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Last Updated:
2024-09-22 08:20:01

Bankruptcy of FTX

Bankruptcy of FTX
Bankruptcy of FTX

The bankruptcy of FTX, a major cryptocurrency exchange, was triggered by an $8 billion shortfall in its accounts due to a surge in customer withdrawals. The collapse led to legal actions, freezing of assets, and significant financial losses for investors and executives.

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15/29
2019
Founding of FTX Cryptocurrency Exchange

In 2019, the FTX cryptocurrency exchange was founded, attracting big-name investors like Singapore's Temasek.

2022-11-02
Collapse of FTX Centers

The collapse of FTX was partially due to its close relationship with Alameda Research, a crypto hedge fund founded by Bankman-Fried. Concerns arose when it was revealed that a significant portion of Alameda Research's assets consisted of FTT, a token created by FTX, leading to fears about capital reserves.

2022-11-06
CZ Sells Holdings in FTT

Changpeng Zhao, CEO of Binance, announced selling all of the company's holdings in FTT, triggering a wider selloff and immense pressure on FTX to meet customer withdrawals, eventually leading to a halt on withdrawals due to lack of funds.

2022-11-08
FTX's Deal with Binance

FTX reached a deal to sell itself to Binance, but Binance later withdrew from the acquisition due to corporate due diligence and news reports about mishandled customer funds, leading to further financial instability at FTX.

2022-11-11
Bankruptcy of FTX, FTX US, Alameda Research, and affiliates

FTX, FTX US, Alameda Research, and over 100 affiliates filed for bankruptcy in Delaware, with debts reaching $8 billion. This led to the suspension of operations by affiliated crypto lender BlockFi and a change in FTX's CEO.

2022-11-12
The Bahamas Seizes FTX Digital Assets

The Securities Commission of The Bahamas seized cryptocurrency assets held by FTX to protect creditors from potential cyberattacks.

2022-11-17
Bankruptcy Case: FTX Trading Ltd.

FTX Trading Ltd. and others were involved in a bankruptcy case in the U.S. Bankruptcy Court for the District of Delaware.

2022-11-20
FTX Exchange's Epic Collapse and Bankman-Fried's Prosecution

The FTX cryptocurrency exchange, valued at $32 billion in February 2022, collapsed within days, leading to one of the biggest financial fiascos of the decade. The founder, Sam Bankman-Fried, faced prosecution starting on Oct 3, 2023, following the implosion of the firm.

2022-12-12
Arrest of Sam Bankman-Fried

Bankman-Fried was arrested in the Bahamas after federal prosecutors filed criminal charges against him, following FTX's bankruptcy filing. The charges include defrauding investors, highlighting the risks associated with unregistered crypto trading platforms.

2022-12-13
SEC Charges Against Bankman-Fried

The U.S. Securities and Exchange Commission charged Bankman-Fried with defrauding investors, emphasizing the risks posed by unregistered crypto asset trading platforms. The collapse of FTX serves as a cautionary tale for investors and customers.

2024-12-12
SBF Arrested in the Bahamas

SBF, the CEO of FTX, is arrested in the Bahamas after the US files fraud charges against him and seeks his extradition. He is denied bail and sent to Fox Hill prison.

2024-12-21
Carolyn Ellison and Gary Wang Plead Guilty

Carolyn Ellison and FTX co-founder Gary Wang plead guilty to charges including wire fraud, securities fraud, and commodities fraud. SBF maintains his innocence.

2024-12-22
SBF Released on Bail

SBF is released from a Manhattan courthouse to the custody of his parents on $250 million bail.

2025-01-03
Bankman-Fried Pleads Not Guilty

Bankman-Fried returns to court in New York to plead not guilty.

2025-02-23
Additional Charges Against SBF

An unsealed indictment reveals that SBF is facing additional charges, including bank fraud and operating an unlicensed money transmitter. He now faces up to 12 counts of various charges.

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Bankruptcy of FTX
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