There is an interesting story to remember in modern crypto history. Before everything collapsed, a figure known as the "white knight" dominated industry conversations. This person, Sbf, appeared to be a genius in effective altruism, dressed casually in shorts and curly hair. The exchange he managed was built with an image of innovation and strong compliance.

But behind the scenes, something was very different. When the financial reports of his sister company, Alameda Research, were opened for review, the picture that emerged was extremely shocking. It turned out that most of Alameda's assets were not real money or solid investments, but FTT tokens issued by the exchange itself. Even worse, the exchange had systematically diverted user funds to be used for high-risk investments by Alameda.

As panic began to spread and users flocked to withdraw their funds, everything collapsed quickly. In less than one week, this $32 billion Ponzi scheme completely fell apart. Sbf's name suddenly changed from an idol to the symbol of the biggest scam in the crypto industry.

The scale of this collapse, the blatant level of fraud, and its impact on industry trust far exceeded previous crises. This is not just a business failure, but a harsh warning about human nature, major regulatory gaps, and the dangers of an unproven "genius" narrative. The current price of FTT reflects that lost trust, trading around $0.29 with a 1.23% decline in the last 24 hours.

This story teaches us that in the world of crypto, nothing is too big to fail, and a beautiful image can hide a very dark reality.