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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.
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.
Sam Bankman-Fried is set to go on trial on Tuesday on fraud and conspiracy charges related to the collapse of FTX, the now-bankrupt cryptocurrency exchange he founded and led. Prosecutors say ...
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.
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 ...
If FTX goes under, there will be a lot of victims, ... a financial services company based in Houston. If fraud was involved, it could trigger investigations and investor lawsuits, but the details ...