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As king of crypto, his influence was starting to pour into political and popular culture. FTX bought prominent sports sponsorships with Formula Racing and bought the naming rights to an arena in Miami

Sam Bankman-Fried's downfall sends shockwaves through crypto world

The downfall of Sam Bankman-Fried

As king of crypto, his influence was starting to pour into political and popular culture. FTX bought prominent sports sponsorships with Formula Racing and bought the naming rights to an arena in Miami

Sam Bankman-Fried received numerous plaudits as he rapidly achieved superstar status as the head of cryptocurrency exchange FTX: the saviour of crypto, the newest force in Democratic politics and potentially the world&rsquo;s first trillionaire.
Now the comments about the 30-year-old Bankman-Fried aren&rsquo;t so kind after FTX filed for bankruptcy protection, leaving his investors and customers feeling duped and many others in the crypto world fearing the repercussions. Bankman-Fried himself could face civil or criminal charges. Bankman-Fried founded FTX in 2019, and it grew rapidly &mdash; it was recently valued at $32 billion. The son of Stanford University professors, who was known to play the video game &ldquo;League of Legends&rdquo; during meetings, Bankman-Fried attracted investments from the highest echelons of Silicon Valley.
Bankman-Fried and his company are under investigation by the Department of Justice and the Securities and Exchange Commission. The investigations likely center on the possibility that the firm may have used customers&rsquo; deposits to fund bets at Bankman-Fried&rsquo;s hedge fund, Alameda Research, a violation of U.S. securities law.

Cryptocurrency prices crash sharply; Bitcoin falls to 2 year low 

Cryptocurrency prices crash sharply; Bitcoin falls to 2-year-low 

While BTC fell below $17,000, Solana fell the hardest at about 40 per cent

Seems like the whole week has been bad for Crypto market as prices&nbsp; remained under pressure after crypto exchange Binance said it was pulling out of a deal to purchase failing rival FTX Trading.&nbsp;
The world&rsquo;s largest cryptocurrency, Bitcoin tumbled over 10%, falling as low as $15,603.3- its weakest level since mid-2020. The token traded around $16,138.5, and has lost over 20% of its value this week.&nbsp;
Not only this, Ethereum (ETH) also &nbsp;also tumbled by more than 10% to $1,166. Dogecoin, a meme coin, which was the best performing currency for the past few days, fell 20.14 per cent.&nbsp;
The global crypto market cap slipped below the $1 trillion mark, as it was almost down over 12% in the last 24 hours to $844 billion, as per CoinGecko.

crypto market crash

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