FTX −$8B
No hacker needed. The call was coming from inside the house.
What happened
FTX, then one of the largest exchanges, collapsed after it emerged that customer deposits had been funnelled to its sister trading firm, Alameda Research. Roughly $8 billion of customer money was missing when it filed for bankruptcy.
Timeline
A leaked balance sheet shows Alameda propped up by FTX's own token.
A run on the exchange; withdrawals stop.
FTX files for bankruptcy. Hours later, hundreds of millions more are drained in an unauthorised transfer.
Sam Bankman-Fried is convicted on seven counts of fraud and conspiracy.
He is sentenced to 25 years in prison.
Aftermath
The bankruptcy estate later recovered enough to repay most customers in cash, valued at the bankruptcy-date prices.
Lesson Proof of reserves is not a vibe.