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    FTX
    Cryptocurrency

    FTX

    São Tomé and Príncipe flagSão Tomé and Príncipe

    "The crypto exchange that grew too fast and fell harder."

    Founded 2019 St. John's, Antigua and Barbuda CEO: Sam Bankman-Fried (2019-2022), John J. Ray III (2022-present)
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    About

    FTX launched in 2019, the brainchild of Sam Bankman-Fried and Gary Wang. Bankman-Fried, a former Jane Street trader, brought a quantitative edge to crypto derivatives. By 2021, FTX was processing over $10 billion in daily volume. The exchange offered spot trading, futures, options, and leveraged tokens, products that attracted both retail speculators and institutional players. Its native token, FTT, gave holders trading fee discounts and powered a ecosystem of DeFi integrations.

    FTX's marketing was relentless. In 2021, it paid $135 million for naming rights to the Miami Heat's arena, renaming it FTX Arena. Celebrity endorsements from Tom Brady, Gisele Bundchen, and Stephen Curry painted FTX as the safe, regulated face of crypto. Bankman-Fried himself became a media fixture, testifying before Congress and donating millions to political campaigns. At its peak in early 2022, FTX was valued at $32 billion, with investors including Sequoia Capital, SoftBank, and Tiger Global.

    The collapse came in November 2022. A leaked balance sheet from Alameda Research, Bankman-Fried's trading firm, revealed it held billions in FTT tokens. Binance CEO Changpeng Zhao announced he would liquidate Binance's FTT holdings, triggering a run on FTX. Within days, FTX halted withdrawals, admitted customer funds had been used to cover Alameda's losses, and filed for Chapter 11 bankruptcy. Bankman-Fried was arrested in the Bahamas, extradited to the U.S., and convicted on seven counts of fraud and conspiracy in November 2023. He was sentenced to 25 years in prison.

    Today, FTX exists only as a bankruptcy estate under CEO John J. Ray III, who previously liquidated Enron. The estate has recovered between $14.7 and $16.3 billion in assets. In October 2024, a reorganization plan was approved that aims to repay 100% of claim amounts plus interest to most creditors. The former website, ftx.com, now redirects to a claims portal. The brand is dead, but its story, a cautionary tale of hubris, fraud, and regulatory failure, continues to shape the crypto industry.

    Products & Sub-brands

    FTX ExchangeFTX USFTX Token (FTT)FTX DerivativesFTX OptionsLeveraged TokensFTX NFT MarketplaceBlockfolio (acq. 2020)

    Frequently Asked Questions

    Who owns FTX?
    FTX is no longer owned by any individual; it is a bankrupt estate currently being managed by CEO John J. Ray III and a team of restructuring experts. The company's former founder and majority owner, Sam Bankman-Fried, was convicted of fraud and has no ownership or control over the company.
    Who is the current CEO of FTX?
    The current CEO is John J. Ray III, who took over after Sam Bankman-Fried stepped down in November 2022. Ray is a restructuring expert known for handling the liquidation of Enron and is overseeing the company's bankruptcy proceedings.
    How much is FTX worth now?
    FTX's current worth is effectively zero as an operating business. However, its bankruptcy estate has recovered billions of dollars in assets. As of early 2025, the estate has collected between $14.7 and $16.3 billion to repay creditors, though the company itself has no ongoing valuation.
    FTX vs Binance: What happened?
    FTX and Binance were major rivals. In November 2022, Binance CEO Changpeng Zhao announced the sale of Binance's FTX token (FTT) holdings, triggering a crisis of confidence in FTX. Binance initially signed a non-binding letter of intent to acquire FTX but backed out the next day after reviewing FTX's books.
    Is FTX still in business?
    No, FTX is no longer in business as a cryptocurrency exchange. The company filed for bankruptcy in November 2022 and its platform is permanently shut down. It now exists solely as a legal entity focused on liquidating assets and repaying creditors under the direction of its bankruptcy team.

    Keywords

    FTXcryptocurrency exchangeSam Bankman-FriedGary WangAlameda ResearchFTT tokenbankruptcyfraudcrypto collapseMiami Heat arenaBinanceJohn J. Ray III

    Company Info

    Founded
    2019
    Founder
    Sam Bankman-Fried, Gary Wang
    CEO
    Sam Bankman-Fried (2019-2022), John J. Ray III (2022-present)
    Headquarters
    St. John's, Antigua and Barbuda
    Industry
    Cryptocurrency
    Peak Valuation
    $32 billion (Jan 2022)
    Bankruptcy Filing
    November 11, 2022
    Assets Recovered
    $14.7 - $16.3 billion

    Official Website

    ftx.com/

    Links

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