In November 2022, Coindesk published a report that exposed the questionable financial practices of FTX and Alameda Research, the hedge fund owned by former FTX CEO Sam Bankman-Fried (SBF). This revelation triggered a bank run and led to the rapid collapse of FTX. Binance, a competing company, had initially planned to acquire FTX but later withdrew from the deal. The Department of Justice (DOJ) became interested in the reasons behind this reversal and started investigating both FTX and SBF. On December 21, 2022, former Alameda CEO Caroline Ellison and FTX co-founder Gary Wang were charged with crimes. Bankman-Fried was extradited to the U.S. the same week and initially placed in the custody of his parents. However, in mid-August 2023, he was arrested due to concerns about potential witness tampering. Now that the verdict has been reached, Bankman-Fried has been returned to the Brooklyn detention center to await sentencing.