|WEF partnered cryptocurrency exchange that filed for bankruptcy in November 2022|
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.
Chapter 11 bankruptcy
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.
The WEF webpage on FTX states:
FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. It strives to develop a platform robust enough for professional trading firms and intuitive enough for first-time users.
Astonishing rabbit hole
On 14 November 2022, Craig Murray tweeted:
The more you research FTX, the more your head spins. In just five years of existence it rose to international influence, becoming Biden's second business donor, and involvement in Ukraine, then complete collapse. Fascinating.
These facts all happened. No, I am not tying them in to any particular overarching theory at the moment. But at the very least an amazing offshoot of this stage of crazed capitalism.
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- "Built by traders for traders. Trade a variety of digital assets like Bitcoin, Ethereum, Solana, and Dogecoin with low trading fees"
- "Enron’s Liquidator to Oversee FTX’s Massive Crypto Bankruptcy"
- "Archive copy of the deleted World Economic Forum webpage boosting their partner organisation, FTX"
- "FTX an astonishing rabbit hole to dive down
- "The more you research FTX, the more your head spins"
- "FTX an amazing offshoot of this stage of crazed capitalism"