Once a Savior, Then a Scandal

It started like a dream.

In the crypto bull run of 2020–2021, FTX wasn’t just another exchange — it was the exchange. Founded by Sam Bankman-Fried (SBF), a curly-haired math prodigy from MIT, FTX was fast, intuitive, and globally respected. Sam was young, eccentric, and obsessed with “effective altruism.” He promised to earn billions — just to give it away.

At its peak, FTX was worth $32 billion. Sam was hailed as the "JP Morgan of Crypto". He rubbed shoulders with presidents, bought Super Bowl ads, and even proposed to donate $1 billion to U.S. political campaigns.

But behind the curtain, it was all built on lies.

The House of Cards

FTX and Alameda Research, SBF’s trading firm, were supposed to be separate. But they weren’t.

Sam was secretly funneling customer funds from FTX into Alameda, propping up his own bets, funding political donations, buying luxury real estate, and making risky investments. The books were murky, oversight was nearly nonexistent, and basic financial controls were ignored.

It wasn’t just mismanagement. It was fraud.

In late 2022, a leaked balance sheet showed that Alameda’s assets were heavily inflated with FTT — FTX’s own token. The revelation…