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When FTX collapsed last November, the crypto exchange’s native token, FTT, was thrust into the spotlight. The coin’s public-facing use was to give customers discounts and perks.
Prior to its collapse, FTX was the third-largest cryptocurrency exchange by volume and had over one million users. On 2 November 2022, CoinDesk published an article stating that Alameda Research, a trading firm affiliated with FTX and owned by FTX chief executive Sam Bankman-Fried, held a significant amount of FTX's exchange token, FTT.
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’s token plunged nearly 80% following news that Binance would acquire Sam Bankman-Fried’s crypto exchange. FTX’s FTT Token Crashes 78% in 24 Hours, Bitcoin Hits Yearly Low Skip to main ...
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.
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Alameda Research was a cryptocurrency trading firm, co-founded in September 2017 by Sam Bankman-Fried and Tara MacAulay. [2] [3] In November 2022, FTX, Alameda's sister cryptocurrency exchange, experienced a solvency crisis, and both FTX and Alameda filed for Chapter 11 bankruptcy. [4]
A Miami man is facing charges after authorities said he teamed up with a California man in a scam to steal and launder over $230 million in cryptocurrency.