On November 2, 2022, of last year, a major turning point was reached when a publication was released that examined Alameda Research's financial situation. This incident signaled the start of Sam Bankman-Fried's precipitous decline. The former crypto tycoon now faces a daunting sentence of 100 years in jail after being convicted guilty of seven counts brought against him by the US government.

     A significant $1.8 billion in funding was successfully raised by FTX prior to its bankruptcy, with a $400 million infusion during a Series C funding round just months prior to the company's failure. Before the disaster that was developing, FTX's projected valuation was $32 billion. Everything changed on November 2, 2022, when FTX, Bankman-Fried, and his quantitative trading company Alameda Research were the subject of an article written by Coindesk reporter Ian Allison.

     As the story progresses, Allison discloses that the exchange token promoted by Bankman-Fried and his allies, ftx token (FTT), held a significant portion of Alameda's assets. The exchange's plan to sell off all of its FTT holdings was disclosed by Binance CEO Changpeng Zhao (CZ) on November 6, 2022, just a few days after the publication. This action set off a series of events that led to the collapse of Bankman-Fried's empire and exposed the questionable activities of FTX and Alameda.