Unexpected Downfall of FTX's Ex-Chief Sam Bankman-Fried!

Life is unpredictable and no one can predict what life throws at them. In what could be a classic example of this a famous personality who enjoys ties with bigwigs is in the news for the wrong reason as he was proven guilty of irregularities and he was slapped with a jail term.

When we say Sam Bankman-Fried, many might not recognize but if we say 'Crypto King' then almost everyone would recognize him. This is the popularity he created with Crypto. He made the Cryptocurrency trade popular with a massive ad campaign.

Now the entrepreneur is in the news as he was proven guilty in charges of fraud and money laundering. A New York jury convicted him on the charges he was facing and slapped him with a jail term.

The charges that were framed against Sam Bankman-Fried say that billions of funds of investors were cheated impacting many investors. Sam Bankman-Fried is proven guilty of charges by a New York jury which shocked the entire world.

Those who have an idea of crypto exchange and cryptocurrency know about FTX, which was dubbed as one of the biggest firms in the arena. However, it did not take much time for the firm to face allegations in what could be one of the biggest financial frauds in the US.

Tracing the history of the case, it all happened with crypto exchange FTX and trading firm Alameda Research. Initially, the two bodies were dubbed as different entities. However, it was found later that both are related. When Crypto exchange Binance announced that it was selling all of its FTT tokens, other investors did the same and FTX's value came down massively.

FTX could not pay back the money to the investors and a few millions were used for other means. With this, the irregularities of the firm were highlighted and this became a big issue. Now the issue saw a big sensation with the jury saying FTX's former Chief was convicted in the case.