Jump to content

FTX: Difference between revisions

From Wikipedia, the free encyclopedia
Browse history interactively
← Previous editNext edit →
Content deleted Content added
VisualWikitext
c/e
Add source & political involvement on FTX' balance sheets →November 2022 crisis and {{visible anchor|bankruptcy}}
Line 100: Line 100:
Late on 11 November some $473 million in funds were removed from FTX through what Ryne Miller, FTX US's general counsel, characterized as "unauthorized transactions".<ref name=wsj_hack_111122>{{cite news |last1=Huang |first1=Elaine Yu and Vicky Ge |title=FTX Is Investigating a Potential Hack Amid Bankruptcy Filing |url=https://www.wsj.com/articles/ftx-is-investigating-a-potential-hack-amid-bankruptcy-filing-11668261070 |access-date=12 November 2022 |work=The Wall Street Journal |date=11 November 2022}}</ref> Miller further announced that FTX and FTX US intended to move remaining funds denominated in cryptocurrency to offline "cold storage".<ref name=wsj_hack_111122/> The funds taken from FTX were mostly [[stablecoins]] such as Tether, and were quickly exchanged for [[Ethereum#Ether|Ether]], a method used by cryptocurrency thieves to thwart attempts to retrieve stolen funds.<ref>{{cite news |last1=Ghosh |first1=Suvashree |title=Bankrupt FTX Hit by Mysterious Outflow of About $662 Million |url=https://www.bloomberg.com/news/articles/2022-11-12/ftx-us-s-counsel-says-platform-probing-abnormal-wallet-movements?sref=CIpmV6x8 |access-date=12 November 2022 |work=Bloomberg |date=11 November 2022}}</ref> A person speaking on behalf of FTX in a [[Telegram]] chat referred to the "unauthorized transactions" as a "hack" and encouraged users to delete FTX mobile apps as they were compromised.<ref name=semafor_bhhk/> [[Kraken (company)|Kraken]] has since announced its assistance in identifying the perpetrator.<ref>{{cite news |last1=Nicolle |first1=Emily |title=Kraken to Assist In Probing FTX Unauthorized Crypto Withdrawals |url=https://www.bloomberg.com/news/articles/2022-11-12/kraken-to-assist-in-probing-ftx-unauthorized-crypto-withdrawals |access-date=12 November 2022 |agency=Bloomberg |publisher=Bloomberg |date=12 November 2022 |archive-url=https://archive.ph/D1s0c |archive-date=12 November 2022}}</ref>
Late on 11 November some $473 million in funds were removed from FTX through what Ryne Miller, FTX US's general counsel, characterized as "unauthorized transactions".<ref name=wsj_hack_111122>{{cite news |last1=Huang |first1=Elaine Yu and Vicky Ge |title=FTX Is Investigating a Potential Hack Amid Bankruptcy Filing |url=https://www.wsj.com/articles/ftx-is-investigating-a-potential-hack-amid-bankruptcy-filing-11668261070 |access-date=12 November 2022 |work=The Wall Street Journal |date=11 November 2022}}</ref> Miller further announced that FTX and FTX US intended to move remaining funds denominated in cryptocurrency to offline "cold storage".<ref name=wsj_hack_111122/> The funds taken from FTX were mostly [[stablecoins]] such as Tether, and were quickly exchanged for [[Ethereum#Ether|Ether]], a method used by cryptocurrency thieves to thwart attempts to retrieve stolen funds.<ref>{{cite news |last1=Ghosh |first1=Suvashree |title=Bankrupt FTX Hit by Mysterious Outflow of About $662 Million |url=https://www.bloomberg.com/news/articles/2022-11-12/ftx-us-s-counsel-says-platform-probing-abnormal-wallet-movements?sref=CIpmV6x8 |access-date=12 November 2022 |work=Bloomberg |date=11 November 2022}}</ref> A person speaking on behalf of FTX in a [[Telegram]] chat referred to the "unauthorized transactions" as a "hack" and encouraged users to delete FTX mobile apps as they were compromised.<ref name=semafor_bhhk/> [[Kraken (company)|Kraken]] has since announced its assistance in identifying the perpetrator.<ref>{{cite news |last1=Nicolle |first1=Emily |title=Kraken to Assist In Probing FTX Unauthorized Crypto Withdrawals |url=https://www.bloomberg.com/news/articles/2022-11-12/kraken-to-assist-in-probing-ftx-unauthorized-crypto-withdrawals |access-date=12 November 2022 |agency=Bloomberg |publisher=Bloomberg |date=12 November 2022 |archive-url=https://archive.ph/D1s0c |archive-date=12 November 2022}}</ref>


Between $1-2 billion in customer funds reportedly could not be accounted for as of 12 November.<ref>{{Cite web |last=Sigalos |first=MacKenzie |title=Between $1 billion and $2 billion of FTX customer funds have disappeared, SBF had a secret 'back door' to transfer billions: Report |url=https://www.cnbc.com/2022/11/12/1-billion-to-2-billion-of-ftx-customer-funds-missing-report.html |date=2022-11-12 |website=CNBC |language=en}}</ref>
Between $1-2 billion in customer funds reportedly could not be accounted for as of 12 November.<ref>{{Cite web |last=Sigalos |first=MacKenzie |title=Between $1 billion and $2 billion of FTX customer funds have disappeared, SBF had a secret 'back door' to transfer billions: Report |url=https://www.cnbc.com/2022/11/12/1-billion-to-2-billion-of-ftx-customer-funds-missing-report.html |date=2022-11-12 |website=CNBC |language=en}}</ref> The bankruptcy filings include FTX's balance sheet - which show a $9 billion in liabilities but only $1 billion in assets. The balance sheet also shows that FTX made $7 million in betting that Trump will lose in the 2020 election <ref>{{cite news |last1=Gara |first1=Antoine |last2=Shubber |first2=Kadhim |last3=Oliver |first3=Joshua |author1-link=12 November 2022 |title=FTX held less than $1bn in liquid assets against $9bn in liabilities |url=https://www.ft.com/content/f05fe9f8-ca0a-48d5-8ef2-7a4d813af558 |access-date=12 November 2022 |date=12 November 2022 |archive-url=https://archive.ph/k1sML |language=English |quote=Vast gap highlights the dire state of Sam Bankman-Fried’s exchange before it collapsed into bankruptcy}}</ref>


===Responses and impact===
===Responses and impact===

Revision as of 22:31, 12 November 2022

FTX
IndustryCryptocurrency
FoundedMay 2019; 5 years ago (2019-05)
FoundersSam Bankman-Fried
Gary Wang[1]
FateChapter 11 bankruptcy (Nov. 2022)
Headquarters
Nassau, New Providence
,
The Bahamas
Key people
John J. Ray, III, CEO (Nov. 2022 – present)[2]
Products
RevenueIncrease US$1.02 billion (2021)[3]
Increase US$272 million (2021)[3]
Increase US$388 million (2021)[3]
Number of employees
c. 300 (2022)[4]

FTX is a Bahamian cryptocurrency exchange.[5] FTX is incorporated in Antigua and Barbuda and headquartered in The Bahamas.[6][7] The exchange was founded in 2019 and as of February 2022 had over one million users.[8] FTX also operated FTX.US, a separate exchange available to US residents.[9] Since 11 November 2022, FTX is in bankruptcy proceedings in the US court system.

FTX was seen as one of the most stable and respected firms in the crypto industry until it was plunged into crisis in 2022.[10] 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. They withdrew its offer the next day. FTX filed for Chapter 11 bankruptcy protection on 11 November 2022.[11]

History

Sam Bankman-Fried and Gary Wang founded FTX in May 2019.[12] FTX began within Alameda Research, a trading firm founded by Bankman-Fried and others in 2017 in Berkeley, California.[13][14][15] FTX is an abbrevation of "Futures Exchange".[13] Changpeng Zhao of Binance purchased a 20% stake in FTX half a year after Bankman-Fried and Wang started the firm.[16]

In August 2020, FTX acquired Blockfolio, a cryptocurrency portfolio tracking app, for $150 million.[17]

In July 2021, FTX raised $900 million at an $18 billion valuation from over 60 investors, including Softbank, Sequoia Capital, and other firms.[18][19] Binance, a competitor which invested in the company in 2020, divested its shares in 2021.[20]

In September 2021, FTX moved its headquarters from Hong Kong to The Bahamas.[21]

On January 14, 2022, FTX announced a $2 billion venture fund named FTX Ventures.[22] In November 2022, FTX Ventures' website went offline.[23]

In January 2022, FTX raised $400 million in Series C funding at a $32 billion valuation.[24]

On February 11, 2022, FTX.US announced that the company would soon begin offering stock trading to its US customers.[25]

In February 2022, it was reported that FTX was reportedly creating a gaming division that would help video game developers add cryptocurrency, NFTs, and other blockchain-related features into video games.[26]

In July 2022, it was announced that FTX made a deal with an option to buy BlockFi for up to $240 Million. The deal included a $400 million credit facility for BlockFi.[27][28]

In August 2022, the Federal Deposit Insurance Corporation (FDIC) published a cease-and-desist letter accusing FTX of making "false and misleading representations" about FDIC insurance following FTX president Brett Harrison's tweet implying otherwise.[29] Following the letter, Harrison deleted the tweet and Bankman-Fried clarified in a tweet that FTX does not have FDIC insurance.[30]

On September 26, 2022, FTX.US was announced as the winner of the auction for the digital assets of bankrupt crypto brokerage Voyager Digital. The value of the deal was approximately $1.42 billion, including $1.31 billion in Voyager-held cryptocurrency and $111 million in additional consideration. The deal was subject to approval by bankruptcy courts and Voyager's creditors.[31][needs update]

On September 27, 2022, FTX.US President Brett Harrison announced he would be stepping down from an active role at the exchange but would stay on in an advisory capacity. The company did not immediately announce a replacement for Harrison, who had been FTX.US president since May 2021.[32]

In October 2022 it was reported that FTX was under investigation in Texas for allegedly selling unregistered securities.[33]

Sponsorships

The FTX Arena in Miami, Florida

FTX sponsored a number of sports teams and organizations. Deals included the naming rights to the Miami Heat’s basketball stadium, renaming it FTX Arena,[34][35] a partnership with Major League Baseball to place the FTX logo on the uniforms of umpires,[36] and a deal with the Mercedes-AMG Petronas F1 Team to add the FTX logo to the cars and uniforms of both Lewis Hamilton and George Russell.[37]

Other sponsorships included the title sponsorships of the first season of MLB Home Run Derby X,[38] and the title sponsorship of the tournaments FTX Road to Miami and FTX Crypto Cup as part of the Champions Chess Tour 2022.[39]

Following the bankruptcy of FTX in November 2022, both the Mercedes—AMG Petronas F1 Team and the Miami Heat cut ties with the company, with the latter also announcing that they would be seeking a new naming rights partner for the FTX Arena.[40][41]

November 2022 crisis and bankruptcy

FTX Token
Denominations
CodeFTT
Development
White paperFTT Whitepaper
Initial release5 May 2019 (5 years ago) (2019-05-05)
Ledger
Circulating supply134,454,978.27 FTT (est. August 2022)

On 2 November 2022, CoinDesk published an article stating that a significant portion of Alameda Research's assets were held in FTT, the exchange token issued by FTX.[42] At the time the CoinDesk article was published, reporter Ian Allison wrote that there were $5.1 billion worth of FTT tokens in circulation, and that Alameda's balance sheet held $3.66 billion of "unlocked FTT", $2.16 billion of "FTT collateral", and $292 million of "locked FTT".[42] Bloomberg had earlier reported, in September 2022, on the relationship between the two firms, noting that Alameda had functioned as a market maker on FTX early in the exchange's history, and that the trading firm may have continued fulfilling that role.[43] The Bloomberg reporting noted that the relationship between the two firms would not be possible in traditional equities markets due to regulatory scrutiny.[43]

Several days after the CoinDesk article, on 7 November, Binance CEO Changpeng Zhao said on Twitter that his firm intended to sell all its holdings of FTT.[44] Binance had received FTT from FTX in 2021 during a transaction in which FTX bought back Binance's equity stake in FTX.[45] Zhao cited "recent revelations that came to light" as the motivation for selling FTT.[45] Bloomberg and TechCrunch reported that any sale by Binance would likely have an outsize impact on FTT's price, due to the token's low trading volume.[46][47] The announcement by Zhao of the pending sale and disputes between Zhao and Bankman-Fried on Twitter led to a decline in the price of FTT and other cryptocurrencies,[48] resulting in a three-day bank run of an estimated $6 billion that sent FTX into crisis.[49] On 8 November, Zhao announced Binance had entered into a non-binding agreement to purchase FTX due to what he referred to as a "liquidity crisis" at FTX.[50][51] The deal did not include the sale of FTX.US.[50] Zhao further announced on Twitter that the company would complete due diligence soon, adding that all crypto exchanges should avoid using tokens as collateral.[52][53] He also wrote that he expected FTT to be "highly volatile in the coming days as things develop". On the day of the announcement, FTT lost 80 percent of its value.[54]

On 9 November, the acquisition of FTX by Binance was reported by Bloomberg to be "unlikely" due to the poor state of FTX's finances.[55] Later that day, the Wall Street Journal reported that Binance would not move forward with the deal to acquire FTX.[56] Binance cited FTX's reported mishandling of customer funds and pending investigations of FTX as the reasons the firm would not pursue the deal.[57] Bankman-Fried said in a Slack message that FTX had learned through the press about Binance’s concern and decision.[58]

On 9 November, FTX's website said that it was not processing withdrawals at that time.[49] Bankman-Fried said that although the firm's assets were worth more than its clients' deposits, it would need funds from outside to meet demand for withdrawals due to a lack of liquidity.[59][60] Bankman-Fried stated on 9 November that FTX.US, as a separate company, was "not currently impacted" by the crisis.[61]

On 10 November Axios reported that FTX approached Kraken for a potential rescue deal.[62] Bankman-Fried made several statements on 10 November, taking responsibility for FTX's failure and indicating that FTX was still seeking capital to remain solvent.[63] Bankman-Fried also announced that Alameda Research would cease trading and end operations.[64] FTX's in-house legal and compliance teams had, for the most part, resigned by 10 November.[65][66] Anonymous sources cited by the Wall Street Journal on 10 November said that Alameda Research owed FTX some $10 billion, as FTX had lent funds placed on the exchange for trading to Alameda so that Alameda could make investments with the money.[67] On 12 November, anonymous sources cited by the Wall Street Journal said Alameda CEO Caroline Ellison disclosed to other Alameda employees that she, Gary Wang, and Nishad Singh knew that client deposits were transferred from FTX to Alameda.[68] The funds were used in part to pay back loans Alameda had taken to make investments.[68]

Though Bankman-Fried said that FTX.US customers did not have reason to worry on Twitter on 10 November, employees began attempting to sell assets belonging to the firm on the same day.[69] These assets include stock-clearing company Embed Financial Technologies and the naming rights to FTX Arena.[69]

Regulators began taking action in response to the crisis as early as 9 November. On 9 November, Bloomberg reported that the United States Securities and Exchange Commission and Commodity Futures Trading Commission were investigating the nature of FTX's connections to Bankman-Fried's other holdings and its handling of client funds.[70] On 10 November the Securities Commission of the Bahamas froze the assets of one of FTX's subsidiaries, FTX Digital Markets Ltd, "and related parties", and provisionally appointed an attorney as liquidator.[71][72] Japan's Financial Services Agency ordered FTX Japan to suspend some operations.[73][74] The company's Australian subsidiary was placed under administration.[75]

On 10 November, the team running the FTX Future Fund, a charitable group bankrolled by Bankman-Fried, announced that they had resigned earlier that day.[76] Future Fund distributed $160 million in charitable grants before the crash.[77]

On 11 November, FTX, FTX US, Alameda Research, and more than 100 affiliates filed for bankruptcy in Delaware.[78][10][79] Anonymous sources cited by the New York Times said that the exchange owes as much as $8 billion.[76] The crypto lender BlockFi, which was affiliated with FTX, announced on 10 November that it was suspending operations as a result of FTX’s collapse.[76] Bankman-Fried resigned as CEO and was replaced by John J. Ray III, a corporate restructuring specialist who previously oversaw the liquidation of Enron.[78][79][80] As of 12 November, Bankman-Fried was reportedly still in the Bahamas,[81] though other high-ranking FTX employees had begun leaving for Hong Kong, the location of the company's former headquarters, or other locations.[82]

Late on 11 November some $473 million in funds were removed from FTX through what Ryne Miller, FTX US's general counsel, characterized as "unauthorized transactions".[83] Miller further announced that FTX and FTX US intended to move remaining funds denominated in cryptocurrency to offline "cold storage".[83] The funds taken from FTX were mostly stablecoins such as Tether, and were quickly exchanged for Ether, a method used by cryptocurrency thieves to thwart attempts to retrieve stolen funds.[84] A person speaking on behalf of FTX in a Telegram chat referred to the "unauthorized transactions" as a "hack" and encouraged users to delete FTX mobile apps as they were compromised.[82] Kraken has since announced its assistance in identifying the perpetrator.[85]

Between $1-2 billion in customer funds reportedly could not be accounted for as of 12 November.[86] The bankruptcy filings include FTX's balance sheet - which show a $9 billion in liabilities but only $1 billion in assets. The balance sheet also shows that FTX made $7 million in betting that Trump will lose in the 2020 election [87]

Responses and impact

Investors that stand to lose money due to their stakes in FTX include Tiger Global Management, the Ontario Teachers' Pension Plan, SoftBank Group, and Sequoia Capital.[88][89][90][91][92] Sequoia Capital wrote down its equity in FTX to $0 on 9 November, losing some $214 million.[93] Sequoia released a letter to investors assuring them the firm's stake in FTX represented a small amount of its overall portfolio.[94] The Ontario Teachers' Pension Plan released a similar statement.[95]

Anthony Scaramucci, founder of SkyBridge Capital, announced the firm was attempting to buy back a 30% stake in the business owned by FTX.[96]

Jim Chanos predicted the collapse of FTX would lead to increased scrutiny and regulation of cryptocurrencies. Chanos further criticized the cryptocurrency sector as "designed to extract fees from really unsuspecting investors".[97] Richard Handler, CEO of American financial firm Jefferies Group, tweeted on 10 November that he had attempted to meet with Bankman-Fried in July and again in September as he perceived he was "in over his head".[98] Handler stated that Bankman-Fried did not respond to the emails sent from Jefferies staff sent on Handler's behalf.[98] The sudden collapse of FTX has been compared to bankruptcy of Lehman Brothers by writers in publications including The New York Times and the Financial Times.[99][100] Lawrence Summers compared the collapse to the Enron scandal, caused by fraud perpetrated by Enron executives.[101]

Other cryptocurrencies experienced swings and declines in value: Tether dropped below its peg price of $1.00 to $0.97[102] and Bitcoin sank to its lowest price in two years.[103] Share prices for publicly traded cryptocurrency companies declined.[104]

References

  1. ^ "FTX raises $900M". inside.com. Retrieved 2021-07-28.
  2. ^ "Enron's Liquidator to Oversee FTX's Massive Crypto Bankruptcy". bloomberglaw.com. Retrieved 2022-11-11.
  3. ^ a b c Rooney, Kate (2022-08-20). "FTX grew revenue 1,000% during the crypto craze, leaked financials show". CNBC.
  4. ^ Mccrank, John; Davies, Megan (2022-07-06). "Crypto exchange FTX has "a few billion" to support industry - Bankman-Fried". Reuters.
  5. ^ "FTX Deal Gives Institutions New Access to Crypto Markets". Bloomberg.com. 2021-07-13. Retrieved 2021-10-07.
  6. ^ Ossinger, Joanna (24 September 2021). "Bankman-Fried's Crypto Exchange FTX Leaves Hong Kong for Bahamas". Bloomberg.
  7. ^ Osipovich, Alexander (2021-07-20). "Crypto Exchange FTX Valued at $18 Billion in Funding Round". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-10-07.
  8. ^ "Crypto firm FTX Trading's valuation rises to $18 BLN after $900 MLN investment". Reuters. 20 July 2021.
  9. ^ Hajric, Vildana (29 July 2021). "Crypto Exchange Competition Heats Up With FTX.US Growth Spurt". Bloomberg.com. Retrieved 2021-07-29.
  10. ^ a b David Yaffe-Bellany (November 11, 2022). "Embattled Crypto Exchange FTX Files for Bankruptcy". New York Times. Retrieved November 11, 2022.
  11. ^ Ostroff, Caitlin; Ge Huang, Vicky; Gladstone, Alexander (11 November 2022). "FTX Files for Bankruptcy; Sam Bankman-Fried Steps Down as CEO". The Wall Street Journal. Retrieved 11 November 2022.
  12. ^ "FTX raises $900M". inside.com. Retrieved 2021-10-07.
  13. ^ a b Osipovich, Gregory Zuckerman and Alexander (11 November 2022). "How FTX's Sam Bankman-Fried Went From Crypto Golden Boy to Villain". The Wall Street Journal. Retrieved 11 November 2022.
  14. ^ Weisenthal, Joe; Alloway, Tracy (1 April 2021). "The Ex-Jane Street Trader Who's Building a Multi-Billion Crypto Empire". Bloomberg News. Archived from the original on 1 April 2021.
  15. ^ Yaffe-Bellany, David (14 May 2022). "A Crypto Emperor's Vision: No Pants, His Rules". The New York Times. Archived from the original on 14 May 2022.
  16. ^ Berwick, Angus; Wilson, Tom (10 November 2022). "Behind FTX's fall, battling billionaires and a failed bid to save crypto". Reuters. Retrieved 10 November 2022.
  17. ^ Dillet, Romain (25 August 2020). "Cryptocurrency exchange FTX acquires portfolio tracker Blockfolio". TechCrunch. Yahoo.
  18. ^ Kruppa, Miles (July 20, 2021). "Crypto exchange FTX secures backing from venture capital and hedge funds". Financial Times.
  19. ^ "Crypto Firm FTX Valued at $18 Billion as SoftBank, Ribbit Invest". Bloomberg.com. 20 July 2021.
  20. ^ Shen, Lucinda (21 July 2021). "Why did crypto exchange Binance exit FTX?". Fortune.
  21. ^ "Bankman-Fried's Crypto Exchange FTX Leaves Hong Kong for Bahamas". Bloomberg.com. 2021-09-24. Retrieved 2021-11-01.
  22. ^ Chernova, Yuliya (2022-01-14). "Crypto Exchange FTX Sets Up $2 Billion Venture Fund". The Wall Street Journal. Retrieved 2022-01-14.
  23. ^ "FTX Ventures Website Goes Offline". The Wall Street Journal. Retrieved 9 November 2022.
  24. ^ Browne, Ryan (2022-01-31). "Cryptocurrency exchange FTX hits $32 billion valuation despite bear market fears". CNBC. Retrieved 2022-01-31.
  25. ^ "FTX US Stocks are coming soon". FTX US. Retrieved 11 February 2022.
  26. ^ Gariffo, Michael. "FTX's new gaming division faces an uphill battle in convincing gamers to buy NFTs". ZDNet. Retrieved 2022-02-22.
  27. ^ Jacob, Paul Vigna and Denny. "FTX Strikes Deal With Option to Buy Crypto Lender BlockFi for Up to $240 Million". WSJ.
  28. ^ Rooney, Kate (July 1, 2022). "FTX signs a deal giving it the option to buy crypto lender BlockFi". CNBC.
  29. ^ Scaggs, Alexandra (19 August 2022). "About that deposit insurance...". Financial Times.
  30. ^ Roth, Emma (20 August 2022). "FTX's money isn't insured, FDIC says". The Verge.
  31. ^ Kharif, Olga; Yang, Yueqi. "Crypto Exchange FTX Wins Bankrupt Firm Voyager's Assets". www.bloomberg.com. Retrieved 27 September 2022.
  32. ^ Capoot, Ashley. "Crypto exchange FTX is replacing its U.S. president". CNBC. Retrieved 27 September 2022.
  33. ^ "Texas regulators have their eyes on one of the most powerful players in the crypto world". CNN. 21 October 2022. Retrieved 2022-11-10.
  34. ^ Hanks, Douglas (June 2, 2021). "Miami Heat to play in FTX Arena after county approves $135M deal with crypto exchange". Miami Herald.
  35. ^ "It's Official! Miami Heat Home to be Named FTX Arena". WFOR-TV. 26 March 2021.
  36. ^ "MLB, FTX cryptocurrency exchange partner". MLB.com. Major League Baseball. 23 June 2021.
  37. ^ Conway, Luke (23 September 2021). "FTX Crypto Exchange Partners With Mercedes F1 Team". The Street Crypto. The Arena Group.
  38. ^ "FTX MLB Home Run Derby X". MLB.com. Major League Baseball. Retrieved July 9, 2022.
  39. ^ "Starting Sunday: FTX Road to Miami online tournament". ChessBase. July 8, 2022.
  40. ^ "Mercedes suspends partnership with FTX". ESPN.com. 2022-11-11. Retrieved 2022-11-12.
  41. ^ "Miami Heat and Miami-Dade County statement". Instagram. 2022-11-11. Retrieved 2022-11-12.
  42. ^ a b Allison, Ian (2 November 2022). "Divisions in Sam Bankman-Fried's Crypto Empire Blur on His Trading Titan Alameda's Balance Sheet". CoinDesk. Retrieved 9 November 2022.
  43. ^ a b Massa, Annie; Irrera, Anna; Miller, Hannah (14 September 2022). "Crypto Quant Shop With Ties to FTX Powers Bankman-Fried's Empire". Bloomberg. Retrieved 10 November 2022.
  44. ^ Ostroff, Caitlin (7 November 2022). "Binance to Sell Holdings of FTX's Token as Relations Between Crypto Exchanges Fray". The Wall Street Journal. Retrieved 7 November 2022.
  45. ^ a b Kharif, Olga (6 November 2022). "Binance To Sell $529 Million of Bankman-Fried's FTT Token". Bloomberg. Retrieved 7 November 2022.
  46. ^ Lagerkranser, Philip; Nicolle, Emily; Shukla, Sidhartha (7 November 2022). "Binance's CZ and FTX's Sam Bankman-Fried Trade Barbs Over Twitter". Bloomberg. Retrieved 7 November 2022.
  47. ^ Melinek, Jacquelyn (7 November 2022). "Here's the rundown on the Binance and FTX fiasco". TechCrunch. Retrieved 7 November 2022.
  48. ^ Lagerkranser, Philip; Ossinger, Joanna (8 November 2022). "Crypto Billionaires' Brawl Triggers Contagion Fears in Markets". Bloomberg. Retrieved 8 November 2022.
  49. ^ a b Yaffe-Bellany, David (9 November 2022). "Binance Pulls Out of Deal to Acquire Rival Crypto Exchange FTX". The New York Times.
  50. ^ a b Yang, Yueqi (8 November 2022). "CZ's Binance to Buy Rival FTX After Sam Bankman-Fried Faces Liquidity Crunch". Bloomberg. Retrieved 8 November 2022.
  51. ^ Ge Huang, Vicky; Ostroff, Caitlin (8 November 2022). "Crypto Exchange Binance Agrees to Acquire Rival FTX". The Wall Street Journal. Retrieved 8 November 2022.
  52. ^ Singh, Manish (2022-11-08). "Crypto giant Binance to acquire rival FTX following 'liquidity crunch'". TechCrunch. Retrieved 2022-11-08.
  53. ^ "Binance plans to buy rival FTX in bailout as crypto market crumbles". Binance plans to buy rival FTX in bailout as crypto market crumbles - 'SCMP Tech' News | SendStory Hong Kong. Retrieved 2022-11-09.
  54. ^ Sigalos, MacKenzie (2022-11-08). "FTX's token plunges 80% on liquidity concerns, wiping out over $2 billion in value". CNBC.
  55. ^ Yang, Yueqi; Ghosh, Suvashree (9 November 2022). "FTX's Financial Black Hole Leaves Binance Balking at Rescue Plan". Bloomberg. Retrieved 9 November 2022.
  56. ^ Binance Says It Will Walk Away from Deal to Buy FTX Archived 2022-11-09 at the Wayback Machine, Wall Street Journal, 9 November 2022.
  57. ^ Sigalos, MacKenzie; Rooney, Kate (2022-11-09). "Binance backs out of FTX rescue, leaving the crypto exchange on the brink of collapse". CNBC.
  58. ^ Kowsmann, Patricia; Ostroff, Caitlin; Jin, Berber (10 November 2022). "Binance Walks Away From Deal to Rescue FTX". The Wall Street Journal. Retrieved 12 November 2022.
  59. ^ "Binance ditches deal to rescue rival crypto exchange FTX". Financial Times. 10 November 2022. Retrieved 10 November 2022.
  60. ^ "Sam Bankman-Fried apologises for FTX crisis". Financial Times. 10 November 2022. Retrieved 11 November 2022.
  61. ^ "FTX: Cryptocurrency market rocked by near-collapse of exchange". BBC News. 9 November 2022. Retrieved 10 November 2022.
  62. ^ Shen, Lucinda (2022-11-10). "FTX approaches Kraken amid scramble to find funding". Axios. Retrieved 2022-11-10.
  63. ^ Massa, Annie (10 November 2022). "Bankman-Fried Vows to 'Give Anything' for Capital as FTX Flails". Bloomberg. Retrieved 10 November 2022.
  64. ^ "Sam Bankman-Fried says Alameda Research to wind down trading, FTX attempting to raise capital". TechCrunch. 10 November 2022. Retrieved 2022-11-10.
  65. ^ Sorkin, Andrew Ross; Mattu, Ravi; Warner, Bernhard; Kessler, Sarah; Gandel, Stephen; Merced, Michael J. de la; Hirsch, Lauren; Livni, Ephrat (10 November 2022). "A Reckoning Awaits FTX". The New York Times. Retrieved 10 November 2022.
  66. ^ Hoffman, Liz; Saacks, Bradley; Matsakis, Louise (9 November 2022). "FTX ditched by Binance while also losing most of its legal and compliance staff | Semafor". Semafor. Retrieved 10 November 2022.
  67. ^ Ge Huang, Vicky; Osipovich, Alexander; Kowsman, Patricia (10 November 2022). "FTX Tapped Into Customer Accounts to Fund Risky Bets, Setting Up Its Downfall". The Wall Street Journal. Retrieved 10 November 2022.
  68. ^ a b Michaels, Dave; Yu, Elaine; Ostroff, Caitlin (12 November 2022). "Alameda, FTX Executives Are Said to Have Known FTX Was Using Customer Funds". The Wall Street Journal. Retrieved 12 November 2022.
  69. ^ a b Massa, Annie (10 November 2022). "Inside FTX.US, Employees Are Trying to Sell Assets With Sam Bankman-Fried Away". Bloomberg. Retrieved 10 November 2022.
  70. ^ Beyoud, Lydia; Yang, Yueqi; Kharif, Olga (9 November 2022). "Sam Bankman-Fried's FTX Empire Faces US Probe Into Client Funds, Lending". Bloomberg. Retrieved 9 November 2022.
  71. ^ "FTX Latest: Bahamas Freezes FTX.com Assets, Appoints Liquidator". Bloomberg. 10 November 2022. Retrieved 10 November 2022.
  72. ^ Berwick, Angus; Sen, Anirban (11 November 2022). "FTX looks for $9.4 bln in rescue funds, Bahamas freezes some assets". Reuters. Retrieved 11 November 2022.
  73. ^ "Global regulators circle Sam Bankman-Fried's FTX exchange". Financial Times. 11 November 2022. Retrieved 11 November 2022.
  74. ^ "Administrative Actions against FTX Japan, Inc". www.fsa.go.jp. Retrieved 11 November 2022.
  75. ^ "Global regulators circle Sam Bankman-Fried's FTX exchange". Financial Times. 11 November 2022. Retrieved 11 November 2022.
  76. ^ a b c Yaffe-Bellany, David (2022-11-11). "Embattled Crypto Exchange FTX Files for Bankruptcy". The New York Times. Retrieved 2022-11-11.
  77. ^ "Sam Bankman-Fried's 'Effective Altruism' Team Resigns Amid FTX Meltdown". Gizmodo. 2022-11-11.
  78. ^ a b Hill, Jeremy (11 November 2022). "FTX Goes Bankrupt in Stunning Reversal for Crypto Exchange". Bloomberg. Retrieved 11 November 2022.
  79. ^ a b "Sam Bankman-Fried's $32bn FTX crypto empire files for bankruptcy". Financial Times. 11 November 2022. Retrieved 11 November 2022.
  80. ^ Hill, Jeremy (11 November 2022). "Enron's Liquidator to Oversee FTX's Massive Crypto Bankruptcy". Bloomberg. Retrieved 11 November 2022.
  81. ^ Yang, Yuequi (12 November 2022). "Sam Bankman-Fried Says He's in the Bahamas, Reuters Reports". Bloomberg. Retrieved 12 November 2022.
  82. ^ a b Saacks, Bradley (12 November 2022). "Some staff of beleaguered FTX crypto exchange leave Bahamas for Hong Kong". Semafor. Retrieved 12 November 2022.
  83. ^ a b Huang, Elaine Yu and Vicky Ge (11 November 2022). "FTX Is Investigating a Potential Hack Amid Bankruptcy Filing". The Wall Street Journal. Retrieved 12 November 2022.
  84. ^ Ghosh, Suvashree (11 November 2022). "Bankrupt FTX Hit by Mysterious Outflow of About $662 Million". Bloomberg. Retrieved 12 November 2022.
  85. ^ Nicolle, Emily (12 November 2022). "Kraken to Assist In Probing FTX Unauthorized Crypto Withdrawals". Bloomberg. Bloomberg. Archived from the original on 12 November 2022. Retrieved 12 November 2022.
  86. ^ Sigalos, MacKenzie (2022-11-12). "Between $1 billion and $2 billion of FTX customer funds have disappeared, SBF had a secret 'back door' to transfer billions: Report". CNBC.
  87. ^ Gara, Antoine; Shubber, Kadhim; Oliver, Joshua (12 November 2022). "FTX held less than $1bn in liquid assets against $9bn in liabilities". Retrieved 12 November 2022. Vast gap highlights the dire state of Sam Bankman-Fried's exchange before it collapsed into bankruptcy {{cite news}}: |archive-url= requires |archive-date= (help)
  88. ^ "FTX". Sequoia Capital US/Europe. Retrieved 9 November 2022.
  89. ^ "FTX". Lightspeed Venture Partners.
  90. ^ Gelsi, Steve. "FTX problems mean big headaches for its private equity investors". MarketWatch.
  91. ^ Li, Selena; Westbrook, Tom; Howcroft, Elizabeth; Howcroft, Elizabeth (9 November 2022). "Cryptocurrencies fall after FTX-Binance turmoil spooks investors". Reuters. Retrieved 9 November 2022.
  92. ^ Parmar, Hema; Tan, Gillian (9 November 2022). "FTX Fiasco Hits Investors From Tiger Global to Tom Brady". Bloomberg. Retrieved 9 November 2022.
  93. ^ Friedman, Larry Hatheway and Alex (10 November 2022). "The Midterms' Red Ripple Delivers Uncertainty to the Markets". Barrons. Retrieved 10 November 2022.
  94. ^ McBride, Sarah (9 November 2022). "Sequoia Capital Writes Down Entire Value of Its FTX Stake". Bloomberg. Retrieved 10 November 2022.
  95. ^ Rajagopal, Divya (10 November 2022). "Ontario Pension says any loss from FTX investment to have limited impact". Reuters. Retrieved 11 November 2022.
  96. ^ Parmar, Hema (11 November 2022). "Scaramucci's SkyBridge Is Trying to Buy Back FTX's 30% Stake". Bloomberg. Retrieved 11 November 2022.
  97. ^ Weisenthal, Joe; Alloway, Tracy (9 November 2022). "Short Seller Jim Chanos Warns the Crypto Crackdown Is Coming Now". Bloomberg. Retrieved 10 November 2022.
  98. ^ a b Wilson, Harry (10 November 2022). "Jefferies CEO Says He Offered FTX's Bankman-Fried Rescue Advice in July". Bloomberg. Retrieved 10 November 2022.
  99. ^ Roose, Kevin (9 November 2022). "Is This Crypto's Lehman Moment?". The New York Times. Retrieved 11 November 2022.
  100. ^ Chipolina, Scott (11 November 2022). "FT Cryptofinance: Crypto's Lehman moment". Financial Times. Retrieved 11 November 2022.
  101. ^ Anstey, Chris (11 November 2022). "FTX Meltdown Has 'Whiffs' of Enron-Like Scandal, Summers Says". Bloomberg. Retrieved 11 November 2022.
  102. ^ Ashworth, Louis; Elder, Bryce (10 November 2022). "Watching tether wither, together". The Financial Times. Retrieved 10 November 2022.
  103. ^ "Sam Bankman-Fried's $32bn FTX crypto empire files for bankruptcy". Financial Times. 11 November 2022. Retrieved 11 November 2022.
  104. ^ Hajric, Vildana (11 November 2022). "Crypto Markets Buckle as FTX Bankruptcy Spurs Search for Casualties". Bloomberg. Retrieved 11 November 2022.
Retrieved from "https://en.wikipedia.org/w/index.php?title=FTX&oldid=1121553487"