The FTX Collapse: How a $32 Billion Crypto Empire Vanished in 11 Days | Market Mayhem EP18
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The FTX Collapse: How a $32 Billion Crypto Empire Vanished in 11 Days | Market Mayhem EP18
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In November 2021, Bitcoin hit $69,000. A digital JPEG of a pixelated ape sold for $3.4 million. The combined market cap of cryptocurrencies briefly exceeded $3 trillion. A 30-year-old in cargo shorts named Sam Bankman-Fried was on the cover of every business magazine on earth, called the next Warren Buffett, donating tens of millions to politicians, talking about effective altruism.
A year later, Bitcoin was at $16,000. The NFT market was a graveyard. FTX, the second largest crypto exchange in the world, valued at $32 billion, filed for bankruptcy in 11 days. Eight billion dollars of customer money was missing. SBF was arrested in the Bahamas and sentenced to 25 years in federal prison.
This is the season finale of Market Mayhem — the story of the crypto bubble and FTX collapse, the most spectacular speculative mania of the modern era, and the timeless lessons four hundred years of market history have been trying to teach us.
Market Mayhem EP18 — A Complete Trader's Edge Production
📖 Get the book: https://completetradersedge.com/market-mayhem-book/