Trial of former FTX head Sam Bankman-Fried set to begin Tuesday

A stunningly swift rise

On paper, FTX's valuation skyrocketed and estimates of Bankman-Fried's personal wealth peaked at $26 billion. He became a significant political donor, giving publicly to Democrats and privately to Republicans, and breaking with other tech and crypto figures by calling for some regulation of the industry.

His background as the son of two Stanford legal scholars, one an expert on taxes and the other on ethics, was often noted. Days after that report, Changpeng"CZ" Zhao, CEO of rival crypto platform Binance, said his company would sell off all its FTT tokens. That huge sale tanked the value of FTT and badly damaged Alameda's balance sheet.

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