$26B to 25 years in prison. $8B in customer funds gone. 12 months.
SBF built FTX into the second-largest crypto exchange on Earth, hit a $32 billion valuation, and reached a personal net worth of $26 billion by age 29. Then it all collapsed in November 2022: FTX had been using customer deposits to fund risky bets through his hedge fund Alameda Research. $8 billion in customer funds vanished. He was arrested in the Bahamas, convicted of seven counts of fraud and conspiracy, and sentenced to 25 years in federal prison. The fastest rise and fall of any billionaire in history — from Forbes cover to prison jumpsuit in 12 months.
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