From Wealth to Warrant

The Great Pretenders of Industry

SAM

Bankman

Fried

SAM

Bankman

Fried

SAM

Bankman

Fried

SAM

Bankman

Fried

Ex-Founder & CEO of FTX

$8B Fraud Scandal

25yrs Prison Sentence

Sam Bankman-Fried

From Crypto King to Courtroom Clown

The Crypto Scandal that Shook the World

The Crypto Scandal that Shook

the World

The Crypto Scandal that Shook the World

He built a reputation as an exceptionally skilled trader, especially in arbitrage within the cryptocurrency market.

Early Life

Sam Bankman-Fried, often known as SBF, was born on March 6, 1992, in Stanford, California. His parents, both Stanford Law professors, encouraged intellectual curiosity, and Sam excelled academically from an early age.

He attended the Massachusetts Institute of Technology (MIT), where he studied physics and mathematics. After graduation, SBF entered the world of finance, working as a trader at Jane Street Capital, a proprietary trading firm.

He built a reputation as an exceptionally skilled trader, especially in arbitrage within the cryptocurrency market.

FTX grew rapidly, becoming one of the largest crypto exchanges in the world.

Rise to Fame

In 2017, SBF founded Alameda Research, a quantitative cryptocurrency trading firm. He then launched FTX in 2019, a cryptocurrency exchange designed to cater to both retail and institutional investors.

SBF was known for his aggressive marketing tactics and strategic partnerships with celebrities, athletes, and organisations, including endorsement deals with the NBA and major sports leagues.

FTX grew rapidly, becoming one of the largest crypto exchanges in the world.

At its peak, the company was valued at $32 billion & SBF was considered one of the youngest self-made billionaires in the world.

FTX's reputation soared due to its ease of use and comprehensive range of services, from spot trading to derivatives.

His public persona of being a benevolent billionaire philanthropist, giving away large portions of his wealth to various causes, further elevated his reputation.

FTX's reputation soared due to its ease of use and comprehensive range of services, from spot trading to derivatives.

His public persona of being a benevolent billionaire philanthropist, giving away large portions of his wealth to various causes, further elevated his reputation.

FTX's reputation soared due to its ease of use and comprehensive range of services, from spot trading to derivatives.

His public persona of being a benevolent billionaire philanthropist, giving away large portions of his wealth to various causes, further elevated his reputation.

However, in November 2022, the crypto world was rocked by the revelation that FTX had been operating as a massive Ponzi scheme.

Fraud and Collapse

The turning point came when a CoinDesk report revealed that Alameda Research’s balance sheet was filled with FTX’s native token, FTT, which had no real value.

FTX had allegedly used customer funds to finance risky trades at Alameda, creating a massive liquidity crisis when it was revealed that FTX did not have the liquidity to meet withdrawal demands.

However, in November 2022, the crypto world was rocked by the revelation that FTX had been operating as a massive Ponzi scheme.

He faced numerous charges, including wire fraud, money laundering, and campaign finance violations.

As customers rushed to withdraw their funds, FTX filed for bankruptcy, and Sam Bankman-Fried was arrested in the Bahamas and extradited to the United States in December 2022.

His trial began in late 2023, and the scandal has left a lasting impact on the cryptocurrency world, shaking investor confidence.

As customers rushed to withdraw their funds, FTX filed for bankruptcy, and Sam Bankman-Fried was arrested in the Bahamas and extradited to the United States in December 2022.

His trial began in late 2023, and the scandal has left a lasting impact on the cryptocurrency world, shaking investor confidence.

As customers rushed to withdraw their funds, FTX filed for bankruptcy, and Sam Bankman-Fried was arrested in the Bahamas and extradited to the United States in December 2022.

His trial began in late 2023, and the scandal has left a lasting impact on the cryptocurrency world, shaking investor confidence.

HIS Crimes

Misappropriating 8 billions of dollars of customer funds, defrauding investors, and defrauding lenders.

HIS Charges

Seven counts of fraud and conspiracy to commit money laundering.

HIS Sentence

25 years in prison, 3 years of supervised release and $11 billion in forfeiture.

Quotes by Bankman

When we think about what FTX represents, we want to be the best product that is out there

On the Future of FTX

I would never read a book

On Literature

When we think about what FTX represents, we want to be the best product that is out there

On the Future of FTX

I wanted to get rich, not because I like money but because I wanted to give that money to charity

On Wealth and Charity

Lack of trust is an enormous transaction cost, and I underestimated this when I first got into business.

On the Importance of Trust

I didn't steal funds, and I certainly didn't stash billions away.

On Allegations of Fund Misappropriation

No, I don't have any hidden funds. Everything I have, I'm disclosing. I'm down to one working credit card left [and] I think $100,000 or something like that, in a bank account.

On Personal Wealth Post-FTX Collapse

I didn't ever try to commit fraud on anyone. I was excited about the prospects of FTX a month ago. I saw it as a thriving growing business

On the Collapse of FTX

No, I don't have any hidden funds. Everything I have, I'm disclosing. I'm down to one working credit card left & I think $100,000 or something like that,

in a bank account.

No, I don't have any hidden funds. Everything I have, I'm disclosing. I'm down to one working credit card left & I think $100,000 or something like that,

in a bank account.

No, I don't have any hidden funds. Everything I have, I'm disclosing. I'm down to one working credit card left & I think $100,000 or something like that,

in a bank account.

On Personal Wealth Post-FTX Collapse

In Depth

Fraud Details

In Depth

Fraud Details

In Depth

Fraud Details

Misused Customer Funds

FTX and Alameda allegedly commingled customer funds to make risky trades, using billions of dollars in customer deposits to back speculative ventures.

Misused Customer Funds

FTX and Alameda allegedly commingled customer funds to make risky trades, using billions of dollars in customer deposits to back speculative ventures.

Misused Customer Funds

FTX and Alameda allegedly commingled customer funds to make risky trades, using billions of dollars in customer deposits to back speculative ventures.

FTT Token Fraud

FTX and Alameda reportedly manipulated the value of their proprietary token (FTT) to artificially inflate their balance sheets.

FTT Token Fraud

FTX and Alameda reportedly manipulated the value of their proprietary token (FTT) to artificially inflate their balance sheets.

FTT Token Fraud

FTX and Alameda reportedly manipulated the value of their proprietary token (FTT) to artificially inflate their balance sheets.

Campaign Finance Fraud

Bankman-Fried also made illegal political donations, using FTX’s funds to funnel millions of dollars into U.S. political campaigns, often through dark-money channels.

Campaign Finance Fraud

Bankman-Fried also made illegal political donations, using FTX’s funds to funnel millions of dollars into U.S. political campaigns, often through dark-money channels.

Campaign Finance Fraud

Bankman-Fried also made illegal political donations, using FTX’s funds to funnel millions of dollars into U.S. political campaigns, often through dark-money channels.

Lack of Transparency

FTX's accounting and financial systems were deliberately opaque, making it difficult for investors and customers to assess the actual state of the company.

Lack of Transparency

FTX's accounting and financial systems were deliberately opaque, making it difficult for investors and customers to assess the actual state of the company.

Lack of Transparency

FTX's accounting and financial systems were deliberately opaque, making it difficult for investors and customers to assess the actual state of the company.

Eliza
beth
holmes

Ex-Founder & CEO of Theranos

Fraudulently Raised   $700 Million

11yrs & 3 Month   Prison Sentence

Elizabeth Holmes

From Blood to Busted

The Blood Test Fraudster Who Couldn't Deliver

The Crypto Scandal that Shook

the World

The Blood Test Fraudster Who Couldn't Deliver

She dropped out at 19 to pursue her vision of revolutionising blood testing.

Early Life

Elizabeth Holmes was born on February 3, 1984, in Washington, D.C., to a family with political connections.

Her father, Christian Holmes, worked in government, and her mother, Noel, was a congressional committee staffer.  
Holmes was an ambitious child, excelling academically and attending Stanford University, where she studied chemical engineering.

FTX grew rapidly, becoming one of the largest crypto exchanges in the world.

Holmes raised over $700 million in venture capital, attracting high-profile investors like Larry Ellison and Tim Draper.

In 2003, she founded Theranos, a company that promised to revolutionise healthcare with a device capable of conducting hundreds of medical tests with just a few drops of blood.

She claimed that the device could test for a wide range of conditions, from cancer to diabetes, using just a few drops of blood.

Rise to Fame

Holmes built Theranos into a Silicon Valley darling, becoming the youngest self-made female billionaire by 2014.

Her pitch was simple yet powerful: Theranos’ technology would allow patients to take simple blood tests with minimal pain and cost, revolutionising the healthcare industry.

FTX grew rapidly, becoming one of the largest crypto exchanges in the world.

Holmes wore black turtlenecks as a tribute to Steve Jobs and spoke of her mission to change the world.

Her public persona was that of a tech visionary. She appeared on the covers of major magazines like Forbes and Fortune, and her story inspired many young entrepreneurs.

Carreyrou uncovered that Theranos blood-testing devices didn’t work as claimed and that the company had been
falsifying test results.

Fraud and Collapse

In 2015, investigative journalist John Carreyrou from The Wall Street Journal began looking into Theranos and its technology.

Despite knowing that the technology was not functioning as promised, Holmes continued to promote the device as a breakthrough.

However, in November 2022, the crypto world was rocked by the revelation that FTX had been operating as a massive Ponzi scheme.

She began serving her sentence on May 30, 2023, at a Texas prison. Holmes was also ordered to pay $452 million in restitution alongside former COO & her ex-boyfriend Sunny Balwani.

Theranos was caught in a web of deception, with false claims made to investors, doctors, and patients. The company’s blood tests didn’t deliver reliable results, and they often failed to detect medical conditions.

As the truth emerged, Theranos faced a massive collapse, and Holmes was indicted for wire fraud and conspiracy to defraud investors and patients.

In 2021, Holmes went to trial. The case exposed how she had manipulated investors, lied to the public, and endangered patients' health with faulty technology.

She was convicted of fraud and conspiracy in 2022 and sentenced to 11 years and 3 months in federal prison.

Her Crimes

Holmes was accused of misleading patients about Theranos's blood tests, exaggerating the company’s performance, and fraudulently raising $700 million from investors.

Her Charges

Holmes was convicted of one count of conspiracy to commit fraud and three counts of defrauding individual investors, while acquitted of four charges and with a hung jury on three others.

Her Sentence

Holmes was sentenced to 11 years and 3 months in prison and ordered to pay $452 million in restitution.

Quotes by Holmes

I don’t believe in failure.
I believe in the right idea at the right time

On Failure and Innovation

The question is not what’s possible. The question is what’s going to happen

On the Potential of Technology

We’re not just a technology company. We’re a healthcare company.

On Theranos' Mission

I’m not going to let anybody tell me that I can’t do something

On Overcoming Obstacles

I think the power of the individual is being unlocked in a way that has never been before possiblein a bank account.

On Empowering Individuals

In Depth

Fraud Details

In Depth

Fraud Details

In Depth

Fraud Details

False Claims

Holmes and her team claimed that their blood-testing technology could perform a wide range of tests from a tiny blood sample. However, the technology was not even close to being accurate.

False Claims

Holmes and her team claimed that their blood-testing technology could perform a wide range of tests from a tiny blood sample. However, the technology was not even close to being accurate.

False Claims

Holmes and her team claimed that their blood-testing technology could perform a wide range of tests from a tiny blood sample. However, the technology was not even close to being accurate.

Patient Safety Risk

Theranos devices were used to run medical tests on patients, and many were given incorrect results that led to incorrect diagnoses or missed diagnoses.

Patient Safety Risk

Theranos devices were used to run medical tests on patients, and many were given incorrect results that led to incorrect diagnoses or missed diagnoses.

Patient Safety Risk

Theranos devices were used to run medical tests on patients, and many were given incorrect results that led to incorrect diagnoses or missed diagnoses.

Misleading Investors

Holmes knowingly misled investors by providing them with false data about the technology’s capabilities. She inflated the company’s valuation based on these lies.

Misleading Investors

Holmes knowingly misled investors by providing them with false data about the technology’s capabilities. She inflated the company’s valuation based on these lies.

Misleading Investors

Holmes knowingly misled investors by providing them with false data about the technology’s capabilities. She inflated the company’s valuation based on these lies.

Deceptive Practices

Holmes misrepresented partnerships and endorsements to bolster Theranos’ credibility and attract funding

Deceptive Practices

Holmes misrepresented partnerships and endorsements to bolster Theranos’ credibility and attract funding

Deceptive Practices

Holmes misrepresented partnerships and endorsements to bolster Theranos’ credibility and attract funding

Trevor
Milton

Ex-Founder & CEO of Nikola Corporation

Hyped a Hydrogen Hoax

Fell Amid Fraud Scandals

Trevor Milton

From Hydrogen Hype to Electric Lies

The Nikola Fraud that Shocked the Auto Industry

The Crypto Scandal that Shook

the World

The Nikola Fraud that Shocked the Auto Industry

Before founding Nikola, Milton worked in the energy and transportation sectors, but it was his vision of hydrogen-powered trucks that captured the world’s attention.

Early Life

Trevor Milton was born on April 6, 1982, in the small town of English, Utah. Growing up on a farm, he developed a strong work ethic and a deep interest in the transportation industry.

His entrepreneurial spirit led him to various ventures, but it was his passion for green energy and electric vehicles that would eventually lead to the founding of Nikola Corporation in 2015.

Trevor Milton was born on April 6, 1982, in the small town of English, Utah. Growing up on a farm, he developed a strong work ethic and a deep interest in the transportation industry.

His entrepreneurial spirit led him to various ventures, but it was his passion for green energy and electric vehicles that would eventually lead to the founding of Nikola Corporation in 2015.

Trevor Milton was born on April 6, 1982, in the small town of English, Utah. Growing up on a farm, he developed a strong work ethic and a deep interest in the transportation industry.

His entrepreneurial spirit led him to various ventures, but it was his passion for green energy and electric vehicles that would eventually lead to the founding of Nikola Corporation in 2015.

He built a reputation as an exceptionally skilled trader, especially in arbitrage within the cryptocurrency market.

Milton's vision attracted millions in funding, skyrocketing Nikola's valuation and earning him acclaim as a clean energy pioneer.

Rise to Fame

Nikola Corporation was positioned as a disruptor in the trucking industry, promising to revolutionise transportation with hydrogen-electric trucks that would be both environmentally friendly and cost-efficient.     

The company attracted high-profile partnerships and even went public through a reverse merger with a special-purpose acquisition company (SPAC) in 2020, catapulting Milton into the spotlight as a visionary entrepreneur.

He built a reputation as an exceptionally skilled trader, especially in arbitrage within the cryptocurrency market.

A Hindenburg report accused Milton of deceiving investors with exaggerated claims about Nikola’s tech, deals, and hydrogen truck progress.

Fraud and Collapse

However, in September 2020, the world learned that Nikola’s rise may have been built on a house of cards.     

The report revealed that much of what Nikola had presented to the public, from prototype trucks to partnerships, was either incomplete or simply fabricated.  

The most infamous moment came when a video surfaced showing the Nikola One truck rolling down a hill, falsely presented as a fully functional vehicle.

However, in September 2020, the world learned that Nikola’s rise may have been built on a house of cards.     

The report revealed that much of what Nikola had presented to the public, from prototype trucks to partnerships, was either incomplete or simply fabricated.  

The most infamous moment came when a video surfaced showing the Nikola One truck rolling down a hill, falsely presented as a fully functional vehicle.

However, in September 2020, the world learned that Nikola’s rise may have been built on a house of cards.     

The report revealed that much of what Nikola had presented to the public, from prototype trucks to partnerships, was either incomplete or simply fabricated.  

The most infamous moment came when a video surfaced showing the Nikola One truck rolling down a hill, falsely presented as a fully functional vehicle.

However, in November 2022, the crypto world was rocked by the revelation that FTX had been operating as a massive Ponzi scheme.

In 2021, he was indicted for securities and wire fraud, accused of lying about Nikola’s tech and hydrogen truck production.

As the truth began to surface, Nikola’s stock price plummeted, and Milton was forced to step down as CEO in September 2020. His arrest marked the beginning of a long legal battle that would ultimately tarnish Nikola’s reputation and shake investor confidence.

HIS Crimes

Trevor Milton committed fraud by misleading investors about Nikola's technology, inflating stock prices, and fabricating key partnerships.

HIS Charges

Milton was found guilty of one count of securities fraud and two counts of wire fraud

HIS Sentence

Milton was sentenced to 48 months in prison, three years of supervised release, a $1 million fine, and forfeiture of a Utah property

Quotes by Trevor

I think this definitely is not a fad, what's occurring right now. This is absolutely real; this is a revolution

A Revolution

In Depth

Fraud Details

In Depth

Fraud Details

In Depth

Fraud Details

False Tech Claims

Milton falsely claimed the Nikola One was fully functional, it was later revealed the truck couldn’t operate and merely rolled downhill.

False Tech Claims

Milton falsely claimed the Nikola One was fully functional, it was later revealed the truck couldn’t operate and merely rolled downhill.

False Tech Claims

Milton falsely claimed the Nikola One was fully functional, it was later revealed the truck couldn’t operate and merely rolled downhill.

Phony Partnerships

Milton exaggerated or falsified deals with major companies like Anheuser-Busch and GM, misleading investors about industry support.

Phony Partnerships

Milton exaggerated or falsified deals with major companies like Anheuser-Busch and GM, misleading investors about industry support.

Phony Partnerships

Milton exaggerated or falsified deals with major companies like Anheuser-Busch and GM, misleading investors about industry support.

Stock Manipulation

Milton inflated Nikola’s stock value through misleading claims about its technology and progress, profiting millions by selling shares while downplaying the company’s actual shortcomings.

Stock Manipulation

Milton inflated Nikola’s stock value through misleading claims about its technology and progress, profiting millions by selling shares while downplaying the company’s actual shortcomings.

Stock Manipulation

Milton inflated Nikola’s stock value through misleading claims about its technology and progress, profiting millions by selling shares while downplaying the company’s actual shortcomings.

Hydrogen Hype

Milton promised a groundbreaking hydrogen refueling network to support Nikola’s trucks, but progress was minimal, with most plans exaggerated or nonexistent.

Hydrogen Hype

Milton promised a groundbreaking hydrogen refueling network to support Nikola’s trucks, but progress was minimal, with most plans exaggerated or nonexistent.

Hydrogen Hype

Milton promised a groundbreaking hydrogen refueling network to support Nikola’s trucks, but progress was minimal, with most plans exaggerated or nonexistent.

Ruja
Ignatova

Ex-Founder & CEO of OneCoin

Fraudulently Raised $4 Billion

Disappeared in 2017, Still at Large

Ruja Ignatova

The Missing Crypto Queen and the OneCoin Scam

From Crypto Queen to International Fugitive

The Crypto Scandal that Shook

the World

From Crypto Queen to International Fugitive

She worked briefly at McKinsey & Company, a prestigious consulting firm, and became fluent in several languages, adding to her global appeal.

Early Life

Ruja Ignatova, also known as the "Crypto Queen," was born on May 30, 1980, in Sofia, Bulgaria.     

She grew up in a well-educated family and moved to Germany at a young age. Ignatova studied law and earned a Ph.D. in private international law, establishing herself as an accomplished academic.

Ruja Ignatova, also known as the "Crypto Queen," was born on May 30, 1980, in Sofia, Bulgaria.     

She grew up in a well-educated family and moved to Germany at a young age. Ignatova studied law and earned a Ph.D. in private international law, establishing herself as an accomplished academic.

Ruja Ignatova, also known as the "Crypto Queen," was born on May 30, 1980, in Sofia, Bulgaria.     

She grew up in a well-educated family and moved to Germany at a young age. Ignatova studied law and earned a Ph.D. in private international law, establishing herself as an accomplished academic.

He built a reputation as an exceptionally skilled trader, especially in arbitrage within the cryptocurrency market.

OneCoin grew rapidly, with more than $4 billion invested by people across the globe, including in Europe, Asia, Africa, and North America. Ignatova became a celebrity within the crypto world, hosting extravagant events and promoting OneCoin as the "Bitcoin killer.

Rise to Fame

In 2014, Ignatova founded OneCoin, a cryptocurrency she claimed would rival Bitcoin and dominate the digital finance world.     

Through aggressive marketing and lavish events, she convinced millions of investors worldwide that OneCoin was a revolutionary financial opportunity.     

Ignatova and her team used MLM (multi-level marketing) tactics, promising high returns and generous bonuses for bringing in new investors.

In 2014, Ignatova founded OneCoin, a cryptocurrency she claimed would rival Bitcoin and dominate the digital finance world.     

Through aggressive marketing and lavish events, she convinced millions of investors worldwide that OneCoin was a revolutionary financial opportunity.     

Ignatova and her team used MLM (multi-level marketing) tactics, promising high returns and generous bonuses for bringing in new investors.

In 2014, Ignatova founded OneCoin, a cryptocurrency she claimed would rival Bitcoin and dominate the digital finance world.     

Through aggressive marketing and lavish events, she convinced millions of investors worldwide that OneCoin was a revolutionary financial opportunity.     

Ignatova and her team used MLM (multi-level marketing) tactics, promising high returns and generous bonuses for bringing in new investors.

He built a reputation as an exceptionally skilled trader, especially in arbitrage within the cryptocurrency market.

In 2017, as authorities in several countries began investigating OneCoin, Ignatova vanished.     

She was last seen boarding a flight from Sofia, Bulgaria, to Athens, Greece, and has been missing ever since.     

Her disappearance added to the mystery surrounding her and the OneCoin scandal.

Fraud and
Disappearance

Behind the glamour, OneCoin was a massive Ponzi scheme. Unlike Bitcoin, OneCoin did not have a blockchain, the essential technology behind legitimate cryptocurrencies. Instead, OneCoin simply fabricated transaction records, and its value was arbitrarily set by the company.

However, in November 2022, the crypto world was rocked by the revelation that FTX had been operating as a massive Ponzi scheme.

Her Crimes

Ruja Ignatova, also known as the "Crypto Queen," was accused of orchestrating one of the largest Ponzi schemes in history. Through her company, OneCoin, she defrauded millions of people worldwide by promoting a fake cryptocurrency and raising over $4 billion in investments.

Her Charges

Ignatova faced charges of wire fraud, securities fraud, and money laundering for her role in misleading investors about the legitimacy of OneCoin, which lacked any blockchain or real value.

Her Status

Ignatova disappeared in 2017 and remains one of the FBI’s Ten Most Wanted fugitives. She is believed to be hiding under an alias, with a $250,000 reward for information leading to her arrest.

Quotes by Ruja

In two years, nobody will speak about Bitcoin anymore

Ruja Ignatova, during the launch of OneCoin

If we want to go and catch Bitcoin, we never can do this without being strong in the network

Ruja Ignatova, during a webinar

The future belongs to cryptocurrencies such as Bitcoin

Ruja Ignatova, as quoted in 'The Missing Cryptoqueen

In Depth

Fraud Details

In Depth

Fraud Details

Fake Cryptocurrency

OneCoin was never a real cryptocurrency. It lacked a blockchain and had no verifiable technology to back its claims.

Fake Cryptocurrency

OneCoin was never a real cryptocurrency. It lacked a blockchain and had no verifiable technology to back its claims.

Fake Cryptocurrency

OneCoin was never a real cryptocurrency. It lacked a blockchain and had no verifiable technology to back its claims.

Multi-Billion-Dollar Ponzi Scheme

OneCoin relied on new investor money to pay earlier investors, with no legitimate revenue or growth

Multi-Billion-Dollar Ponzi Scheme

OneCoin relied on new investor money to pay earlier investors, with no legitimate revenue or growth

Multi-Billion-Dollar Ponzi Scheme

OneCoin relied on new investor money to pay earlier investors, with no legitimate revenue or growth

Aggressive Recruitment

he company used high-pressure MLM tactics, encouraging investors to bring in friends and family, thereby expanding the scheme globally.

Aggressive Recruitment

he company used high-pressure MLM tactics, encouraging investors to bring in friends and family, thereby expanding the scheme globally.

Aggressive Recruitment

he company used high-pressure MLM tactics, encouraging investors to bring in friends and family, thereby expanding the scheme globally.

Global Impact

OneCoin scammed victims in over 190 countries, making it one of the largest crypto frauds in history.

Global Impact

OneCoin scammed victims in over 190 countries, making it one of the largest crypto frauds in history.

Global Impact

OneCoin scammed victims in over 190 countries, making it one of the largest crypto frauds in history.