FTX

FTX's 2022 collapse from $32 billion to bankruptcy in 10 days represents the fastest destruction of institutional value in history. Sam Bankman-Fried's exchange secretly funneled $8 billion in customer funds to sister fund Alameda Research. Like a symbiotic relationship that becomes parasitic, FTX's Alameda integration appeared synergistic until revealed as extraction. SBF's conviction for fraud and money laundering followed; customers lost billions.