The Rise and Fall of Sam Bankman-Fried’s Crypto Empire

The Rise and Fall of Sam Bankman-Fried’s Crypto Empire
Illustration by The Epoch Times. Craig Barritt/Getty Images
Andrew Moran
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The collapse of cryptocurrency exchange FTX sent shockwaves throughout global crypto markets, and the unfolding developments involving founder and onetime CEO Sam Bankman-Fried have drawn the attention of Washington lawmakers. From a $32 billion empire to a bankrupt company, the saga persists.
But it might be important to take a step back to understand what exactly occurred. 

The Early Days of FTX 

In May 2019, Bankman-Fried and former Google employee Gary Wang launched FTX. Within two years, it had become the third-largest crypto exchange by volume with more than a million users. That allowed the company to raise $900 million in July 2021 during a single funding round as the firm was valued at $18 billion. For months, FTX raised hundreds of millions of dollars from dozens of investors amid elevated valuations. 
Andrew Moran
Andrew Moran
Author
Andrew Moran has been writing about business, economics, and finance for more than a decade. He is the author of "The War on Cash."
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