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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.
Caroline Ellison, the former CEO of Sam Bankman-Fried's Alameda Research cryptocurrency hedge fund, began her two-year prison sentence on November 7.
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.
Sam Bankman-Fried, the founder of FTX, was sentenced in March to 25 years in prison for stealing $8 billion from customers FTX ordered to pay $12.7 billion in massive crypto fraud case Skip to ...
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 ...
A large sell order of FTT from Binance, an FTX competitor, triggered a collapse in the price of FTT. Therefore, many FTX users moved to withdraw their assets from the platform.
Phishing scams happen when you receive an email that looks like it came from a company you trust (like AOL), but is ultimately from a hacker trying to get your information. All legitimate AOL Mail will be marked as either Certified Mail, if its an official marketing email, or Official Mail, if it's an important account email. If you get an ...