Sam Bankman-Fried, known as SBF, experienced a dramatic downfall from being a celebrated figure in the cryptocurrency world to facing a potential criminal investigation. His company, FTX, and its sister firm, Alameda Research, are at the center of a financial scandal involving the misuse of customer funds. The crisis unfolded after a Coindesk report led to a massive withdrawal of funds by customers and the eventual bankruptcy of FTX. SBF's wealth plummeted by 94% in a single day, and he is now under investigation. The incident has had significant repercussions for the crypto market and has cast doubt on the industry's future.