FTX collapsed and filed for bankruptcy in November 2022.
FTX was founded in 2019 by Sam Bankman-Fried and Gary Wang. It became a major cryptocurrency exchange, while its affiliated trading firm, Alameda Research, was also deeply connected to the business. In early November 2022, reporting and leaked financial information raised concerns about Alameda’s holdings and the relationship between the two companies.
A rapid wave of customer withdrawals followed. FTX was unable to meet those demands, and it filed for Chapter 11 bankruptcy protection in the United States on November 11, 2022. John J. Ray III became chief executive during the restructuring process, replacing Bankman-Fried.
FTX is sometimes confused with Mt. Gox, a different exchange that suffered a major collapse in 2014, or with Celsius Network and Voyager Digital, crypto lending and brokerage businesses that also entered bankruptcy proceedings in 2022. In 2023, Bankman-Fried was convicted in the United States on fraud and conspiracy charges connected with FTX’s failure.