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FTX files for Chapter 11 bankruptcy protection. 11: Bankman-Fried steps down as FTX CEO, is replaced by a court-appointed CEO with restructuring experience. businesses’ liquidity crisis, says affiliate Alameda Research to wind down. 10: The Bahamas freezes assets of FTX’s subsidiary there Bankman-Fried admits non-U.S. 9: Binance walks away from FTX acquisition after conducting due diligence. 8: Binance says it will buy FTX’s non-U.S. 7: FTX announces liquidity crisis, seeks bailout from venture capitalists, then Binance. 6: Rival exchange Binance sells all FTT tokens.

2 scoop by crypto news site CoinDesk that revealed that Alameda Research, the quantitative trading firm also run by Bankman-Fried, held a position valued at $5 billion in FTT, the native token of FTX. 3, 2023.įTX’s collapse took place over a 10-day period in November 2022.

He pleaded innocent to all criminal charges on Jan. FTX founder and ex-CEO Sam Bankman-Fried was arrested in The Bahamas and extradited to the United States in late December.In the hours following, FTX experienced a possible hack in which hundreds of millions worth of tokens were stolen.11, 2022, FTX’s CEO stepped down and the company filed for bankruptcy.

FTX in November 2022 faced a liquidity crisis and searched for bailout funds rival exchange Binance considered buying portions of the company but quickly backed out.

FTX’s collapse shook the volatile crypto market, which lost billions at the time, falling below a $1 trillion valuation.

FTX collapsed in early November 2022 following a report by CoinDesk highlighting potential leverage and solvency concerns involving FTX-affiliated trading firm Alameda Research.