FTX, the third-largest crypto exchange, files for Chapter 11 bankruptcy on November 11, 2022, after revelations that billions in customer funds had been secretly funneled to Alameda Research, Sam Bankman-Fried's trading firm. SBF's empire, once valued at $32 billion, imploded in under a week following a bank run triggered by CoinDesk reporting and a Binance liquidation of FTT tokens. Approximately $8 billion in customer funds went missing. SBF was later convicted on seven federal fraud charges. Not your keys, not your coins -- proven once again.
Wikipedia: FTX