Former billionaire, Sam Bankman-Fried, saw a meteoric rise as crypto’s golden boy and an even more spectacular fall from grace as his $32 billion cryptocurrency exchange, FTX, collapsed in a matter of days. FTX customers and investors around the world watched in shock as a single tweet ignited a series of events that ended with the former crypto titan facing a dozen federal charges and waiting for trial behind bars. FTX customers, investors and employees were devastated to learn that $8.9 billion dollars in customer’s funds went missing from the exchange.
In this documentary, CNBC’s Kate Rooney speaks to the people most impacted by the fall of Bankman-Fried’s crypto empire. The in-depth documentary includes a candid interview with former President of FTX US who reveals what it was like to work directly for Bankman-Fried and what red flags concerned him most about the company. FTX investor, Anthony Scaramucci, tells all about his front-row seat to the collapse and what it was like to visit SBF while his empire was crumbling around him.
Rooney’s reporting also uncovers first-hand accounts from FTX customers who share the impact of their catastrophic losses, and pull no punches when discussing what lured them into SBF’s house of cards. And far beyond SBF’s rise and fall, the documentary explores the battle that lies ahead over the missing billions, and whether customers will ever get any of their money back.
Chapters:
00:00 – Introduction
02:43 – The rise of SBF
07:40 – FTX implodes
16:01 – Bahamian hideaway
25:37 – The missing billions
31:46 – Recovering the cash
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The Collapse Of FTX: Insiders Tell All | CNBC Documentary
38 Comments
How can gary gensler sec miss this all? Corrupt clown.
Don't care about these guys. All of them knew (or should knew) that crypto money is a scam…
I put alot of work over the last few years (Colluding with US regulators…. Why havent they been charged as well)
The dude donated millions to the Democrat party… He will be out of prison within five years
So, hmmm, those 25 VC's may have been in on the scam too….hmmmm
Systeschizophrenia
Yeah man, let me lose nearly 200k, get some of it back, and toss it right back into the abyss where I lost it before. Makes full sense. Crypto is a con of a market.
another psyop. hiding and disguising the fact who really did it. who gave him the money an sent him there
…and this is why i am scared of this crypto business. If it gets stolen or lost in bad business, thats it. No one to turn to for help. Can't afford the loss. Good luck to the rich who are sure of getting richer of crypto. Carry on..Real Estate, stock market, my mattress… am ok
Greed is terrible thing, when are people ever going to learn? As the saying goes if it is to good to be true it probably is!!
If you can't physically hold money, then I'm not investing.
It is hilarious that the people who got scammed by FTX are going to put the money back into crypto so they can just get scammed again. It is like they have learned nothing. These people are gambling addicts that dont quite gain sympathy as "people who lost their life saving"
The city keeps raising prices and taxing individuals. I would vote for raising the minimum wage to workers and lower the pay to executives, which would save tons of money.
I have no sympathy for any of those fools. That's what happens when you try to get rich on a scam. They knew this was all smoke and mirrors. They're not that stupid
There are still many content creators on YT that took huge sums of money to promote FTX which lost many of their own subscribers money. They need to also be held accountable as I am sure they knew this was a con from the start.
Lesson here, "Never trust a fat vegan"
I don't feel bad for any of them. It was their greed for instant gratification in "The Emperor's New Clothes" market of crypto currency. SBF's greed just got the better of them. Did they think that SBF had a better formula to make money from thin air? I guess so. I could care less for those who hid their money in magical uninsured accounts. Serves you right.
Wonder how many people say "Take my money" while he is in jail.
Any update please on the Atomic Wallet hack that took place back in June? Hundreds of victims, millions of dollars in Crypto stolen and lives destroyed! The CEO is Konstantin Gladych, this is getting no exposure and very little online. Nothing from the company, victims left in the dark, please help escalate this.
You can't create something out of nothing , people who ignore that are more delusional than those who scam them!
Crypto & NFT's are the modern day scam like ponzi & piramid scams of the 20st century!
He is an MIT graduate. What a surprise.
Dont feel sorry people lost money they quick to give it to somebody they perceieve as wealthy i love how he played the media like a fiddle
And once again, CNBC doesn't do research. Evan Luthra, one of the FTX customers, is a financial scammer himself. He's been exposed multiple times. They really don't do their research!
Asking him to do the right thing? He's going to stay in prison for life. Sorry, but time to move on. The true winners are indeed the lawyers.
1:35 if they made millions in a short time based on this they didn’t lose any bc they never had any real asset
I remember a saying: If your neighbors all start making money from doing the same new thing, stay far away from it.
Scaramuchi? Not interested. Bye.
Dude got scammex twice. 11% is way less than he'll get paid out.
Bitcoin might be only Cryptocurrency will survive.
What's the point of covering this now? You media/news could have investigated this earlier, instead of singing FTX's praises a year ago.
Not your keys not your coins
Garbage lying greedy 🐖 🐷’s. So many people steal from others and don’t lose one wink of sleep.
hahaha a bunch of indian got bait by a israelis
These “professional investors” are hilariously unprofessional 😂😂😂
They need to arrest the girlfriend too she had her hands in this this little boy is not playing with a full deck
I quickly entered the crypto market and burned out in 2-3 months with Voyager, because i didn't see crypto as a valuable enough use of my time. When FTX hit the scene, I was skeptical at best because they came completely out of nowhere. I saw the big-nane celebrities as nothing more than a marketing ploy, not something to develop trust in. And when they went bankrupt, I wasn't all that surprised.
Felt the same way about Temu. Out of nowhere, prices too good be true, so i didn't use it. Funnily enough now they're facing privacy lawsuits.
I'm not pretending to be smarter than everyone else who chose to trust FTX and Temu. I'm just saying the extravagant advertisements they displayed turned my gut sour. I smelled blood in the water
the fraud runs in the family,was never a company..was a scheme from the beginning,..lols..put them all top jail..wtf u waiting for..