Let's talk about the whole process of SBF from fame to the current downfall.

Yamini003

I believe some people probably don't understand what SBF is. Is it a person, a thing, or something else? I believe many people are not very familiar. So I found some information to write about my understanding of SBF.

SBF - Soaring to the Peak

Firstly, he is a person, and his Chinese name is Sam Bankman-Fried. But most people are accustomed to calling him by his English abbreviation, SBF. His appearance is also quite eye-catching, often appearing in public with an explosive hairstyle. Born in 1992, he became one of the two young people in the world to earn $20 billion before the age of 30, with the other being Facebook founder Zuckerberg.

He initially made a name for himself in the cryptocurrency world when he discovered that arbitrage between cryptocurrencies could generate huge wealth. So he founded a trading company named Alameda Research (note this company, as it will be a key player in SBF's story). The company specializes in cryptocurrency arbitrage operations. At its craziest, he made millions of dollars in a single day.

Later, SBF became famous for Alameda's achievements, and many began to refer to him as the "wonderboy of the cryptocurrency world." With the praise of many, SBF's ambitions grew larger. In 2019, he founded FTX, which later became the origin of many evils in the cryptocurrency world, and issued its currency, FTT. In these years, FTX became a disruptor and creator of rules in the industry, funding numerous companies on the verge of bankruptcy. Many insiders even referred to him as the "JP Morgan of the cryptocurrency world."

SBF - Falling from Grace

However, just a few years after people enthusiastically praised him, a cold winter came to the cryptocurrency world. Although this temporary downturn did not have much impact on FTX at the time, the cryptocurrency media CoinDesk released a report claiming that most of Bankman's Alameda company's assets on the books were FTT coins issued by their own exchange, FTX. It alleged that FTX was playing with investors, calling it a "Ponzi scheme" in the cryptocurrency world. After this news, most investors in the cryptocurrency world began to sell FTT, and another leading cryptocurrency exchange, Binance, officially announced the liquidation of FTT.

In this way, FTX eventually fell. SBF went from being praised as a genius by thousands to being despised as a pariah by thousands. The future awaiting SBF is one lawsuit after another, and the end is still not in sight.

Iti9

Heaven and hell are just a thought away!

Jafar224

It's also terrifying not to see the end.

Jiten171

Standing high, falling hard indeed.