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4 days ago · FTX also reached a deal to recoup more than $400 million from Modulo Capital, a hedge fund that Mr. Bankman-Fried had financed. And lawyers for FTX filed lawsuits to claw back funds from former ...
4 days ago · FTX said Tuesday it had recovered assets associated with the exchange at the time of its collapse with an estimated value of between $14.5 billion and $16.3 billion.
Nov 28, 2022 · FTX, one of the world’s largest cryptocurrency exchanges, collapsed with stunning speed this month. A run on deposits left the company owing customers $8 billion, setting off a chain of events ...
- Lora Kelley
4 days ago · FTX said it has been gathering the funds to pay its debts by selling assets investments held by Alameda Research or FTX Ventures businesses. Alameda was a crypto trading firm controlled by Bankman ...
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- What Is Ftx?
- How Did It Become So Big?
- The First Red Flags
- What Is FTT?
- A Virtual Bank Run
- An Unbalanced Balance Sheet
- A Lifeline Yanked Away
FTX is a digital currency exchange, a platform where people could buy and sell digital assets like bitcoin, dogecoin and ether. Such platforms rose in popularity in recent years as more people looked to invest in cryptocurrencies without the hassle of dealing with the technical side of such transactions, such as setting up a crypto wallet.
The company, founded in 2019, quickly rose to international prominence through a series of high-profile acquisitions, aggressive marketing strategies and low trading fees. Competitor platforms include Kraken, Coinbase and Gemini. Even those unfamiliar with the technology were lured to FTX with promises that they could park their money in accounts a...
Not long after Bankman-Fried started FTX, crypto began to boom. The price of bitcoin, which had traded at around $10,000, shot up in 2021, peaking at more than $64,000. Venture capital money flooded into all things blockchain and crypto, and crypto platforms moved to attract customersbeyond the technologists and blockchain evangelists that once fue...
FTT is a digital token created by FTX that is similar to cryptocurrencies like bitcoin. Many crypto platforms now create their own tokens as a way to encourage people to use their services by offering perks associated with their tokens. As such, tokens can act like stock in the platform. These digital tokens use blockchain technology, in which comp...
After Alameda’s balance sheet was leaked, Changpeng “CZ’’ Zhao, CEO of the crypto platform Binance, a rival of FTX, announced on Nov. 6 that his company would sell off all its FTT tokens. The price of FTT dropped sharply. As the price dropped, many FTX customers moved to withdraw their assets from the platform. Though the extent of the connections ...
What was not yet public was the extent of the connections between Alameda and FTX, or just how bad things had gotten for Bankman-Fried’s companies. Those connections began to become clearer in the days following FTX’s move to stop withdrawals, as would its financial challenges. Media organizations including Bloomberg,the Financial Times, The Wall S...
Before the full extent of the crisis became public, anddesperate to keep his companies afloat, Bankman-Fried grasped for a lifeline as signs of a broader crypto crash loomed. Zhao, one of FTX’s first investors, stepped in to make a play for his former rival. On Nov. 8, he announced that Binance would purchase FTX for an undisclosed amount in what w...
Nov 10, 2022 · FTX filed for bankruptcy at the end of last week, after Binance reversed course on a deal to save the company. The bankruptcy filing on Thursday by Mr. Ray, the new FTX chief, described numerous ...
3 days ago · FTX customers are set to recover all funds lost, plus interest. Bankruptcy lawyers say they have collected $14.5 billion to $16.3 billion and are ready to distribute it to defrauded customers.
