12min chapter

The Daily cover image

The Man Who Was Supposed to Save Crypto

The Daily

CHAPTER

FTX's Turmoil and Downfall

This chapter examines the crisis at FTX and Alameda Research, spotlighting the events that led to a mass withdrawal of funds likened to a bank run. It analyzes the decisions made by Sam Bankman-Fried that resulted in the misuse of customer funds and the challenges in maintaining trust during the collapse. The implications of FTX's downfall ripple through the broader cryptocurrency landscape, raising ethical questions about the responsibilities of investors and regulators.

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