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In November 2022, FTX was one of the largest cryptocurrency exchanges in the world. Its founder, Sam Bankman-Fried, was a billionaire, a major political donor, and one of the most recognizable figures in crypto. The company had been valued at $32 billion.

Within days, it was bankrupt.

In this episode of the Murphree Investment Group podcast, we trace the story of Sam Bankman-Fried from his early days at Jane Street to the creation of Alameda Research and the rapid rise of FTX. We examine how FTX became one of the most prominent names in cryptocurrency, what was happening behind the scenes as billions of dollars in customer funds flowed to Alameda, and how a balance-sheet revelation ultimately triggered a run on the exchange that brought the entire empire crashing down in a matter of days.

But the story did not end with FTX's bankruptcy. We follow the criminal case against Bankman-Fried, his conviction and 25-year prison sentence, his unsuccessful appeal, and the remarkable effort to recover billions of dollars for FTX customers and creditors.

It is a story of ambition, fraud, reputation, and the extraordinary collapse of a $32 billion financial empire.

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