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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.
Gary Wang (born c. 1993) [1] is an American computer programmer who co-founded the crypto currency exchange FTX with Sam Bankman-Fried.At the height of his success in 2022, Wang was ranked the 227th richest American in the Forbes 400, and the 431st richest person in the world by The World's Billionaires. [3]
Samuel Benjamin Bankman-Fried [2] (born March 5, 1992), commonly known as SBF, [3] is an American entrepreneur who was convicted of fraud and related crimes in November 2023. . Bankman-Fried founded the FTX cryptocurrency exchange and was celebrated as a "poster boy" for crypto, [4] with FTX having a global reach with more than 130 international affiliates.
Companies that backed FTX are writing down investments, and the prices of bitcoin and other digital currencies have fallen. Politicians and regulators are calling for stricter oversight of the ...
An apologetic FTX co-founder was sentenced Wednesday to no time in prison after a prosecutor and a federal judge praised his cooperation against Sam Bankman-Fried and his efforts to recover money ...
Bankman-Fried, 30, a co-founder and the former CEO of FTX, is accused of misappropriating billions of dollars deposited into the huge cryptocurrency exchange, which collapsed last month.
In 2019, Bankman-Fried had the idea of starting a cryptocurrency exchange to help bring in revenue to fund Alameda's activities and founded FTX. [19] Bankman-Fried was the CEO of both companies until he formally stepped down from his position at Alameda in October 2021, promoting traders Caroline Ellison and Sam Trabucco to co-CEOs. [20]
FTX has become insolvent and all funds on the exchange are frozen. The FTX situation is no fun for anyone, especially if you had funds on the exchange. FTX filed bankruptcy, which means customers ...