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Vishu Bheda

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Medial • 1y

Wall Street called him the new JP Morgan. At only 29, he was worth $26 billion. Reality? He is one of the worst scammers in history. Here's the wicked story of the crypto prodigy: Sam Bankman-Fried (SBF) was the founder of FTX, a cryptocurrency exchange once worth $18 billion. He presented himself as someone who wanted to make the world better. He was donating millions to good causes and sponsoring big events like sports leagues to promote FTX. However, behind the scenes, SBF was misusing customer money. He funneled it into risky investments through his other company, Alameda Research. In 2022, this secret was revealed, leading to FTX’s collapse. Customers lost $8 billion in the process. SBF was arrested in December 2022, convicted of fraud in 2023, and sentenced to 25 years in prison in 2024. This scandal highlights why strong rules, transparency, and careful research are essential to protect people in fast-changing crypto world. Follow Mr Z for more amazing content!

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