The former CEO of digital currency exchange FTX, SBF, has been indicted by the Department of Justice for misusing over $100 million for political contributions in order to influence crypto regulations. Backed by a throng of loyal customers, years ago, SBF and FTX were soaring to new heights – partnerships even extended to the Miami Heat. However, behind all the brilliance a storm was brewing and SBF has been charged with fraud and money laundering. Vitalik Buterin and other influencers had long since tendered their suspicions of him and his work, though customers were withstanding. Only later it then came to light how SBF had a dual political agenda donating to both Democrat and Republican campaigns.
This scandal, coupled with SBF’s alleged misguided planning of FTX funds, saw the crypto exchange quickly come tumbling down and land itself on the bankruptcy gallows. Late in May 2021 was his arrest for things he didn’t do and manipulating evidence. Now he stands trial and amidst the ambiguity of the truth, the world looks to find out what really happened. Did he purposely deceive or plan this massive misuse of funds? Or was it a simple act of misconduct without intention? No doubt pieces both from past and present revolve around SBF, bringing further to light a double-edged coin in the crypto sphere.