Sam Bankman-Fried and The FTX Collapse, Explained

The 2022 crypto scene has been full of headline-grabbing sagas. In just a span of seven months, major projects in the crypto space have fallen hard from grace. First, it was Terra, then shortly after Celcius, then Three Arrows Capital, then Voyager, and now the latest inductee to the crypto hall of shame, FTX.

Yes, one of the biggest crypto exchanges in the world filed for bankruptcy on the 11th of November. Millions have suffered both mentally and financially shortly after the collapse of FTX.

In this video, let's disclose the chain reactions that eventually led to the fall of FTX, followed by the bankruptcy of FTX's CEO, Sam Bankman-Fried.

Links:

Timestamps:
00:00 Intro
00:39 Issues with Alameda Research
01:54 Public statement from CZ, Binance
02:22 Final trigger of the fall
03:15 During the fall
05:50 The ripple effect & aftermath
07:42 How to stay safe in crypto

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[CoinGecko]

This ongoing FTX saga has taken many crypto veterans by surprise, to say the least, and even some of us at Coingecko took some hits - our heart goes out to anyone affected by this tragic turn of events. 💚

[OurCryptoLife]

It's crazy and kind of scary how such a big company like FTX burned that fast to $0. I'm a huge MLB fan and I constantly saw the umpires wearing FTX shirts and gear. Really makes you open your eyes!

[musaabdulkabir]

@coingecko where did you get this girl from?

[stevem]

Don’t need the background music to assimilate information. Switched off

[codegreenie]

I use Exodus wallet and have my keys written in my book. I don't care what exchanges offers. Even Binance can get hacked!