Once a $32-billion empire, FTX disintegrated into bankruptcy when it was unable to keep pace with a torrent of customer withdrawals, triggering a plunge in the crypto markets.
The market fallout peaked in November last year, when Bankman-Fried was found guilty of seven criminal fraud counts relating to the bankruptcy of the exchange and theft of customer funds. That same month, Binance's Zhao pleaded guilty to charges of violating the Bank Secrecy Act for failing to put in motion an effective anti-money laundering program and for breaching U.S. economic sanctions.