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Rise and Fall of Crypto Exchange FTX: A Timeline
webTangentially relevant to AI safety as the FTX collapse impacted effective altruism funding networks, including some AI safety organizations, and raised questions about longtermist philanthropy models.
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Importance: 18/100news articlenews
Summary
A Reuters-compiled timeline documenting the rapid rise and catastrophic collapse of FTX, the cryptocurrency exchange founded by Sam Bankman-Fried, published on the day FTX filed for bankruptcy in November 2022. The article traces key events leading to the exchange's downfall, including liquidity concerns, failed acquisition attempts, and eventual bankruptcy filing.
Key Points
- •FTX, once one of the world's largest crypto exchanges, collapsed in November 2022 after revelations about its financial instability.
- •The timeline documents the sequence of events from FTX's founding through its dramatic bankruptcy filing on November 11, 2022.
- •The collapse was triggered in part by a CoinDesk report on Alameda Research's balance sheet and subsequent Binance withdrawal of support.
- •Sam Bankman-Fried resigned as CEO as part of the bankruptcy proceedings.
- •The FTX collapse is considered one of the largest financial fraud cases in crypto history and raised serious questions about industry oversight.
Cited by 1 page
| Page | Type | Quality |
|---|---|---|
| FTX Future Fund | Organization | 60.0 |
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Rise and fall of crypto exchange FTX | Euronews
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By  Reuters
Published on
11/11/2022 - 17:20 GMT+1
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- FTX was commencing bankruptcy proceedings in the United States and its Chief Executive Officer Sam Bankman-Fried has resigned, the crypto exchange said on Friday, in a spectacular collapse that will likely send shivers through the industry.
Here is a history of FTX since its foundation in 2019:
2019:
May - Former Wall Street trader Sam Bankman-Fried and ex-Google employee Gary Wang founded FTX, the owner and operator of FTX.COM cryptocurrency exchange.
2021:
July - A $900 million funding round valued FTX at $18 billion.
September - FTX signed a sponsorship deal with Mercedes' Formula 1 team.
October - FTX raised capital at a valuation of $25 billion from investors including Singapore's Temasek and Tiger Global.
2022:
Jan. 27 - FTX's U.S. arm said it was valued at $8 billion after raising $400 million in its first funding round from investors including SoftBank and Temasek.
Jan. 31 - FTX raised $400 million from investors including SoftBank at a valuation of $32 billion.
June 4 - FTX signed a reportedly $135 million sponsorship deal for naming rights of the Miami Heat's home court.
July 1 - FTX signed a deal with an option to buy embattled crypto lender BlockFi for up to $240 million.
July 22 - FTX offered a partial bailout of bankrupt crypto lender Voyager Digital. Voyager called it a "low-ball bid".
Aug. 19 - A U.S. bank regulator ordered FTX to halt "false and misleading" claims it had made about whether funds at the company are insured by the government.
Nov. 2 - Crypto news website CoinDesk reported a leaked balance sheet that showed Alameda Research, Bankman-Fried's crypto trading firm, was heavily dependent on FTX's native token, FTT. Reuters was unable to verify the report.
Nov. 6 - Binance CEO Changpeng Zhao said his firm would liquidate its holdings of FTT due to unspecified "recent revelations".
Nov. 7 - Bankman-Fried said "FTX is fine. Assets are fine".
Nov. 8 - Binance said it was planning a deal to acquire FTX.
Nov. 9 - Binance decided against pursuing a nonbinding agreement to bail out FTX
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