A teenager's million-dollar gamble.

In 2017, at just 25 years old, Sam Bankman-Fried (referred to as SBF) was just an ordinary graduate of MIT. However, he had a heart that was unwilling to be ordinary. That year, he discovered an arbitrage opportunity in the cryptocurrency market—there were differences in Bitcoin prices across different exchanges. He assembled a small team of just a few employees, transferring millions of dollars in a single day, earning astonishing profits with each transaction. He said, 'It was like picking up money in front of an ATM.'

This gambling-style operation quickly made SBF a legendary figure in the industry. His next bet was to build his own cryptocurrency empire—FTX.

The glory and ambition of FTX.

In 2019, FTX was officially established. This cryptocurrency exchange was not just a trading platform, but more like a brand new financial laboratory. SBF launched innovative leveraged products, futures trading, and even allowed users to bet on the occurrence of certain events. In just a few years, FTX grew from an obscure small company to one of the top three cryptocurrency exchanges in the world.

At the same time, SBF, with his 'down-to-earth' image, won countless fans. Dressed in cheap t-shirts and sweatpants, he gave the illusion of being 'approachable.' He publicly stated that he would donate the vast majority of his wealth to charity. On his desk were not stocks but (Harry Potter) novels. He became the 'white knight' of the crypto world.

However, no one knew that this 'white knight' was actually standing on the beach.

The onset of the crisis.

In November 2022, a leaked financial report revealed the secrets of FTX and SBF. It turned out that FTX's sister company, Alameda Research, heavily relied on FTX users' funds for high-risk investments. Worse still, these funds were not authorized by users but were secretly transferred by SBF.

Once the news broke, FTX users began to panic and withdraw their funds. However, when users found they were unable to withdraw, panic quickly spread. In just a few days, FTX transformed from a trillion-dollar crypto giant into a bankrupt company. SBF also went from billionaire to public enemy.

His reaction: An absurd performance.

After the company went bankrupt, SBF did not disappear. He began to accept round after round of media interviews, trying to justify himself. He frequently spoke on Twitter and even appeared on shows saying, 'I never intended to steal money; it was all a mistake.'

But these justifications not only failed to restore his reputation but also made the public angrier. His 'naivety' was seen as another form of arrogance.

The scars behind.

The collapse of FTX caused millions of investors to suffer huge losses. Some placed their life savings on FTX, only to lose everything overnight. An Indian programmer even lost the opportunity to pay for his child's medical expenses because his account was frozen. He desperately shouted on social media, 'SBF, you ruined my life!'

Meanwhile, SBF was charged by U.S. prosecutors with wire fraud, money laundering, and securities fraud. He could face decades in prison.

The unfinished legend.

Nevertheless, this story is far from over. SBF's trial is still ongoing, and his personal life has also become the focus of media scrutiny: whether his close circle was involved in the fund operations has also become a key point of investigation.

Perhaps in the future, his story will be made into a movie, becoming another 'Wolf of Wall Street.' But regardless, this dramatic change from glory to collapse has already become one of the most lamentable chapters in cryptocurrency history.

Is SBF a genius or a fraud? Is it the end of luck or the temptation of greed? This story is more complex and thought-provoking than any business blockbuster we have seen. Perhaps this is the essence of the crypto world: a wilderness full of opportunities, but also full of traps.

Welcome to leave a message for discussion: What do you think of this absurd legend?