This project serves to provide a comprehensive analysis of the business failures and criminal behavior that ultimately led to the collapse of FTX in November 2022. The general theme illustrated in the case study is the significance of effective governance structures and ethical leadership in an organization, and FTX serves as a primary example of the potential repercussions for stakeholders when such principles are not prioritized. The study analyzes the sequence of events that triggered FTX's downfall and identifies its contributing factors. By doing so, it clarifies the poor business practices and illegal activity that took place, and how the lack of effective governance structures enabled the criminal activity. The case study not only serves as an analysis of business failures, but additionally provides actionable insights for other organizations to consider when implementing governance structures and managing risk. In effect, the case study serves as a valuable resource for business leaders and investors by underscoring the critical role of effective governance in sustaining organizational health.