FTX's Sam Bankman-Fried found guilty. A timeline of the events leading up to here

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guilty on all charges in a scheme that wiped out at least $10 billion in investor funds, it added. FTX, which was once the second-largest crypto exchange in the world, folded into bankruptcy in 2022. Bankman-Fried's other firm Alameda Research was also under scrutiny and has shut shop.

Speaking to reporters after the hearing, US Attorney Damian Williams said the FTX fraud perpetrated by Bankman-Fried is "one of the biggest financial frauds in American history". "(It was) a multibillion-dollar scheme designed to make him the king of crypto. But here’s the thing: The cryptocurrency industry might be new.

The players like Sam Bankman-Fried might be new. This kind of fraud, this kind of corruption is as old as time and we have no patience for it," Williams added. Also Read: Rise and fall of crypto exchange FTX November 2022: The dominoes begin falling Crypto exchange Binance sold all of its FTT tokens on November 6, and promptly the next day FTX declared a liquidity crisis.

The exchange entreated fellow venture capitalists (VCs), including Binance for a bailout. On November 9 after previously agreeing to take on FTX's non-US business, Binance walked back on the deal citing discrepancies found during due diligence. November 2022: Regulatory action begins Assets of FTX's subsidiary in the Bahamas were frozen on November 10, following which Bankman-Fried admitted to a cash crunch in the non-US business.

Alameda Research is closed and a new CEO is appointed for FTX. On November 11, the crypto exchange filed for Chapter 11 bankruptcy. On November 12 FTX reports that a hacker stole $477 million of its assets and shifted its digital assets to cold storage.