FTX
 FTX  (Bank)   | |
|---|---|
| Founder |  Sam Bankman-Fried |
FTX was a Bahamian cryptocurrency exchange that was incorporated in Antigua and Barbuda and headquartered in The Bahamas. The exchange was founded in 2019 and as of February 2022 had over one million users. FTX also operated FTX.US, a separate exchange available to US residents. Since 11 November 2022, FTX is in bankruptcy proceedings in the US court system.
FTX was seen as one of the most stable and respected firms in the crypto industry until it was plunged into crisis in 2022. In November 2022, a CoinDesk article stated that the related firm Alameda Research had a significant portion of its assets in FTX's native token FTT. Following this revelation, rival exchange Binance's CEO Changpeng Zhao announced that Binance would sell its holdings of FTT. A subsequent collapse in the price of FTT and a rapid collapse of FTX followed. Amid the ensuing liquidity crisis at FTX, Binance signed a letter of intent to acquire the firm with due diligence to follow, but withdrew its offer the next day. FTX filed for Chapter 11 bankruptcy protection on 11 November 2022.[1]
References
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