Bloomberg is set to release a new documentary called “Ruin” on October 25th, which explores the interesting journey of FTX, the cryptocurrency exchange founded by Sam Bankman-Fried that went from being a big success to facing serious problems.
FTX experienced rapid growth after its launch in 2019, quickly became one of the world’s largest crypto exchanges under the leadership of Bankman-Fried.
However, in late 2022 both FTX and its sister company, Alameda Research collapsed due to a severe shortage in customer funds. The demise of FTX sent shockwaves through the crypto industry.
Last December, Bankman-Fried was arrested in the Bahamas on charges of wire fraud and conspiracy to commit money laundering. He is currently on trial in New York with prosecutors presenting evidence from former employees and Bankman-Fried’s own communications.
If convicted, Bankman-Fried could face up to 115 years in prison.
The FTX Downfall has had a significant impact on the crypto industry as venture capitalists, who used to invest in cryptocurrency startups have now reduced their involvement in the field.
However, the situation has received extensive media attention with the Bloomberg documentary providing exclusive interviews and footage chronicling FTX’s journey.