FTX Founder Extradited to US After $40 Billion Financial Disaster Shakes Crypto World
In a dramatic development that has shaken the crypto world, Sam Bankman-Fried, the founder of cryptocurrency exchange FTX, has been extradited to the United States after being accused of leading the sector’s biggest financial disaster, which cost the sector $40 billion. From a thriving empire to a global scandal, this story has exposed the dark side of the crypto world and sparked a global debate about regulation and transparency.
What happened?
Sam Bankman-Fried was considered the “bright face” of the crypto world, having founded FTX as one of the most popular and growing trading platforms. The platform attracted huge investments and quickly reached the top of the market. But behind the scenes, there was a massive fraud.
The Big Crash:
The crisis began when reports emerged that FTX was using customer funds to fund shady trades run by a sister company owned by Fried. After the news broke, investors rushed to withdraw their funds, causing the platform to completely collapse within days, leaving behind losses exceeding $40 billion.
Global repercussions:
Millions of investors lost their money completely.
The confidence in the digital market collapsed, causing cryptocurrency prices to fall to an unprecedented level.
$ETH $BNB Has this disaster completely changed your view of it?
