As concerns about FTX's solvency grew, a massive wave of customer withdrawals ensued, which the platform couldn't fulfill, resulting in its downfall.

Source: https://www.forbes.com/sites/jimosman/2023/10/12/from-tulips-to-ftx-the-timeless-tale-of-societys-speculative-frenzies/

Bankman-Fried, along with Gary Wang, co-founder of FTX, and Caroline Ellison, the former head of FTX's sister hedge fund Alameda Research, have all pleaded guilty in the ongoing case.

Source: https://www.ibtimes.co.in/ftx-fraud-indian-origin-nishad-singh-pleads-guilty-criminal-charges-details-857125

In a post-arrest blog post, Bankman-Fried denies stealing funds and blames FTX's collapse on a broader downturn in crypto markets.

Source: https://www.dailymail.co.uk/news/article-12706823/A-timeline-Sam-Bankman-Frieds-spectacular-fall-grace-FTX-founder-oversaw-one-biggest-financial-frauds-history-blamed-girlfriend-Caroline-Ellison-collapse.html?ns_mchannel=rss&ns_campaign=1490&ito=1490

Prosecutors added those charges this year, after Bankman-Fried's December 2022 extradition from the Bahamas in the wake of FTX's collapse.

Source: https://gazette.com/news/us-world/us-prosecutors-ask-to-remove-new-bankman-fried-charges-from-oct-trial/article_64daf00a-4a9f-5c9d-b588-8afee27d9390.html