A leaked photo of Sam Bankman-Fried (SBF) has been circulating on the internet, marking the downfall of the former FTX CEO.
The once well-known SBF has gone from being a star at grand events to facing the grim surroundings of the Metropolitan Detention Center in Brooklyn.
This photo is the best illustration of a dramatic fall of a person who once was hailed as a crypto visionary.
Public Reactions
After the photo started surfacing on the internet, the public was quick with reactions.
Sam Bankman-Fried’s story is a warning about how quickly someone can rise to fame and then fall from grace. Once celebrated as a young star in the cryptocurrency world, he became known as a failed CEO. He started Alameda Research and FTX exchange after graduating from MIT and was once worth around $26 billion, appearing on magazine covers and hanging out with influential people.
However, his financial empire fell apart very quickly when a tweet from another business leader last November caused many people to withdraw their money at once, showing that the finances were poorly managed.
SBF was found guilty of tricking investors and handling money improperly. His quick rise to success and sudden downfall highlight the dangers of digital markets without strict rules and how unpredictable digital currencies can be.