FTX Trading Ltd. was a cryptocurrency exchange and crypto hedge fund founded in May 2019 by Sam Bankman-Fried and Gary Wang, headquartered in Nassau, The Bahamas. At its peak in July 2021 it was the third largest cryptocurrency exchange by trading volume, serving more than a million users. The company entered Chapter 11 bankruptcy on November 11, 2022, after revelations that Bankman-Fried's trading firm Alameda Research held large amounts of FTX's native token triggered a wave of customer withdrawals the exchange could not meet, and Bankman-Fried was arrested the following month.
Facts
Company Type Founded Year Chronology
Dissolved Year Company Type
Company Type (category) Connections
Operates In
Source Wikipedia: FTX
Related Corporate Events
Source Wikipedia, Bankruptcy of FTX
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Source Wikipedia: FTXtier 2
Sources
1. Wikipedia: FTX
WikipediaInfobox: type
Private
Infobox: fate
Filed for Chapter 11 bankruptcy in November 2022
- Operates In: Cryptocurrency Industry, Infobox, industry field
View the Source 2. Wikipedia, FTX (company)
Lead section
At its peak in July 2021, the company had over one million users and was the third-largest cryptocurrency exchange by volume, and its app was widely advertised as a "safe, easy way to get into crypto".
Lead section
The exchange was founded in 2019 by Sam Bankman-Fried and Gary Wang and collapsed in 2022.
View the SourceWikipedia, Bankruptcy of FTX
WikipediaRelated Corporate Events: FTX Collapse, Bankruptcy filing and CEO resignation paragraphQuote, Related Corporate Events: FTX Collapse, Bankruptcy filing and CEO resignation paragraph
On 11 November, FTX, Alameda Research, and over 100 affiliated entities filed for bankruptcy. Bankman-Fried resigned as FTX CEO and was replaced by John J. Ray III.
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