In his latest post, CZ clarified that he did not “master plan” this and urged the community to not view the entire event as a “win” for them.
With the exchange’s fall from grace and Sam Bankman-Fried losing his credibility, let’s look at the timeline of how the events unfolded. Bankman-Fried co-founded – FTX – along with another MIT alum Gary Wang two years later. Alameda incubates FTX while Binance invests an undisclosed amount to the then derivatives exchange.
SBF’s popularity soars amidst the raging bull market. The MIT physics grad was even called “the next Warren Buffett.” As FTX grew bigger, SBF became increasingly active in United States’ regulation. So much so that the exec was one of the largest donors in crypto and was the second largest donor to US President Joe Biden. Datathat he had spent nearly $40 million primarily backing Democrats during the current political cycle.
In November, Alameda’s balance sheet was largely made of FTX’s native FTT token surfaces. The trading firm was found to be holding more than $3 billion worth of FTT on its balance sheet.
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