👉 Background: Sam Bankman-Fried (aka SBF) was the founder of FTX, one of the world's top crypto currency exchange platforms. At one point, FTX was valued at $32 billion USD... and they even had celebs like Tom Brady and Larry David promote the brand.

👉 What happened: In November 2022, it all unravelled when there was a 'run' on crypto deposits. When US authorities started digging, they uncovered a web of fraudulent behaviour. Now, SBF is on trial in a case where he could be sentenced to hundreds of years in prison.

👉 What else: The prosecutors claim that SBF stole his customers' funds through a range of crafty loopholes. But, SBF reckons he was simply a CEO of a company that later filed for bankruptcy. EIther way, the crypto industry is keen for this case to be resolved so it can move forward.

What's the key learning?

💡Sometimes, industries need a wake-up call to get their act together. Think of it as a 'line in the sand' moment.

💡These are the moments that force everyone to stop and rethink how things are done.

• The 2008 GFC was a financial disaster that led to the downfall of many banks, but it also led to new rules that made banks more accountable and safe for consumers.
• The Volkswagen diesel emissions scandal prompted car companies to go greener.

💡FTX's collapse knocked the confidence of the already-struggling crypto industry, but the industry will be hoping that once this case is over, it get a clean slate.

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