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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.
People who own bitcoin should be OK if they keep them off exchanges such as FTX that effectively work as a “crypto-casino gambling website,” said Cory Klippsten, the CEO of financial services ...
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 ...
Customers that deposited bitcoin on FTX's exchange are finding it difficult to accept FTX's claim that they are receiving a 100% recovery based on those lower prices of two years ago, Adler said.
[2] [3] The article triggered a spike in withdrawals from FTX, but eventually, customers became unable to retrieve the money they had deposited in the exchange. [4] On 11 November, FTX, Alameda Research, and over 100 affiliated entities filed for bankruptcy. Bankman-Fried resigned as FTX CEO and was replaced by John J. Ray III. [5] [6]
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 ...