Sam Bankman-Fried, once celebrated as a leading figure in cryptocurrency, saw his exchange FTX collapse in November 2022, cutting off customers worldwide from their assets. FTX had grown to a valuation of about $32 billion and processed billions of dollars in daily transactions before its failure. Investor Tareq Morad of Canada reported that withdrawal requests displayed a pending status and did not complete. Employees described a “run on the bank” and uncertainty about missing funds, according to Caroline Papadopoulos, a member of FTX’s accounting leadership. The Reveal podcast, which aired an update in July 2026, included prison interviews with Bankman-Fried, his parents, former employees and affected customers, and documented the subsequent bankruptcy proceedings that cost nearly $1 billion. The FTX bankruptcy estate filed an on‑record statement to Reveal detailing the scope of the loss. The collapse remains one of the largest financial failures in cryptocurrency history and continues to raise questions about regulatory oversight.