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The collapse of FTX, caused by a spike in customer withdrawals that exposed an $8 billion hole in FTX's accounts, [1] served as the impetus for its bankruptcy. Prior to its collapse, FTX was the third-largest cryptocurrency exchange by volume and had over one million users.
FTX Trading Ltd., trading as FTX (Futures Exchange), [5] is a bankrupt company that formerly operated a cryptocurrency exchange and crypto hedge fund. [6] [7] The exchange was founded in 2019 by Sam Bankman-Fried and Gary Wang and collapsed in 2022 after massive fraud perpetrated by Bankman-Fried and his partner Caroline Ellison forced the company to file for Chapter 11 bankruptcy.
FTX said in a court filing late Tuesday that it owes about $11.2 billion to its creditors. The exchange estimates that it has between $14.5 billion and $16.3 billion to distribute to them.
Caroline Ellison (born November 1994) is an American business executive who was convicted of fraud in 2023 in relation to the bankruptcy of FTX. She was the CEO of Alameda Research, a trading firm affiliated with the FTX and founded by Sam Bankman-Fried. [6] Ellison was terminated from her position after FTX and Alameda filed for bankruptcy. [7]
The timeline of FTX’s collapse in November. November 11, 2022 at 3:25 PM ...
Here's a look at the company's collapse so far: WHY DID FTX GO BANKRUPT? Customers fled the exchange over fears about whether FTX had sufficient capital, and it agreed to sell itself to rival ...
FTX plans to repay 98% of its customers - those who held $50,000 or less on the exchange - within 60 days after the plan's effective date, which has not yet been determined.
The collapse triggered a global financial market meltdown. Barclays, Nomura and Bain Capital purchased the assets which were not indebted. AIG [8] United States: 16 Sep 2008: Insurance: Out of $441 billion worth of securities originally rated AAA, as the US sub-prime mortgage crisis unfolded, AIG found it held $57.8 billion of these products.