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Wikipedia

FTX

January 01, 1970

For other uses, see FTX (disambiguation).

FTX Trading Ltd., commonly known as FTX (short for "Futures Exchange"),[5] is a bankrupt company that formerly operated a fraud-ridden cryptocurrency exchange and crypto hedge fund.[6][7] The exchange was founded in 2019 by Sam Bankman-Fried and Gary Wang. At its peak in July 2021, the company had over one million users and was the third-largest cryptocurrency exchange by volume.[8][9] As of November 2022, FTX was the third-largest digital currency exchange boasting an active trading volume of USD 10 billion and a valuation of USD 32 billion.[10] FTX is incorporated in Antigua and Barbuda and headquartered in the Bahamas.[11] FTX is closely associated with FTX.US, a separate exchange available to US residents.[12]

FTX Trading Ltd.
Company typePrivate
IndustryCryptocurrency
FoundedMay 2019; 5 years ago (2019-05)
FoundersSam Bankman-Fried
Gary Wang[1]
FateFiled for Chapter 11 bankruptcy in November 2022
Headquarters
Nassau, New Providence
,
The Bahamas
Key people
John J. Ray III (CEO)[2]
Products
Revenue US$1.02 billion (2021)[3]
US$272 million (2021)[3]
US$388 million (2021)[3]
Number of employees
c. 300 (2022)[4]

Since November 11, 2022, FTX has been in Chapter 11 bankruptcy proceedings in the US court system.[13][14][15][16] Public concern began with rumors of unethical and fraudulent inter-company transfers of client funds. In November 2022 CoinDesk also raised concerns stating that FTX's partner firm Alameda Research held a significant portion of its assets in FTX's native token (FTT).[17][18] Following this revelation, rival exchange Binance's CEO Changpeng Zhao announced that Binance would sell its holdings of the token, which was quickly followed by a spike in customer withdrawals from FTX.[19] FTX was unable to meet the demand for customer withdrawals.[20] Binance signed a letter of intent to acquire the firm, with due diligence to follow, to ensure that customers could recover their assets from FTX in a timely manner, but Binance withdrew its offer the next day, citing reports of mishandled customer funds and U.S. agency investigations.[21] On December 12, 2022, founder Sam Bankman-Fried was arrested by the Bahamian authorities for financial offences, at the request of the US government.[22]

The current CEO of FTX is John J. Ray III, who specializes in recovering funds from failed corporations. Ray stated: "this situation is unprecedented." and "Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here."

History

 
FTX founder Sam Bankman-Fried

Sam Bankman-Fried and Zixiao "Gary" Wang[23] founded FTX in May 2019.[24] FTX began within Alameda Research, a trading firm founded by Bankman-Fried, Caroline Ellison, and other former employees of Jane Street in 2017, in Berkeley, California.[5][25][26] FTX is an abbreviation of "Futures Exchange".[5] Changpeng Zhao of Binance purchased a 20% stake in FTX for approximately $100 million, six months after Bankman-Fried and Wang started the firm.[27]

In August 2020, FTX acquired Blockfolio, a cryptocurrency portfolio tracking app, for $150 million.[28] In July 2021, the venture raised $900 million at an $18 billion valuation from over 60 investors, including Softbank, Sequoia Capital, and other firms.[29][30] Bankman-Fried bought out Zhao's stake for approximately $2 billion.[27] In September of that year, FTX moved its headquarters from Hong Kong to The Bahamas.[31]

On January 14, 2022, FTX announced a $2 billion venture fund named FTX Ventures,[32] raising $400 million in Series C funding at a $32 billion valuation that month.[33] The FTX Ventures website went offline in November 2022.[34] On February 11, 2022, FTX.US announced that the company would soon begin offering stock trading to its US customers.[35]

In February 2022, it was reported that FTX was creating a gaming division that would help developers add cryptocurrency, NFTs, and other blockchain-related assets into video games.[36]

In July 2022, FTX finalized a deal giving it the option to buy BlockFi for about $240 million. The deal included a $400 million credit facility for BlockFi.[37][38]

In August 2022, the Federal Deposit Insurance Corporation (FDIC) issued a cease-and-desist order to FTX for making "false and misleading representations" about deposits being covered by FDIC insurance following FTX president Brett Harrison's tweet implying otherwise.[39] Following the regulatory action, Harrison deleted the tweet and Bankman-Fried clarified in another tweet that FTX deposits are not insured by the FDIC.[40]

On September 26, 2022, FTX.US won its bid at auction for the digital assets of bankrupt crypto brokerage Voyager Digital. The value of the deal was approximately $1.42 billion, including $1.31 billion in Voyager-held cryptocurrency and $111 million in additional consideration. The deal was subject to approval by bankruptcy courts and Voyager's creditors.[41] Following the FTX bankruptcy, in December 2022, the US subsidiary of Binance won the bid to buy the assets of Voyager for approximately $1 billion.[42]

On September 27, 2022, FTX.US President Brett Harrison announced he would be stepping down from an active role at the exchange but would stay on in an advisory capacity. The company did not immediately announce a replacement for Harrison, who had been FTX.US president since May 2021.[43]

In October 2022, it was reported that FTX was under investigation in Texas for allegedly selling unregistered securities.[44]

In August 2023, it was reported that the company plans to restart offering cryptocurrency trading services after a restructuring of the bankrupt company is completed.[45]

November 2022 crisis and bankruptcy

Further information: Bankruptcy of FTX
FTX Token
Denominations
CodeFTT
Development
White paperFTT Whitepaper
Initial releaseMay 5, 2019 (5 years ago) (2019-05-05)

Background: FTX and Alameda, Binance, and CoinDesk report

In September 2022, Bloomberg reported on the close relationship between Alameda Research and FTX. Bloomberg noted that Alameda had functioned as a market maker for FTX early in the exchange's history, and that the trading firm remained, in June and July 2022, the biggest known depositor of stable coins on FTX.[46] Bloomberg further stated that the regulatory oversight which applies to companies operating in traditional equities markets would have prohibited the relationship between the two firms were it applicable.[46] Alameda's trading on FTX meant the trading firm was potentially in a position to gain financially when others lost money on the exchange.[47] Bankman-Fried defended FTX's use of Alameda as a liquidity provider.[47]

According to John J. Ray III, Alameda had a "secret exemption" from FTX's auto-liquidation protocol.[48] Later, the existence of such an undisclosed beneficial relationship was described by Ray, the new CEO of FTX, as a "complete failure of corporate controls"[49] and indicated gross mismanagement.[48] Between early 2021 and March 2022, Alameda Research amassed crypto tokens ahead of FTX announcing the decision to list them for trading.[50]

According to anonymous sources cited by The Wall Street Journal, FTX had lent $10 billion of its customers' assets to Alameda Research in 2022.[51] Alameda CEO Caroline Ellison disclosed to other Alameda employees that she, Sam Bankman-Fried, Gary Wang, and Nishad Singh knew about that decision.[52] An anonymous source cited by the New York Times said the same.[53] According to the sources cited by The Wall Street Journal, Ellison said the funds were used in part to pay back loans Alameda had taken to make investments.[52] Ray said that FTX used software to conceal the misuse of customer funds.[48][49][54]

Several months after Bloomberg's initial report on the relationship between the two firms, on November 2, 2022, CoinDesk reported that a significant portion of Alameda Research's assets were held in FTT, the exchange token issued by FTX. It said that there were $5.1 billion worth of FTT tokens in circulation, and that Alameda's balance sheet held $3.66 billion of "unlocked FTT", $2.16 billion of "FTT collateral", and $292 million of "locked FTT".[17] In the weeks immediately preceding the publication of the story by CoinDesk, Bankman-Fried was characterized by anonymous sources cited by Bloomberg as "desperately" attempting to raise money for FTX.[55] Additionally, Bankman-Fried had been publicly "dueling" with Changpeng Zhao on Twitter in the months preceding the CoinDesk article, in part due to disagreements stemming from their differing views on the regulation of cryptocurrency.[56]

Crisis begins: Binance FTT sale, sell-off, and withdrawn rescue bid

Several days after the publication of the CoinDesk article, on November 6, Binance CEO Changpeng Zhao said on Twitter that his firm intended to sell all its holdings of FTT.[57] Binance had received FTT from FTX in 2021 during a transaction in which FTX bought back Binance's equity stake in FTX.[58] Zhao cited "recent revelations that came to light" as the motivation for selling FTT.[58] Bloomberg and TechCrunch reported that any sale by Binance would likely have an outsized impact on FTT's price, given the token's low trading volume.[59][60] The announcement by Zhao of the pending sale and disputes between Zhao and Bankman-Fried on Twitter led to a decline in the price of FTT and other cryptocurrencies,[61] resulting in a three-day depositor sell-off, like a bank run, of an estimated $6 billion that sent FTX into crisis.[62] On November 8, Zhao announced that Binance had entered into a non-binding agreement to purchase FTX due to what he referred to as a "liquidity crisis" at FTX.[63][64] The deal did not include the sale of FTX.US.[63] Zhao announced on Twitter that the company would complete due diligence soon, adding that all cryptocurrency exchanges should avoid using FTT tokens as collateral.[65][66] He also wrote that he expected FTT to be "highly volatile in the coming days as things develop". On the day of that announcement, FTT price dropped by 80 percent, erasing $2 billion in value.[67]

On November 9, Bloomberg called the acquisition of FTX by Binance "unlikely" due to the poor state of FTX's finances.[68] Bloomberg also reported that the United States Securities and Exchange Commission and Commodity Futures Trading Commission were investigating the nature of FTX's connections to Bankman-Fried's other holdings and its handling of client funds.[69] Later that day, the Wall Street Journal reported that Binance would not move forward with the deal to acquire FTX.[70] Binance cited FTX's reported mishandling of customer funds and pending investigations of FTX as the reasons for not pursuing the deal.[71] Bankman-Fried said in a Slack message that FTX had learned through the press about Binance's concern and decision.[70]

On November 9, FTX's website said that it was not processing withdrawals at that time.[62] Bankman-Fried said that although the firm's assets were worth more than its clients' deposits, it would need funds from outside to meet demand for withdrawals due to a lack of liquidity.[72][73] Bankman-Fried stated on November 9 that FTX.US, as a separate company, was "not currently impacted" by the crisis.[74]

Bankruptcy and unauthorized transactions

Main article: Bankruptcy of FTX

On November 10, Axios cited anonymous sources who said that FTX approached Kraken for a potential rescue deal.[75] Bankman-Fried made several statements on November 10, taking responsibility for FTX's failure and indicating that FTX was still seeking capital to remain solvent.[76] Bankman-Fried also announced that Alameda Research would cease trading and end operations.[77] FTX's in-house legal and compliance teams had, for the most part, resigned by November 10.[78][79] Anonymous sources cited by the Wall Street Journal on November 10 said that Alameda Research owed FTX some $10 billion, as FTX had lent funds placed on the exchange for trading to Alameda so that Alameda could make investments with the money.[51] On November 12, anonymous sources cited by the Wall Street Journal said Alameda CEO Caroline Ellison disclosed to other Alameda employees that she, Sam Bankman-Fried, Gary Wang, and Nishad Singh knew that client deposits were transferred from FTX to Alameda.[52] An anonymous source cited by the New York Times on November 14 said the same.[53] According to the sources cited by The Wall Street Journal, Ellison said the funds were used in part to pay back loans Alameda had taken to make investments.[52]

Though Bankman-Fried, on November 10, wrote on Twitter that FTX's US customers did not have reason to worry, employees began attempting to sell assets belonging to the firm on the same day.[80] These assets include stock-clearing company Embed Financial Technologies and the naming rights to FTX Arena.[80]

On November 10, the Securities Commission of the Bahamas froze the assets of one of FTX's subsidiaries, FTX Digital Markets Ltd, "and related parties", and provisionally appointed an attorney as liquidator.[81][82] Japan's Financial Services Agency ordered FTX Japan to suspend some operations.[83][84] The company's Australian subsidiary was placed under administration.[83]

On November 10, the team running the FTX Future Fund, an ostensibly charitable group bankrolled by Bankman-Fried, announced that they had resigned earlier that day.[13] Future Fund had committed $160 million in charitable grants and investments by September 1 of that year.[85] Crypto lender BlockFi, which was affiliated with FTX, announced on November 10 that it was suspending operations as a result of FTX's collapse.[13]

On November 11, FTX, FTX.US, Alameda Research, and more than 100 affiliates filed for bankruptcy in Delaware.[15][13][16] Anonymous sources cited by the New York Times said that the exchange owed as much as $8 billion.[13] Bankman-Fried resigned as CEO and was replaced by John J. Ray III, a corporate restructuring specialist who'd previously overseen the liquidation of Enron.[15][16][86]

Late on November 11, over $473 million in funds were siphoned from FTX through what Ryne Miller, FTX US's general counsel, characterized as "unauthorized transactions".[87] Miller announced that FTX and FTX US intended to move remaining funds denominated in cryptocurrency to offline "cold storage" for security.[87] The funds taken from FTX were mostly stablecoins such as Tether, and were quickly exchanged for Ether, a method used by cryptocurrency thieves to thwart attempts to retrieve stolen funds.[88] A person speaking on behalf of FTX referred to the "unauthorized transactions" as a "hack" and encouraged users to delete FTX mobile apps as they were compromised.[89] Kraken offered to assist in identifying the perpetrator.[90] In January 2024, the U.S. Department of Justice indicted three individuals for running a SIM swap scam operation that allegedly stole “over $400 million in virtual currency” from an unspecified company.[91] Sources told Bloomberg that the company was FTX.[92]

As of November 12, Bankman-Fried told Reuters that he was still in the Bahamas,[93] though other high-ranking FTX employees had begun leaving for Hong Kong, the location of the company's former headquarters, or other locations.[89] Authorities in the Bahamas, including the Royal Bahamas Police Force, questioned Bankman-Fried on November 12.[94] Despite FTX's bankruptcy, Bankman-Fried continued to attempt to raise money for the firm during the weekend of November 12 and 13.[95]

On November 14, Kraken's chief security officer said on Twitter that the firm knew "the identity" of a user who paid transaction fees associated with moving the stolen money through their Kraken account.[96] In an interview with Kelsey Piper published November 16 by Vox, Bankman-Fried blamed an "ex-employee" or malware on a device owned by an ex-employee for the theft.[97]

According to anonymous sources cited by Reuters, between $1 billion and $2 billion in customer funds could not be accounted for as of November 12.[98][99] The Financial Times reported that FTX's balance sheet shortly before the bankruptcy showed $9 billion in liabilities, with $900 million in liquid assets, $5 billion in "less liquid" assets, and $3.2 billion in illiquid private equity investments.[100]

Bankman-Fried began publishing "cryptic" messages in sequence on Twitter on November 14.[101] As of November 15, the messages all read "What HAPPENED".[101]

On November 15, FTX sought to raise $10 billion in liquidity from investors.[102]

On November 16, the Bahamas unit of FTX, FTX Digital Markets, officially filed for Chapter 15 bankruptcy protection in the United States.[103]

On November 17, John J. Ray III, the CEO brought in as a liquidator, stated in a sworn declaration submitted in bankruptcy court that, according to FTX's records, its subsidiary Alameda Research had on September 30 lent $1 billion to Bankman-Fried and more than $500 million to FTX co-founder Nishad Singh.[104] Ray, having been involved in the bankruptcies of Enron, Residential Capital, Nortel and Overseas Shipholding, stated, "Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here. From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented."[105][106] Speaking to the House Committee on Financial Services, he testified that "literally, there's no record-keeping whatsoever" and that the company used the small-business accounting tool QuickBooks for its accounting needs, despite handling "billions of dollars."[107]

Widening impact and contagion fears

The exchange token of Crypto.com, Cronos, lost approximately $1 billion in value in November,[108] a decline attributed in part due to the collapse of FTX and in part due to reporting that Crypto.com had accidentally sent $400 million of Ether to another exchange.[51][52] On November 14, Crypto.com's CEO assured users that the exchange was functioning as normal.[108] Commenters and customers remained fearful that Crypto.com could experience a collapse similar to FTX.[109]

BlockFi, a cryptocurrency lender, was reportedly taking steps to file for bankruptcy as of November 15.[110] The firm had earlier begun preventing withdrawals.[110] The company disclosed "significant exposure" to FTX on November 14.[110] Another cryptocurrency lender, Genesis, a subsidiary of Digital Currency Group, halted withdrawals on November 16.[111] This halt caused Gemini, an exchange owned by the Winklevoss twins, to cease allowing redemptions for clients using a service provided through a partnership with Genesis.[112] Another Digital Currency Group subsidiary, Grayscale, saw the value of its flagship offering, the publicly traded Grayscale Bitcoin Trust, decline by 20% over the two weeks preceding November 17.[113] Grayscale Bitcoin Trust was trading at a discounted price, 42% below the value of its Bitcoin, as of November 14.[114]

Concerns have also been raised about Silvergate Bank, as FTX was a depositor and could have also been a source of credit exposure. Silvergate has said that it has ample liquidity and no loan exposure to FTX. These concerns have been magnified due to Silvergate's key role as a gateway between its cryptocurrency clients and the wider financial world.[115][116]

Responses and effects

Effects on investors

Institutional investors that stand to lose money due to their stakes in FTX include Tiger Global Management, the Ontario Teachers' Pension Plan, SoftBank Group, BlackRock, Lightspeed Venture Partners, Temasek, and Sequoia Capital.[117][118][119][120][121] Sequoia Capital wrote down its equity in FTX to $0 on November 9, losing some $214 million.[122] Sequoia released a notice to investors, also published on Twitter, assuring them the firm's stake in FTX represented a small amount of its overall portfolio,[123] and replaced a profile of Bankman-Fried published on the firm's website with a link to the same notice.[124][125][126] The Ontario Teachers' Pension Plan released a similar statement.[127] Temasek later wrote down its investment on November 16.[128] Several public figures also invested in FTX or received compensation for promoting the company.[129] These include football player Tom Brady, basketball players Shaquille O'Neal and Stephen Curry, model Gisele Bündchen, and businessman Kevin O'Leary.[129]

Gisele Bündchen was also appointed the ESG advisor for the cryptocurrency platform. After its bankruptcy, investors sued her for her involvement and accused her of participating in FTX's alleged scheme to take advantage of unsophisticated investors.[130]

Anthony Scaramucci, founder of SkyBridge Capital, announced the firm was attempting to buy back a 30% stake in the business owned by FTX.[131]

Effects on other cryptocurrency firms and cryptocurrency markets

Cryptocurrency investment firms with assets still held on FTX after its bankruptcy include Galois Capital and Galaxy Digital.[132]

Cryptocurrencies experienced swings and declines in value as news of FTX's collapse first emerged in early November: Tether dropped below its peg price of $1.00 to $0.97[133] and Bitcoin sank to its lowest price in two years.[16] Share prices for publicly traded cryptocurrency companies declined.[134] The price of Solana, which was affiliated with Bankman-Fried, declined as well.[135] The crisis at FTX has inspired an increase in withdrawals from other exchanges.[136] A decline in the value of Cronos, the token of exchange Crypto.com, triggered fears of the potential for a collapse similar to that of FTX and spurred withdrawals from the platform.[109] CEO Kris Marszalek provided assurances that the firm was liquid and that it did not use Cronos in a manner similar to the way FTX used FTT.[109] Bloomberg reported that the collapse of FTX exacerbated institutional skepticism of cryptocurrencies as an asset class.[137]

In December, it emerged that FTX had secretly invested in The Block, a cryptocurrency news firm, and to fund an LLC its CEO Michael McCaffrey used to buy an apartment. Its staff said they had no knowledge of the investments. McCaffrey then resigned.[138]

Responses and commentary

Investment manager and short selling specialist Jim Chanos predicted in November 2022 the collapse of FTX would lead to "increased scrutiny and regulation" over cryptocurrencies. Chanos criticized the cryptocurrency sector as "designed to extract fees from really unsuspecting investors".[139]

Richard Handler, CEO of American financial firm Jefferies Group, tweeted on November 10 that he had attempted to meet with Bankman-Fried in July and again in September, as he perceived the FTX CEO was "in over his head".[140] Handler stated that Bankman-Fried did not respond to the emails sent from Jefferies staff on Handler's behalf.[140]

The sudden collapse of FTX has been compared to the bankruptcy of Lehman Brothers in publications such as The New York Times and the Financial Times.[141][142] Lawrence Summers acknowledged the comparisons to Lehman and further compared the collapse to the Enron scandal, caused by fraud perpetrated by Enron executives.[143] Rostin Behnam, the Chairman of the Commodity Futures Trading Commission, called for Congress to grant the organization more power to regulate cryptocurrencies.[144] The financial impact of the collapse having reached beyond the immediate FTX customer base,[145] financial industry executives said at a Reuters conference that "regulators must step in to protect crypto investors."[146] Technology analyst Avivah Litan commented on the cryptocurrency ecosystem that "everything...needs to improve dramatically in terms of user experience, controls, safety, [and] customer service."[147] Risk management firm Titan Grey published a primer on the commencement and early motions practice of the FTX chapter 11 case, analyzing issues such as creditor privacy, relief from the automatic stay, proposed differential treatment of customers from other creditors, and others.[148]

Legal process

Following the collapse of FTX, the Royal Bahamas Police Force launched a criminal investigation into the company.[149][150]

Anonymous sources cited by Bloomberg said that the office of the United States Attorney for the Southern District of New York had begun an investigation into FTX's collapse as of November 14, 2022.[151]

The United States House Committee on Financial Services announced it plans to conduct hearings in December on the collapse of FTX, and committee leaders said they would seek testimony from Bankman-Fried.[152] According to anonymous sources cited by The Information, some venture capital firms are considering suing Bankman-Fried.[153]

On December 13, 2022, FTX founder and CEO Sam Bankman-Fried was charged by the US attorney's office for the southern district of New York with fraud, conspiracy to commit money laundering, and conspiracy to defraud the US and violate campaign finance laws.[154] After being extradited from the Bahamas, Bankman-Fried was released on a $250 million bond and ordered to remain under house arrest at his parents' home in Palo Alto, California. He was arraigned in federal court in Manhattan on January 3, 2023, and entered a plea of not guilty to all counts. Judge Lewis A. Kaplan set the trial date for United States v. Bankman-Fried for October 2, 2023, saying he might move it "forward or backward a day or two." Meanwhile, Gary Wang, co-founder of FTX, and Caroline Ellison, who had served as Alameda's CEO, pleaded guilty to multiple charges and began cooperating with federal prosecutors.[155][156][157]

FTX's former engineering director, Nishad Singh, has pleaded guilty to six different charges, including three counts of conspiracy to commit fraud. Singh is a childhood friend of Bankman-Fried's brother and worked at Alameda Research before being brought into FTX.[158] Singh is now said to be cooperating with prosecutors' investigations against Bankman-Freid.

Former FTX executive Ryan Salame has pleaded guilty to both a campaign finance law violation and a charge of operating an unlicensed money transmitting business, but is reportedly not cooperating with prosecutors as of September 2023.[159]

Sponsorships

 
The FTX Arena in Miami, Florida

FTX sponsored a number of sports teams and organizations. Deals included the naming rights to the Miami Heat's basketball stadium, renaming it FTX Arena,[160][161] a partnership with Major League Baseball to place the FTX logo on the uniforms of umpires,[162] and a deal with Mercedes-AMG Petronas F1 Team to add the FTX logo to their cars and merchandise.[163] The professional esports organization TSM also had a naming rights deal with FTX, thus the organization became TSM FTX.[164]

Other sponsorships included the title sponsorships of the first season of MLB Home Run Derby X,[165] and the title sponsorship of the tournaments FTX Road to Miami and FTX Crypto Cup as part of the Champions Chess Tour 2022.[166]

Following the bankruptcy of FTX in November 2022, Mercedes-AMG F1, TSM and the Miami Heat cut ties with the company, with the latter also announcing that they would be seeking a new naming rights partner for the FTX Arena.[167][168][169] FTX held talks with American singer-songwriter Taylor Swift starting in the fall of 2021 regarding a $100 million sponsorship deal but negotiations were broken off the following spring without a deal being reached.[170][171]

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  171. ^ Blistein, Jon (December 7, 2022). "Taylor Swift's 'Eras' Tour Ticketing Debacle Could've Been Worse: She Almost Partnered With FTX". Rolling Stone. from the original on December 8, 2022. Retrieved December 7, 2022.

External links

  • Official website
  • Official website of FTX.US
  • FTXFoundation.com website September 9, 2022, at the Wayback Machine

January 01, 1970
other, uses, disambiguation, trading, commonly, known, short, futures, exchange, bankrupt, company, that, formerly, operated, fraud, ridden, cryptocurrency, exchange, crypto, hedge, fund, exchange, founded, 2019, bankman, fried, gary, wang, peak, july, 2021, c. For other uses see FTX disambiguation FTX Trading Ltd commonly known as FTX short for Futures Exchange 5 is a bankrupt company that formerly operated a fraud ridden cryptocurrency exchange and crypto hedge fund 6 7 The exchange was founded in 2019 by Sam Bankman Fried and Gary Wang At its peak in July 2021 the company had over one million users and was the third largest cryptocurrency exchange by volume 8 9 As of November 2022 FTX was the third largest digital currency exchange boasting an active trading volume of USD 10 billion and a valuation of USD 32 billion 10 FTX is incorporated in Antigua and Barbuda and headquartered in the Bahamas 11 FTX is closely associated with FTX US a separate exchange available to US residents 12 FTX Trading Ltd Company typePrivateIndustryCryptocurrencyFoundedMay 2019 5 years ago 2019 05 FoundersSam Bankman Fried Gary Wang 1 FateFiled for Chapter 11 bankruptcy in November 2022HeadquartersNassau New Providence The BahamasKey peopleJohn J Ray III CEO 2 ProductsCryptocurrency exchangecryptocurrenciesRevenueUS 1 02 billion 2021 3 Operating incomeUS 272 million 2021 3 Net incomeUS 388 million 2021 3 Number of employeesc 300 2022 4 Since November 11 2022 FTX has been in Chapter 11 bankruptcy proceedings in the US court system 13 14 15 16 Public concern began with rumors of unethical and fraudulent inter company transfers of client funds In November 2022 CoinDesk also raised concerns stating that FTX s partner firm Alameda Research held a significant portion of its assets in FTX s native token FTT 17 18 Following this revelation rival exchange Binance s CEO Changpeng Zhao announced that Binance would sell its holdings of the token which was quickly followed by a spike in customer withdrawals from FTX 19 FTX was unable to meet the demand for customer withdrawals 20 Binance signed a letter of intent to acquire the firm with due diligence to follow to ensure that customers could recover their assets from FTX in a timely manner but Binance withdrew its offer the next day citing reports of mishandled customer funds and U S agency investigations 21 On December 12 2022 founder Sam Bankman Fried was arrested by the Bahamian authorities for financial offences at the request of the US government 22 The current CEO of FTX is John J Ray III who specializes in recovering funds from failed corporations Ray stated this situation is unprecedented and Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here Contents 1 History 2 November 2022 crisis and bankruptcy 2 1 Background FTX and Alameda Binance and CoinDesk report 2 2 Crisis begins Binance FTT sale sell off and withdrawn rescue bid 2 3 Bankruptcy and unauthorized transactions 2 4 Widening impact and contagion fears 2 5 Responses and effects 2 5 1 Effects on investors 2 5 2 Effects on other cryptocurrency firms and cryptocurrency markets 2 5 3 Responses and commentary 3 Legal process 4 Sponsorships 5 References 6 External linksHistory nbsp FTX founder Sam Bankman Fried Sam Bankman Fried and Zixiao Gary Wang 23 founded FTX in May 2019 24 FTX began within Alameda Research a trading firm founded by Bankman Fried Caroline Ellison and other former employees of Jane Street in 2017 in Berkeley California 5 25 26 FTX is an abbreviation of Futures Exchange 5 Changpeng Zhao of Binance purchased a 20 stake in FTX for approximately 100 million six months after Bankman Fried and Wang started the firm 27 In August 2020 FTX acquired Blockfolio a cryptocurrency portfolio tracking app for 150 million 28 In July 2021 the venture raised 900 million at an 18 billion valuation from over 60 investors including Softbank Sequoia Capital and other firms 29 30 Bankman Fried bought out Zhao s stake for approximately 2 billion 27 In September of that year FTX moved its headquarters from Hong Kong to The Bahamas 31 On January 14 2022 FTX announced a 2 billion venture fund named FTX Ventures 32 raising 400 million in Series C funding at a 32 billion valuation that month 33 The FTX Ventures website went offline in November 2022 34 On February 11 2022 FTX US announced that the company would soon begin offering stock trading to its US customers 35 In February 2022 it was reported that FTX was creating a gaming division that would help developers add cryptocurrency NFTs and other blockchain related assets into video games 36 In July 2022 FTX finalized a deal giving it the option to buy BlockFi for about 240 million The deal included a 400 million credit facility for BlockFi 37 38 In August 2022 the Federal Deposit Insurance Corporation FDIC issued a cease and desist order to FTX for making false and misleading representations about deposits being covered by FDIC insurance following FTX president Brett Harrison s tweet implying otherwise 39 Following the regulatory action Harrison deleted the tweet and Bankman Fried clarified in another tweet that FTX deposits are not insured by the FDIC 40 On September 26 2022 FTX US won its bid at auction for the digital assets of bankrupt crypto brokerage Voyager Digital The value of the deal was approximately 1 42 billion including 1 31 billion in Voyager held cryptocurrency and 111 million in additional consideration The deal was subject to approval by bankruptcy courts and Voyager s creditors 41 Following the FTX bankruptcy in December 2022 the US subsidiary of Binance won the bid to buy the assets of Voyager for approximately 1 billion 42 On September 27 2022 FTX US President Brett Harrison announced he would be stepping down from an active role at the exchange but would stay on in an advisory capacity The company did not immediately announce a replacement for Harrison who had been FTX US president since May 2021 43 In October 2022 it was reported that FTX was under investigation in Texas for allegedly selling unregistered securities 44 In August 2023 it was reported that the company plans to restart offering cryptocurrency trading services after a restructuring of the bankrupt company is completed 45 November 2022 crisis and bankruptcyFurther information Bankruptcy of FTX FTX TokenDenominationsCodeFTTDevelopmentWhite paperFTT WhitepaperInitial releaseMay 5 2019 5 years ago 2019 05 05 Background FTX and Alameda Binance and CoinDesk report In September 2022 Bloomberg reported on the close relationship between Alameda Research and FTX Bloomberg noted that Alameda had functioned as a market maker for FTX early in the exchange s history and that the trading firm remained in June and July 2022 the biggest known depositor of stable coins on FTX 46 Bloomberg further stated that the regulatory oversight which applies to companies operating in traditional equities markets would have prohibited the relationship between the two firms were it applicable 46 Alameda s trading on FTX meant the trading firm was potentially in a position to gain financially when others lost money on the exchange 47 Bankman Fried defended FTX s use of Alameda as a liquidity provider 47 According to John J Ray III Alameda had a secret exemption from FTX s auto liquidation protocol 48 Later the existence of such an undisclosed beneficial relationship was described by Ray the new CEO of FTX as a complete failure of corporate controls 49 and indicated gross mismanagement 48 Between early 2021 and March 2022 Alameda Research amassed crypto tokens ahead of FTX announcing the decision to list them for trading 50 According to anonymous sources cited by The Wall Street Journal FTX had lent 10 billion of its customers assets to Alameda Research in 2022 51 Alameda CEO Caroline Ellison disclosed to other Alameda employees that she Sam Bankman Fried Gary Wang and Nishad Singh knew about that decision 52 An anonymous source cited by the New York Times said the same 53 According to the sources cited by The Wall Street Journal Ellison said the funds were used in part to pay back loans Alameda had taken to make investments 52 Ray said that FTX used software to conceal the misuse of customer funds 48 49 54 Several months after Bloomberg s initial report on the relationship between the two firms on November 2 2022 CoinDesk reported that a significant portion of Alameda Research s assets were held in FTT the exchange token issued by FTX It said that there were 5 1 billion worth of FTT tokens in circulation and that Alameda s balance sheet held 3 66 billion of unlocked FTT 2 16 billion of FTT collateral and 292 million of locked FTT 17 In the weeks immediately preceding the publication of the story by CoinDesk Bankman Fried was characterized by anonymous sources cited by Bloomberg as desperately attempting to raise money for FTX 55 Additionally Bankman Fried had been publicly dueling with Changpeng Zhao on Twitter in the months preceding the CoinDesk article in part due to disagreements stemming from their differing views on the regulation of cryptocurrency 56 Crisis begins Binance FTT sale sell off and withdrawn rescue bid Several days after the publication of the CoinDesk article on November 6 Binance CEO Changpeng Zhao said on Twitter that his firm intended to sell all its holdings of FTT 57 Binance had received FTT from FTX in 2021 during a transaction in which FTX bought back Binance s equity stake in FTX 58 Zhao cited recent revelations that came to light as the motivation for selling FTT 58 Bloomberg and TechCrunch reported that any sale by Binance would likely have an outsized impact on FTT s price given the token s low trading volume 59 60 The announcement by Zhao of the pending sale and disputes between Zhao and Bankman Fried on Twitter led to a decline in the price of FTT and other cryptocurrencies 61 resulting in a three day depositor sell off like a bank run of an estimated 6 billion that sent FTX into crisis 62 On November 8 Zhao announced that Binance had entered into a non binding agreement to purchase FTX due to what he referred to as a liquidity crisis at FTX 63 64 The deal did not include the sale of FTX US 63 Zhao announced on Twitter that the company would complete due diligence soon adding that all cryptocurrency exchanges should avoid using FTT tokens as collateral 65 66 He also wrote that he expected FTT to be highly volatile in the coming days as things develop On the day of that announcement FTT price dropped by 80 percent erasing 2 billion in value 67 On November 9 Bloomberg called the acquisition of FTX by Binance unlikely due to the poor state of FTX s finances 68 Bloomberg also reported that the United States Securities and Exchange Commission and Commodity Futures Trading Commission were investigating the nature of FTX s connections to Bankman Fried s other holdings and its handling of client funds 69 Later that day the Wall Street Journal reported that Binance would not move forward with the deal to acquire FTX 70 Binance cited FTX s reported mishandling of customer funds and pending investigations of FTX as the reasons for not pursuing the deal 71 Bankman Fried said in a Slack message that FTX had learned through the press about Binance s concern and decision 70 On November 9 FTX s website said that it was not processing withdrawals at that time 62 Bankman Fried said that although the firm s assets were worth more than its clients deposits it would need funds from outside to meet demand for withdrawals due to a lack of liquidity 72 73 Bankman Fried stated on November 9 that FTX US as a separate company was not currently impacted by the crisis 74 Bankruptcy and unauthorized transactions Main article Bankruptcy of FTX On November 10 Axios cited anonymous sources who said that FTX approached Kraken for a potential rescue deal 75 Bankman Fried made several statements on November 10 taking responsibility for FTX s failure and indicating that FTX was still seeking capital to remain solvent 76 Bankman Fried also announced that Alameda Research would cease trading and end operations 77 FTX s in house legal and compliance teams had for the most part resigned by November 10 78 79 Anonymous sources cited by the Wall Street Journal on November 10 said that Alameda Research owed FTX some 10 billion as FTX had lent funds placed on the exchange for trading to Alameda so that Alameda could make investments with the money 51 On November 12 anonymous sources cited by the Wall Street Journal said Alameda CEO Caroline Ellison disclosed to other Alameda employees that she Sam Bankman Fried Gary Wang and Nishad Singh knew that client deposits were transferred from FTX to Alameda 52 An anonymous source cited by the New York Times on November 14 said the same 53 According to the sources cited by The Wall Street Journal Ellison said the funds were used in part to pay back loans Alameda had taken to make investments 52 Though Bankman Fried on November 10 wrote on Twitter that FTX s US customers did not have reason to worry employees began attempting to sell assets belonging to the firm on the same day 80 These assets include stock clearing company Embed Financial Technologies and the naming rights to FTX Arena 80 On November 10 the Securities Commission of the Bahamas froze the assets of one of FTX s subsidiaries FTX Digital Markets Ltd and related parties and provisionally appointed an attorney as liquidator 81 82 Japan s Financial Services Agency ordered FTX Japan to suspend some operations 83 84 The company s Australian subsidiary was placed under administration 83 On November 10 the team running the FTX Future Fund an ostensibly charitable group bankrolled by Bankman Fried announced that they had resigned earlier that day 13 Future Fund had committed 160 million in charitable grants and investments by September 1 of that year 85 Crypto lender BlockFi which was affiliated with FTX announced on November 10 that it was suspending operations as a result of FTX s collapse 13 On November 11 FTX FTX US Alameda Research and more than 100 affiliates filed for bankruptcy in Delaware 15 13 16 Anonymous sources cited by the New York Times said that the exchange owed as much as 8 billion 13 Bankman Fried resigned as CEO and was replaced by John J Ray III a corporate restructuring specialist who d previously overseen the liquidation of Enron 15 16 86 Late on November 11 over 473 million in funds were siphoned from FTX through what Ryne Miller FTX US s general counsel characterized as unauthorized transactions 87 Miller announced that FTX and FTX US intended to move remaining funds denominated in cryptocurrency to offline cold storage for security 87 The funds taken from FTX were mostly stablecoins such as Tether and were quickly exchanged for Ether a method used by cryptocurrency thieves to thwart attempts to retrieve stolen funds 88 A person speaking on behalf of FTX referred to the unauthorized transactions as a hack and encouraged users to delete FTX mobile apps as they were compromised 89 Kraken offered to assist in identifying the perpetrator 90 In January 2024 the U S Department of Justice indicted three individuals for running a SIM swap scam operation that allegedly stole over 400 million in virtual currency from an unspecified company 91 Sources told Bloomberg that the company was FTX 92 As of November 12 Bankman Fried told Reuters that he was still in the Bahamas 93 though other high ranking FTX employees had begun leaving for Hong Kong the location of the company s former headquarters or other locations 89 Authorities in the Bahamas including the Royal Bahamas Police Force questioned Bankman Fried on November 12 94 Despite FTX s bankruptcy Bankman Fried continued to attempt to raise money for the firm during the weekend of November 12 and 13 95 On November 14 Kraken s chief security officer said on Twitter that the firm knew the identity of a user who paid transaction fees associated with moving the stolen money through their Kraken account 96 In an interview with Kelsey Piper published November 16 by Vox Bankman Fried blamed an ex employee or malware on a device owned by an ex employee for the theft 97 According to anonymous sources cited by Reuters between 1 billion and 2 billion in customer funds could not be accounted for as of November 12 98 99 The Financial Times reported that FTX s balance sheet shortly before the bankruptcy showed 9 billion in liabilities with 900 million in liquid assets 5 billion in less liquid assets and 3 2 billion in illiquid private equity investments 100 Bankman Fried began publishing cryptic messages in sequence on Twitter on November 14 101 As of November 15 the messages all read What HAPPENED 101 On November 15 FTX sought to raise 10 billion in liquidity from investors 102 On November 16 the Bahamas unit of FTX FTX Digital Markets officially filed for Chapter 15 bankruptcy protection in the United States 103 On November 17 John J Ray III the CEO brought in as a liquidator stated in a sworn declaration submitted in bankruptcy court that according to FTX s records its subsidiary Alameda Research had on September 30 lent 1 billion to Bankman Fried and more than 500 million to FTX co founder Nishad Singh 104 Ray having been involved in the bankruptcies of Enron Residential Capital Nortel and Overseas Shipholding stated Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here From compromised systems integrity and faulty regulatory oversight abroad to the concentration of control in the hands of a very small group of inexperienced unsophisticated and potentially compromised individuals this situation is unprecedented 105 106 Speaking to the House Committee on Financial Services he testified that literally there s no record keeping whatsoever and that the company used the small business accounting tool QuickBooks for its accounting needs despite handling billions of dollars 107 Widening impact and contagion fears The exchange token of Crypto com Cronos lost approximately 1 billion in value in November 108 a decline attributed in part due to the collapse of FTX and in part due to reporting that Crypto com had accidentally sent 400 million of Ether to another exchange 51 52 On November 14 Crypto com s CEO assured users that the exchange was functioning as normal 108 Commenters and customers remained fearful that Crypto com could experience a collapse similar to FTX 109 BlockFi a cryptocurrency lender was reportedly taking steps to file for bankruptcy as of November 15 110 The firm had earlier begun preventing withdrawals 110 The company disclosed significant exposure to FTX on November 14 110 Another cryptocurrency lender Genesis a subsidiary of Digital Currency Group halted withdrawals on November 16 111 This halt caused Gemini an exchange owned by the Winklevoss twins to cease allowing redemptions for clients using a service provided through a partnership with Genesis 112 Another Digital Currency Group subsidiary Grayscale saw the value of its flagship offering the publicly traded Grayscale Bitcoin Trust decline by 20 over the two weeks preceding November 17 113 Grayscale Bitcoin Trust was trading at a discounted price 42 below the value of its Bitcoin as of November 14 114 Concerns have also been raised about Silvergate Bank as FTX was a depositor and could have also been a source of credit exposure Silvergate has said that it has ample liquidity and no loan exposure to FTX These concerns have been magnified due to Silvergate s key role as a gateway between its cryptocurrency clients and the wider financial world 115 116 Responses and effects Effects on investors Institutional investors that stand to lose money due to their stakes in FTX include Tiger Global Management the Ontario Teachers Pension Plan SoftBank Group BlackRock Lightspeed Venture Partners Temasek and Sequoia Capital 117 118 119 120 121 Sequoia Capital wrote down its equity in FTX to 0 on November 9 losing some 214 million 122 Sequoia released a notice to investors also published on Twitter assuring them the firm s stake in FTX represented a small amount of its overall portfolio 123 and replaced a profile of Bankman Fried published on the firm s website with a link to the same notice 124 125 126 The Ontario Teachers Pension Plan released a similar statement 127 Temasek later wrote down its investment on November 16 128 Several public figures also invested in FTX or received compensation for promoting the company 129 These include football player Tom Brady basketball players Shaquille O Neal and Stephen Curry model Gisele Bundchen and businessman Kevin O Leary 129 Gisele Bundchen was also appointed the ESG advisor for the cryptocurrency platform After its bankruptcy investors sued her for her involvement and accused her of participating in FTX s alleged scheme to take advantage of unsophisticated investors 130 Anthony Scaramucci founder of SkyBridge Capital announced the firm was attempting to buy back a 30 stake in the business owned by FTX 131 Effects on other cryptocurrency firms and cryptocurrency markets Cryptocurrency investment firms with assets still held on FTX after its bankruptcy include Galois Capital and Galaxy Digital 132 Cryptocurrencies experienced swings and declines in value as news of FTX s collapse first emerged in early November Tether dropped below its peg price of 1 00 to 0 97 133 and Bitcoin sank to its lowest price in two years 16 Share prices for publicly traded cryptocurrency companies declined 134 The price of Solana which was affiliated with Bankman Fried declined as well 135 The crisis at FTX has inspired an increase in withdrawals from other exchanges 136 A decline in the value of Cronos the token of exchange Crypto com triggered fears of the potential for a collapse similar to that of FTX and spurred withdrawals from the platform 109 CEO Kris Marszalek provided assurances that the firm was liquid and that it did not use Cronos in a manner similar to the way FTX used FTT 109 Bloomberg reported that the collapse of FTX exacerbated institutional skepticism of cryptocurrencies as an asset class 137 In December it emerged that FTX had secretly invested in The Block a cryptocurrency news firm and to fund an LLC its CEO Michael McCaffrey used to buy an apartment Its staff said they had no knowledge of the investments McCaffrey then resigned 138 Responses and commentary Investment manager and short selling specialist Jim Chanos predicted in November 2022 the collapse of FTX would lead to increased scrutiny and regulation over cryptocurrencies Chanos criticized the cryptocurrency sector as designed to extract fees from really unsuspecting investors 139 Richard Handler CEO of American financial firm Jefferies Group tweeted on November 10 that he had attempted to meet with Bankman Fried in July and again in September as he perceived the FTX CEO was in over his head 140 Handler stated that Bankman Fried did not respond to the emails sent from Jefferies staff on Handler s behalf 140 The sudden collapse of FTX has been compared to the bankruptcy of Lehman Brothers in publications such as The New York Times and the Financial Times 141 142 Lawrence Summers acknowledged the comparisons to Lehman and further compared the collapse to the Enron scandal caused by fraud perpetrated by Enron executives 143 Rostin Behnam the Chairman of the Commodity Futures Trading Commission called for Congress to grant the organization more power to regulate cryptocurrencies 144 The financial impact of the collapse having reached beyond the immediate FTX customer base 145 financial industry executives said at a Reuters conference that regulators must step in to protect crypto investors 146 Technology analyst Avivah Litan commented on the cryptocurrency ecosystem that everything needs to improve dramatically in terms of user experience controls safety and customer service 147 Risk management firm Titan Grey published a primer on the commencement and early motions practice of the FTX chapter 11 case analyzing issues such as creditor privacy relief from the automatic stay proposed differential treatment of customers from other creditors and others 148 Legal processFollowing the collapse of FTX the Royal Bahamas Police Force launched a criminal investigation into the company 149 150 Anonymous sources cited by Bloomberg said that the office of the United States Attorney for the Southern District of New York had begun an investigation into FTX s collapse as of November 14 2022 151 The United States House Committee on Financial Services announced it plans to conduct hearings in December on the collapse of FTX and committee leaders said they would seek testimony from Bankman Fried 152 According to anonymous sources cited by The Information some venture capital firms are considering suing Bankman Fried 153 On December 13 2022 FTX founder and CEO Sam Bankman Fried was charged by the US attorney s office for the southern district of New York with fraud conspiracy to commit money laundering and conspiracy to defraud the US and violate campaign finance laws 154 After being extradited from the Bahamas Bankman Fried was released on a 250 million bond and ordered to remain under house arrest at his parents home in Palo Alto California He was arraigned in federal court in Manhattan on January 3 2023 and entered a plea of not guilty to all counts Judge Lewis A Kaplan set the trial date for United States v Bankman Fried for October 2 2023 saying he might move it forward or backward a day or two Meanwhile Gary Wang co founder of FTX and Caroline Ellison who had served as Alameda s CEO pleaded guilty to multiple charges and began cooperating with federal prosecutors 155 156 157 FTX s former engineering director Nishad Singh has pleaded guilty to six different charges including three counts of conspiracy to commit fraud Singh is a childhood friend of Bankman Fried s brother and worked at Alameda Research before being brought into FTX 158 Singh is now said to be cooperating with prosecutors investigations against Bankman Freid Former FTX executive Ryan Salame has pleaded guilty to both a campaign finance law violation and a charge of operating an unlicensed money transmitting business but is reportedly not cooperating with prosecutors as of September 2023 159 Sponsorships nbsp The FTX Arena in Miami Florida FTX sponsored a number of sports teams and organizations Deals included the naming rights to the Miami Heat s basketball stadium renaming it FTX Arena 160 161 a partnership with Major League Baseball to place the FTX logo on the uniforms of umpires 162 and a deal with Mercedes AMG Petronas F1 Team to add the FTX logo to their cars and merchandise 163 The professional esports organization TSM also had a naming rights deal with FTX thus the organization became TSM FTX 164 Other sponsorships included the title sponsorships of the first season of MLB Home Run Derby X 165 and the title sponsorship of the tournaments FTX Road to Miami and FTX 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Archived from the original on November 7 2022 Retrieved November 7 2022 Melinek Jacquelyn November 7 2022 Here s the rundown on the Binance and FTX fiasco TechCrunch Archived from the original on November 7 2022 Retrieved November 7 2022 Lagerkranser Philip Ossinger Joanna November 8 2022 Crypto Billionaires Brawl Triggers Contagion Fears in Markets Bloomberg Archived from the original on November 8 2022 Retrieved November 8 2022 a b Yaffe Bellany David November 9 2022 Binance Pulls Out of Deal to Acquire Rival Crypto Exchange FTX The New York Times Archived from the original on November 10 2022 Retrieved November 10 2022 a b Yang Yueqi November 8 2022 CZ s Binance to Buy Rival FTX After Sam Bankman Fried Faces Liquidity Crunch Bloomberg Archived from the original on November 8 2022 Retrieved November 8 2022 Ge Huang Vicky Ostroff Caitlin November 8 2022 Crypto Exchange Binance Agrees to Acquire Rival FTX The Wall Street Journal Archived from the original on November 8 2022 Retrieved November 8 2022 Singh Manish November 8 2022 Crypto giant Binance to acquire rival FTX following liquidity crunch TechCrunch Archived from the original on November 8 2022 Retrieved November 8 2022 Binance plans to buy rival FTX in bailout as crypto market crumbles Binance plans to buy rival FTX in bailout as crypto market crumbles SCMP Tech News Hong Kong Archived from the original on November 9 2022 Retrieved November 9 2022 Sigalos MacKenzie November 8 2022 FTX s token plunges 80 on liquidity concerns wiping out over 2 billion in value CNBC Archived from the original on November 9 2022 Retrieved November 8 2022 Yang Yueqi Ghosh Suvashree November 9 2022 FTX s Financial Black Hole Leaves Binance Balking at Rescue Plan Bloomberg Archived from the original on November 9 2022 Retrieved November 9 2022 Beyoud Lydia Yang Yueqi Kharif Olga November 9 2022 Sam Bankman Fried s FTX Empire Faces US Probe Into Client Funds Lending Bloomberg Archived from the original on November 9 2022 Retrieved November 9 2022 a b Binance Says It Will Walk Away from Deal to Buy FTX Archived November 9 2022 at the Wayback Machine Wall Street Journal November 9 2022 Sigalos MacKenzie Rooney Kate November 9 2022 Binance backs out of FTX rescue leaving the crypto exchange on the brink of collapse CNBC Archived from the original on November 19 2022 Retrieved November 9 2022 Binance ditches deal to rescue rival crypto exchange FTX Financial Times November 10 2022 Archived from the original on November 9 2022 Retrieved November 10 2022 Sam Bankman Fried apologises for FTX crisis Financial Times November 10 2022 Archived from the original on November 11 2022 Retrieved November 11 2022 FTX Cryptocurrency market rocked by near collapse of exchange BBC News November 9 2022 Archived from the original on November 9 2022 Retrieved November 10 2022 Shen Lucinda November 10 2022 FTX approaches Kraken amid scramble to find funding Axios Archived from the original on November 10 2022 Retrieved November 10 2022 Massa Annie November 10 2022 Bankman Fried Vows to Give Anything for Capital as FTX Flails Bloomberg Retrieved November 10 2022 Sam Bankman Fried says Alameda Research to wind down trading FTX attempting to raise capital TechCrunch November 10 2022 Archived from the original on November 16 2022 Retrieved November 10 2022 Sorkin Andrew Ross Mattu Ravi Warner Bernhard Kessler Sarah Gandel Stephen Merced Michael J de la Hirsch Lauren Livni Ephrat November 10 2022 A Reckoning Awaits FTX The New York Times Archived from the original on November 10 2022 Retrieved November 10 2022 Hoffman Liz Saacks Bradley Matsakis Louise November 9 2022 FTX ditched by Binance while also losing most of its legal and compliance staff Semafor Semafor Archived from the original on November 9 2022 Retrieved November 10 2022 a b Massa Annie November 10 2022 Inside FTX US Employees Are Trying to Sell Assets With Sam Bankman Fried Away Bloomberg Archived from the original on November 11 2022 Retrieved November 10 2022 FTX Latest Bahamas Freezes FTX com Assets Appoints Liquidator Bloomberg November 10 2022 Archived from the original on November 10 2022 Retrieved November 10 2022 Berwick Angus Sen Anirban November 11 2022 FTX looks for 9 4 bln in rescue funds Bahamas freezes some assets Reuters Archived from the original on November 11 2022 Retrieved November 11 2022 a b Global regulators circle Sam Bankman Fried s FTX exchange Financial Times November 11 2022 Archived from the original on November 11 2022 Retrieved November 11 2022 Administrative Actions against FTX Japan Inc www fsa go jp Archived from the original on November 11 2022 Retrieved November 11 2022 Sam Bankman Fried s Effective Altruism Team Resigns Amid FTX Meltdown Gizmodo November 11 2022 Archived from the original on November 11 2022 Retrieved November 12 2022 Hill Jeremy November 11 2022 Enron s Liquidator to Oversee FTX s Massive Crypto Bankruptcy Bloomberg Archived from the original on April 27 2023 Retrieved November 11 2022 a b Huang Elaine Yu and Vicky Ge November 11 2022 FTX Is Investigating a Potential Hack Amid Bankruptcy Filing The Wall Street Journal Archived from the original on November 12 2022 Retrieved November 12 2022 Ghosh Suvashree November 11 2022 Bankrupt FTX Hit by Mysterious Outflow of About 662 Million Bloomberg Archived from the original on November 12 2022 Retrieved November 12 2022 a b Saacks Bradley November 12 2022 Some staff of beleaguered FTX crypto exchange leave Bahamas for Hong Kong Semafor Archived from the original on November 12 2022 Retrieved November 12 2022 Nicolle Emily November 12 2022 Kraken to Assist In Probing FTX Unauthorized Crypto Withdrawals Bloomberg Bloomberg Archived from the original on November 12 2022 Retrieved November 12 2022 USA v Powell indictment PDF Arstechnica net Retrieved February 3 2024 Benny Morrison Ava Murphy Margi February 1 2024 FTX s Missing 400 Million Were Stolen in SIM Swapping Hack DOJ Says Bloomberg com Retrieved February 3 2024 Yang Yuequi November 12 2022 Sam Bankman Fried Says He s in the Bahamas Reuters Reports Bloomberg Archived from the original on April 30 2023 Retrieved November 12 2022 Biron Bethany November 13 2022 Bahamian police reportedly interviewed Sam Bankman Fried this weekend investigations into downfall intensify Business Insider Archived from the original on November 13 2022 Retrieved November 14 2022 Ostroff Caitlin Ge Huang Vicky Jin Berber November 15 2022 FTX Founder Sam Bankman Fried Attempts to Raise Fresh Cash Despite Bankruptcy The Wall Street Journal Archived from the original on November 15 2022 Retrieved November 15 2022 Greenberg Andy November 13 2022 The Hunt for the FTX Thieves Has Begun Wired Archived from the original on November 13 2022 Retrieved November 14 2022 Piper Kelsey November 16 2022 Sam Bankman Fried tries to explain himself Vox Archived from the original on December 27 2022 Retrieved November 16 2022 Sigalos MacKenzie November 12 2022 Between 1 billion and 2 billion of FTX customer funds have disappeared SBF had a secret back door to transfer billions Report CNBC Archived from the original on November 12 2022 Retrieved November 12 2022 Berwick Angus November 13 2022 Exclusive At least 1 billion of client funds missing at failed crypto firm FTX Reuters Archived from the original on November 26 2022 Retrieved November 26 2022 Gara Antoine Shubber Kadhim Oliver Joshua November 12 2022 FTX held less than 1bn in liquid assets against 9bn in liabilities Archived from the original on November 12 2022 Retrieved November 12 2022 Vast gap highlights the dire state of Sam Bankman Fried s exchange before it collapsed into bankruptcy a b Millson Alex November 15 2022 Sam Bankman Fried Posts Weird Cryptic Tweets After Wealth Wipeout Bloomberg Archived from the original on November 3 2023 Retrieved November 15 2022 Revealed FTX s emergency fundraising term sheet Financial Times November 15 2022 Archived from the original on November 15 2022 Retrieved November 16 2022 Bahamas based FTX Digital Markets files for Chapter 15 bankruptcy in New York Bloomberg November 16 2022 Archived from the original on December 12 2022 Retrieved March 31 2023 Goswami Rohan November 17 2022 FTX used corporate funds to purchase employee homes new filing shows CNBC Archived from the original on November 17 2022 Retrieved November 17 2022 FTX Chief Slams Bankman Fried Calls Controls Complete Failure news bloombergtax com Archived from the original on November 17 2022 Retrieved November 17 2022 John Jay Ray III November 17 2022 Declaration of John J Ray III in Support of Chapter 11 Petitions and First Day Pleadings United states Bankruptsy Court for the District of Delaware Archived from the original on November 17 2022 Retrieved February 13 2023 Gamboa Glenn Daniel Will Literally there s no record keeping whatsoever FTX s new CEO is flabbergasted and D C is laughing at SBF using QuickBooks Fortune Archived from the original on February 19 2023 Retrieved January 7 2023 a b Shukla Sidhartha Ghosh Suvashree November 14 2022 Crypto com s Sinking Token Stirs Fresh Anxiety After FTX Wipeout Bloomberg Archived from the original on November 3 2023 Retrieved November 14 2022 a b c Levy Ari Sigalos MacKenzie November 15 2022 Crypto com customers worry it could follow FTX as CEO tries to reassure them everything s fine CNBC Archived from the original on November 16 2022 Retrieved November 16 2022 a b c Gladstone Alexander Ge Huang Vicky Biswas Soma November 15 2022 BlockFi Prepares for Potential Bankruptcy as Crypto Contagion Spreads The Wall Street Journal Archived from the original on November 15 2022 Retrieved November 16 2022 Greifeld Katherine Hajric Vildana November 16 2022 Silbert s Once 10 Billion Crypto Empire Is Showing Cracks Bloomberg Archived from the original on November 17 2022 Retrieved November 17 2022 Shen Muyao November 16 2022 Winklevosses Gemini Delays Withdrawals on Lending Program Bloomberg Archived from the original on November 3 2023 Retrieved November 17 2022 Ross Sorkin Andrew Mattu Ravi Warner Bernhard Kessler Sarah Gandel Stephen de la Merced Michael J Hirsch Lauren Livni Ephrat November 17 2022 Investor Losses from FTX s Implosion Are Growing The New York Times Archived from the original on November 17 2022 Retrieved November 17 2022 Greifeld Katherine November 14 2022 World s Biggest Crypto Fund Hits Record 42 Discount to Value of Bitcoin It Holds Bloomberg Archived from the original on November 3 2023 Retrieved November 17 2022 Reyes Mark November 18 2022 Silvergate Capital Shares Slide as FTX Fallout Attracts Short Sellers Bloomberg com Archived from the original on March 26 2023 Retrieved November 20 2022 Benoit David November 20 2022 Crypto Bank Silvergate Battles FTX Contagion Fears Wall Street Journal Archived from the original on March 27 2023 Retrieved November 20 2022 FTX Sequoia Capital US Europe Archived from the original on November 9 2022 Retrieved November 9 2022 FTX Lightspeed Venture Partners Archived from the original on November 9 2022 Retrieved November 10 2022 Gelsi Steve FTX problems mean big headaches for its private equity investors MarketWatch Archived from the original on November 9 2022 Retrieved November 9 2022 Li Selena Westbrook Tom Howcroft Elizabeth Howcroft Elizabeth November 9 2022 Cryptocurrencies fall after FTX Binance turmoil spooks investors Reuters Archived from the original on November 9 2022 Retrieved November 9 2022 Parmar Hema Tan Gillian November 9 2022 FTX Fiasco Hits Investors From Tiger Global to Tom Brady Bloomberg Archived from the original on November 9 2022 Retrieved November 9 2022 Friedman Larry Hatheway and Alex November 10 2022 The Midterms Red Ripple Delivers Uncertainty to the Markets Barrons Archived from the original on November 9 2022 Retrieved November 10 2022 McBride Sarah November 9 2022 Sequoia Capital Writes Down Entire Value of Its FTX Stake Bloomberg Archived from the original on November 17 2022 Retrieved November 10 2022 Stone Brad November 14 2022 FTX Implodes and a Top VC Backer Falls on Its Face Bloomberg Archived from the original on November 17 2022 Retrieved November 14 2022 The downfall of FTX s Sam Bankman Fried sends shockwaves through the crypto world NPR November 14 2022 Archived from the original on November 14 2022 Retrieved November 15 2022 Nguyen Britney November 10 2022 FTX investor Sequoia removed its glowing 13 000 word profile of Sam Bankman Fried and replaced it with somber note after its investment cratered to 0 Business Insider Archived from the original on November 12 2022 Retrieved November 15 2022 Rajagopal Divya November 10 2022 Ontario Pension says any loss from FTX investment to have limited impact Reuters Archived from the original on November 10 2022 Retrieved November 11 2022 Ramli David Gregori Reto November 16 2022 Singapore s Temasek Writes Down 275 Million FTX Investment Bloomberg Archived from the original on November 3 2023 Retrieved November 17 2022 a b Lukpat Alyssa November 10 2022 Tom Brady Stephen Curry Shaq See the Celebrities With Ties to FTX The Wall Street Journal Archived from the original on November 14 2022 Retrieved November 14 2022 Hudson Clara December 5 2022 FTX Gisele Partnership Highlights Risks of Celebrity ESG Roles Bloomberg Law Archived from the original on December 7 2022 Retrieved December 7 2022 Parmar Hema November 11 2022 Scaramucci s SkyBridge Is Trying to Buy Back FTX s 30 Stake Bloomberg Archived from the original on November 11 2022 Retrieved November 11 2022 Muyao Shen November 13 2022 Crypto Hedge Fund Galois Confirms 40 Million Exposure to FTX Bloomberg Archived from the original on April 28 2023 Retrieved November 14 2022 Ashworth Louis Elder Bryce November 10 2022 Watching tether wither together The Financial Times Archived from the original on November 10 2022 Retrieved November 10 2022 Hajric Vildana November 11 2022 Crypto Markets Buckle as FTX Bankruptcy Spurs Search for Casualties Bloomberg Archived from the original on November 12 2022 Retrieved November 11 2022 Jagtiani Sunil Ossinger Joanna November 13 2022 FTX Latest Solana Sell Off Deepens Bankman Fried Questioned Bloomberg Archived from the original on November 14 2022 Retrieved November 13 2022 Shukla Sidhartha Akhtar Tanzeel November 14 2022 FTX Fiasco Sparks Billions of Dollars of Outflows From Exchanges Bloomberg Archived from the original on November 3 2023 Retrieved November 14 2022 Thomasson Lynn Rao Coverley Sujata November 13 2022 Big Investors Are Giving Up on Crypto Markets Going Mainstream Bloomberg Archived from the original on November 3 2023 Retrieved November 14 2022 Fischer Sara December 9 2022 Exclusive SBF secretly funded crypto news site The Block and its CEO s Bahamas apartment Axios Archived from the original on December 11 2022 Retrieved December 11 2022 Weisenthal Joe Alloway Tracy November 9 2022 Short Seller Jim Chanos Warns the Crypto Crackdown Is Coming Now Bloomberg Archived from the original on November 9 2022 Retrieved November 10 2022 a b Wilson Harry November 10 2022 Jefferies CEO Says He Offered FTX s Bankman Fried Rescue Advice in July Bloomberg Archived from the original on November 10 2022 Retrieved November 10 2022 Roose Kevin November 9 2022 Is This Crypto s Lehman Moment The New York Times Archived from the original on November 10 2022 Retrieved November 11 2022 Chipolina Scott November 11 2022 FT Cryptofinance Crypto s Lehman moment Financial Times Archived from the original on November 11 2022 Retrieved November 11 2022 Anstey Chris November 11 2022 FTX Meltdown Has Whiffs of Enron Like Scandal Summers Says Bloomberg Archived from the original on November 17 2022 Retrieved November 11 2022 Doherty Katherine Almeida Isis November 14 2022 FTX s Downfall Shows CFTC Needs More Crypto Sway Chairman Says Bloomberg Archived from the original on November 3 2023 Retrieved November 14 2022 Khalili Joel November 11 2022 The Fallout of the FTX Collapse Wired Archived from the original on January 11 2023 Retrieved December 28 2022 Chatterjee Sumeet Davies Megan Aftab Ahmed McCrank John Nguyen Lananh Howcroft Elizabeth Azhar Saeed Sinclair Foley John December 2 2022 After FTX collapse pressure builds for tougher crypto rules Reuters Archived from the original on December 28 2022 Retrieved December 28 2022 Wile Rob December 28 2022 After FTX s spectacular collapse where does crypto go from here NBC News Archived from the original on December 28 2022 Retrieved December 28 2022 Chatterjee Rex December 6 2022 The FTX Files A Primer On The Chapter 11 Case Titan Grey Titan Grey Archived from the original on January 13 2023 Retrieved January 13 2023 Bankrupt crypto exchange FTX is under criminal investigation in The Bahamas CNN November 13 2022 Archived from the original on November 14 2022 Retrieved November 14 2022 Johnson Katanga November 13 2022 FTX Faces Criminal Misconduct Probe by Bahamas Authorities www bloomberg com Archived from the original on November 13 2022 Retrieved November 15 2022 Benny Morrison Ava November 14 2022 FTX Collapse Probed by Federal Prosecutors in Manhattan Bloomberg Archived from the original on November 14 2022 Retrieved November 14 2022 Shepardson David November 16 2022 U S House committee to hold a hearing on the collapse of FTX Reuters Archived from the original on November 16 2022 Retrieved November 16 2022 VCs Consider Suing Bankman Fried The Information Archived from the original on November 16 2022 Retrieved November 16 2022 Rushe Dominic Kari Paul Hern Alex Helmore Edward December 28 2022 FTX founder Sam Bankman Fried charged with defrauding investors The Guardian Archived from the original on December 31 2022 Retrieved December 31 2022 Neumeister Larry January 3 2023 FTX s Sam Bankman Fried Pleads Not Guilty to Fraud as Judge Sets Tentative Trial Date Time Archived from the original on January 5 2023 Retrieved January 5 2023 Scannell Kara January 3 2023 FTX founder Sam Bankman Fried pleads not guilty CNN Archived from the original on January 5 2023 Retrieved January 5 2023 Weiser Benjamin Yaffe Bellany David Goldstein Matthew January 3 2023 Sam Bankman Fried Pleads Not Guilty to Fraud and Other Charges The New York Times Archived from the original on January 4 2023 Retrieved January 5 2023 FTX s Nishad Singh pleads guilty to fraud charges BBC News February 28 2023 Archived from the original on March 1 2023 Retrieved March 1 2023 Yaffe Bellany David Goldstein Matthew September 7 2023 Fourth Top FTX Executive Pleads Guilty Ahead of Sam Bankman Fried Trial The New York Times ISSN 0362 4331 Archived from the original on September 8 2023 Retrieved October 1 2023 Hanks Douglas June 2 2021 Miami Heat to play in FTX Arena after county approves 135M deal with crypto exchange Miami Herald Archived from the original on August 20 2021 Retrieved September 26 2021 It s Official Miami Heat Home to be Named FTX Arena WFOR TV March 26 2021 Archived from the original on September 24 2021 Retrieved September 26 2021 MLB FTX cryptocurrency exchange partner MLB com Major League Baseball June 23 2021 Archived from the original on November 19 2022 Retrieved October 20 2021 Conway Luke September 23 2021 FTX Crypto Exchange Partners With Mercedes F1 Team The Street Crypto Bitcoin and Cryptocurrency News Advice Analysis and More The Arena Group Archived from the original on November 19 2022 Retrieved September 26 2021 Daniels Tom June 4 2021 TSM secures 210m 10 year naming rights deal with FTX Esportsinsider Archived from the original on December 1 2022 Retrieved December 1 2022 FTX MLB Home Run Derby X MLB com Major League Baseball Archived from the original on July 8 2022 Retrieved July 9 2022 Starting Sunday FTX Road to Miami online tournament ChessBase July 8 2022 Archived from the original on September 2 2022 Retrieved September 2 2022 Mercedes suspends partnership with FTX ESPN com November 11 2022 Archived from the original on November 11 2022 Retrieved November 12 2022 Simic Ivan November 16 2022 TSM suspends major 210m naming rights deal with FTX Esportsinsider Archived from the original on December 6 2022 Retrieved December 15 2022 Miami Heat and Miami Dade County statement Instagram November 11 2022 Archived from the original on November 12 2022 Retrieved November 12 2022 Oliver Joshua Asgari Nikou Nicolaou Anna Gara Antoine December 7 2022 FTX held talks with Taylor Swift over 100mn sponsorship deal Financial Times Archived from the original on December 7 2022 Retrieved December 7 2022 Blistein Jon December 7 2022 Taylor Swift s Eras Tour Ticketing Debacle Could ve Been Worse She Almost Partnered With FTX Rolling Stone Archived from the original on December 8 2022 Retrieved December 7 2022 External linksOfficial website Official website of FTX US FTXFoundation com website Archived September 9 2022 at the Wayback Machine Retrieved from https en wikipedia org w index php title FTX amp oldid 1220157120, wikipedia, wiki, book, books, 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