Sam Bankman-Fried (SBF), the former CEO of FTX, once considered a rising star in the crypto industry, has faced a fall from grace due to mismanagement and allegations of fraud. After a CoinDesk article revealed a lack of diversification and close ties between FTX and Alameda Research, FTX's balance sheet was leaked, showing $9 billion in liabilities and poorly labeled entries indicating a negative $8 billion balance. FTX failed to produce audited financial statements, causing panic among investors when they blocked customer withdrawals and ultimately filing for bankruptcy. Bankman-Fried has since been arrested and charged with wire fraud, securities fraud, and money laundering, among other charges.
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