The story behind FTX is actually quite complex, with a dramatic journey from its rise in 2019 to legal disputes in 2023.

Initially, FTX was founded by Sam Bankman-Fried and Gary Wang in 2019. By July 2021, FTX successfully completed a $900 million funding round, with its valuation skyrocketing to $18 billion. Almost simultaneously, in January 2022, their U.S. branch also performed impressively in fundraising, quickly reaching a valuation of $32 billion.

However, 2022 turned out to be a year full of turmoil. On November 2, CoinDesk revealed a shocking piece of news: Alameda Research—a company closely linked to FTX—was heavily reliant on FTX's native token, FTT. Just a few days later, news broke that Binance planned to sell off FTT, causing panic in the market.

On November 11, FTX announced that it had filed for Chapter 11 bankruptcy protection in the United States, and Sam Bankman-Fried resigned as CEO. Even more astonishing were the subsequent reports of at least $1 billion in customer funds missing, which prompted a thorough investigation by the Bahamian securities regulator.

By 2023, the situation had escalated. At the beginning of the year, Bankman-Fried faced a series of legal charges in the United States, maintaining his innocence. In February, former FTX engineering director Nishad Singh became the third insider to admit to fraud, choosing to cooperate with prosecutors. Notably, in August, Bankman-Fried had his bail revoked due to allegations of witness tampering, further highlighting the severity of the situation.

The entire event finally came to a conclusion in November 2023. After several court hearings, Bankman-Fried was found guilty on all seven charges. This outcome marks a regrettable end to this chapter of the FTX story.

Looking back, each node, whether it is the brilliance of financing or the plight of bankruptcy restructuring, tells the story of a company's fate and the turmoil in the cryptocurrency field. For those who are paying attention to this area, are there any new insights or opinions? Everyone is welcome to chat freely in the comments section.