Sam Bankman-Fried and his crypto companies poured billions of dollars into the industry after the Terra-Luna stable coin crisis. As recently as September, Bankman-Fried told CNBC that his exchange, FTX, had $1 billion in cash cash to deploy at any given moment
It seemed like Bankman-Fried had become the so-called ‘white knight’ of crypto, the lender of last resort for an entire industry. And for a while, things were looking up. The price of bitcoin and other currencies leveled out and developers continued to build new projects.
But now? Nearly six months to the day after Terra Luna collapsed, FTX has filed for bankruptcy protection and Bankman-Fried faces investigations from U.S. regulators and the Department of Justice.
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The Fall Of FTX And Sam Bankman-Fried
