The Secret Story of FTX’s Rise and Ruin Part 1

Sam Bankman-Fried was once called the “crypto king.” But in November 2022, his company, FTX, imploded within a matter of days. All around the world, customers of the cryptocurrency exchange were suddenly cut off from their money. 

“I tried to withdraw an amount, you know, and it would spin and say, your, your withdrawal is pending,” says Tareq Morad, an investor from Canada. “I remember myself doing that around 7, 8 o’clock at night, checking back, going to look: Okay, did it go through? Did it go through? No. No. No.”

Meanwhile, inside the company, employees were panicking. “All that we were told was there's been a run on the bank and, somehow, money is missing and we don't know who to trust,” remembers Caroline Papadopoulos, part of FTX’s accounting leadership at the time. 

This week on Reveal, through prison interviews with Bankman-Fried, his parents, FTX insiders, and customers, we take you through the frantic week of FTX’s collapse and the controversial and less well-known bankruptcy that followed. At a cost of nearly $1 billion, it has become one of the most expensive in history. 

Read the FTX bankruptcy estate’s on-the-record statement to Reveal. 

This is an update of a show that originally aired in September 2025. 

• Support Reveal’s journalism at Revealnews.org/donatenow
• Subscribe to our weekly newsletter to get the scoop on new episodes at Revealnews.org/weekly
• Connect with us onBluesky, Facebook and Instagram

Learn about your ad choices: dovetail.prx.org/ad-choices