around him.

Rooney’s reporting also uncovers first-hand accounts from FTX customers who share the impact of their catastrophic losses, and pull no punches when discussing what lured them into SBF’s house of cards. And far beyond SBF’s rise and fall, the documentary explores the battle that lies ahead over the missing billions, and whether customers will ever get any of their money back.

Chapters:
00:00 – Introduction
02:43 – The rise of SBF
07:40 – FTX implodes
16:01 – Bahamian hideaway
25:37 – The missing billions
31:46 – Recovering the cash

About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more.

Connect with CNBC News Online

#cnbc
#Crypto

The Collapse Of FTX: Insiders Tell All | CNBC Documentary

[paladro]

its not a complex story, he broke contract language, stole depositor money, gambled it on alt-coin, spending untold millions on celebrity marketing and lobbyist influence peddling, all while skimming off the top for himself and his family... exactly zero about this is revelatory or unique when it comes to fraud and scams, he lied to customers and stole their money.

[TheNinnyfee]

He didn't even have an accountant yet all the finance magazines featured him. Gross negligence on their part.

[HabitualLine-Stepper]

His parents' involvement is telling...

They both extracted actual capital and social capital from their son's business, whilst doing their best to stay just on the right side of legal...

At no point did they tell their son to stop; the cash and status corrupted them... The father's determination to feature in the FTX advert starring Larry David is also telling...

[Stretchst]

Whose here after he was found GUILTY of all 7 charges put against him? He now faces up to 150 years in prison.

[handlealreadytaken]

CNBC had a direct hand in propping this guy up and putting it in his head that he's a god. Funny how they only get critical about him and FTX now that's it's 6 months after the collapse.

[WallStreetBruh]

I thought timestamps might be useful, so have fun:

00:30 📈 SBF's rise led to FTX's $8.9B loss.

01:26 💔 Trust in FTX resulted in major losses.

03:29 💼 FTX grew to a massive exchange.

08:00 🚩 FTT misuse triggered FTX's downfall.

11:52 📉 Binance's tweet caused FTX's collapse.

23:21 💰 Some insiders believed FTX was profitable.

25:46 🛬 SBF faced charges; associates pleaded guilty.

27:43 📉 Caroline admitted fund misuse at Alameda.

30:11 💸 Only Japan customers withdrew funds.

35:54 🤔 Some still trust crypto, blame SBF, not the industry.

[royed]

I cannot believe how few people are being charged over FTX .

[viviancarolgioao]

A round of applaud for the great analysis and breakdown of personal perspective. I woke up to the sad news by FTX. The market circumstances are driving me insane, my portfolio has lost almost $18500 this month alone, my earnings are tanking, and I can't see how my retirement will go smoothly when I can't even increase my stagnating reserve. I wonder whether those who lived through the 2008 crash had it easier.

[Sirius-mezy]

When celebrities say it safe, we have to go the opposite way

[anjolatope-babalola]

Cnbc is still being friendly and speaking nice about binance

It wont suprise me that after binance crashes we would see a similar documentary

[JosephReynolds]

We are currently in the jaws of the worst bear markets I have seen, the average stock has been cut in half, and the only way to make money this year has been to either short or to trade long in very short time frames. I'm still at a crossroads deciding if to liquidate my dipping $117k stock portfolio, what’s the best way to take advantage of this bear market?

[franciscogomes]

The guy with the chain, Versace shirt and BAPE pants is personification of crypto bro

[TheVizions]

To gamble 174k, down to 19k, & then put the 19k back on the SAME table to roll the dice again is MENTAL ILLNESS! He looked insane saying it…..😔

[adamcrain]

My jaw actually fell open when dude said he would take 11 cents on the dollar in bankruptcy recovery and put it back into crypto. I've rarely in my life yelled at my computer before...

[jamesnavas]

Larry David's old Superbowl commercial aged well 😂

[randomcon]

To be fair, when I heard that interview when SBF said his goal was to donate all his money… I instantly thought this guy was not trustworthy. No one starts a trading firm for charitable purposes…

[mikea]

It's concerning how many people are investing money they don't have and/or can't stand to lose

[ChiefKene]

It’s funny they are only focusing on Sam. You have his parents, his brother, politicians, famous celebrities, famous investors, lawyers, and new publications and tons of other interested parties that should be investigated and tried.

[LenaSchweizer-ffxy]

Treasury rates are rising quickly, the markets are collapsing, inflation is skyrocketing, and the Fed is imposing a significant interest rate hike—all of which will result in further losses for portfolios this quarter. How can I take advantage of the present market volatility? I'm still undecided about whether to sell my $125, 000 worth of bonds and stocks.

[shoylu]

Love it when journalist never ask hard questions.