#8
FTX — $32 Billion to Zero in 10 Days
FTX collapsed from a $32 billion valuation to zero in just 10 days—the fastest destruction in this list, outpacing even WeWork's descent. A November 2022 CoinDesk report exposed $8 billion in misappropriated customer funds, with 71% of user deposits secretly moved to Alameda Research. The speed of loss was 3 times quicker than WeWork's disaster, with fewer than 200 employees responsible. This highlighted how a lack of governance can vaporize billions overnight, representing a 100% value loss that is 50% steeper than the average crypto collapse, making it a stark cautionary tale of fraud in the digital age.
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