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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.
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.
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]
FTX and dozens of affiliated companies — including founder Sam Bankman-Fried's hedge fund, Alameda Research — filed the bankruptcy petition in Delaware on Friday. ... “With bitcoin, you have ...
LONDON (Reuters) -Sam Bankman-Fried, the billionaire founder of crypto exchange FTX, sought to reassure crypto investors on Monday after a rival exchange, Binance, said it would liquidate its ...
A Manhattan federal jury found FTX co-founder Sam Bankman-Fried guilty of defrauding his customers, investors, and lenders, concluding a dramatic fall for a 31-year-old entrepreneur who presided ...
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]
Bitcoin, the world's largest cryptocurrency, is created by a process called "proof of work" that requires computers to "mine" the currency by solving complex puzzles. An alternative to the system ...