The Wolf of Crypto (SBF) Sam Bankman Fried: The FTX Collapse

Sam Bankman-Fried, was arrested for “financial offences” against laws in the US and The Bahamas. According to a court filing, FTX owed its 50 largest creditors almost $3.1bn. Among the most serious allegations against Mr Bankman-Fried is that he used billions of dollars of customer funds to prop up his investment trading company, Alameda.
The man who was once compared to titans of finance like John Pierpont Morgan and Warren Buffett. He was the king of crypto, or more like the wolf of crypto
The saga kicked off on Nov. 2, after a leaked balance sheet from Alameda listed $3.66 billion in “unlocked FTT,” referring to the token of crypto exchange FTX, as well as $2.16 billion worth of FTT collateral. The leaked balance sheet showed a total of $14.6 billion in assets and some $8 billion in liabilities, which include $7.4 billion worth of loans.
Alameda had borrowed from other crypto companies using this pile of FTX-Alameda loyalty card points. It had the FTT because FTX had needed to bail out Alameda after the collapse of Terra-Luna, and sent over its own made-up FTT tokens, claiming these were assets of value.

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