Who would have thought that the "Crypto Warren Buffett" with an afro and wearing baggy shorts would end his myth with a 25-year prison sentence?

The collapse of FTX still evokes sighs today. The $32 billion valuation was like a giant bubble that was punctured and vanished within five days. A scoop from CoinDesk back then tore off the veil — Alameda Research, controlled entirely by SBF, held 80% of its assets in FTX's own issued FTT tokens. What's the difference between that and using waste paper as gold?

Binance founder CZ's decisive move to sell 23 million FTT became the last straw that broke the camel's back. Users frantically withdrew funds, causing FTX's liquidity to collapse instantly. The so-called "secure vault" had long been used as a private ATM. SBF was reassuring the market on Twitter while secretly modifying the code to prioritize Alameda's withdrawals. This double-dealing operation completely undermined investors' trust.

What this farce left behind is not just a hundred-billion-dollar gap. It struck a heavy blow, awakening many who were addicted to speculation. Regulators tightened their grip accordingly, and the entire industry began to reshuffle. Those floating palaces maintained by "left hand giving to the right hand" ultimately could not withstand the test of reality.

Now that FTX has proposed a repayment plan, some users may recover their principal and even earn interest. But can the trust that was stolen be easily restored? In my opinion, the most important lesson this industry should learn is not to avoid a particular "SBF," but to remain vigilant against sophisticated scams disguised as "effective altruism."

Did you experience the FTX run on funds back then? What other unforgettable memories do you have of the biggest collapse in crypto history?👇

#FTX #SBF #加密货币 #Web3Gaming