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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> 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>
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 |archive-date=12 November 2022 |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 22:32, 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

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  2. ^ "Enron's Liquidator to Oversee FTX's Massive Crypto Bankruptcy". bloomberglaw.com. Retrieved 2022-11-11.
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External links

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