The shocking revelation of Sam Bankman-Fried's fraudulent activities in November 2022 sent the market into a tailspin, culminating in FTX's bankruptcy. Creditors are still embroiled in legal proceedings with the exchange, which is estimated to possess assets far exceeding its $11.2 billion debt. A recent announcement from the bankruptcy commission predicts a net distributable income of $14.5-16.3 billion, pending the exchange's restructuring.

The market is still reeling from the aftermath of FTX's collapse, which led to a sharp decline in cryptocurrency prices. Bitcoin, for instance, plummeted from $16,600 to $61,435, while Ethereum dropped from $3,000 to $1,250. The situation has intensified this year, with rising cryptocurrency prices and the sale of a stake in Anthropic, an AI security and research company. The conviction of Sam Bankman-Fried for defrauding investors and misusing customer funds has added to the market's uncertainty.

FTX's financial fiasco continues to cast a shadow on the market, leaving investors and regulators searching for answers. The exchange's assets, estimated to be worth billions more than its debt, have raised questions about the credibility of creditors' claims. As the market navigates this complex situation, one thing is clear: FTX's collapse has left an indelible mark on the industry.