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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.
Logo of FTX. The bankruptcy of FTX, a Bahamas-based cryptocurrency exchange, began in November 2022. 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 ...
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.
FTX had valued its assets between $10 billion to $50 billion, and listed more than 130 affiliated companies around the world, according to its bankruptcy filing.
On Nov. 11, Bahamas-based FTX filed for bankruptcy, and the next day, the Securities Commission of the Bahamas ordered Bankman-Fried and Wang, the former FTX CTO, to appear at 2 p.m. at the ...
FTX, which filed for bankruptcy protection in November 2022, said in a court filing that between $14.5 billion and $16.3 billion would be available for distribution.
Sam Bankman-Fried, the founder of FTX, was sentenced in March to 25 years in prison for stealing $8 billion from customers FTX ordered to pay $12.7 billion in massive crypto fraud case Skip to ...
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