The FTX Downfall: Full Coverage

Follow the key developments of the unraveling of Sam Bankman-Fried’s crypto empire and exchange, FTX.

The FTX Downfall: Full Coverage

The Latest News on the FTX Downfall

CDCROP: FTX Inner Circle Composite
Who's Who in the FTX Inner Circle

FTX collapsed. These were the players closest to the implosion.

CDCROP: FTX Inner Circle Composite
CDCROP: Annotated chart of the 162-asset CoinDesk Market Index (CMI) over the course of the FTX and Alameda saga. (CoinDesk Indices and Research/Sage D. Young)
The Epic Collapse of Sam Bankman-Fried's FTX Exchange: A Crypto Markets Timeline

Tracing the CoinDesk Market Index (CMI) through key news developments in the swift unraveling of billionaire Sam Bankman-Fried's crypto empire shows just how quickly the speculation kept shifting.

CDCROP: Annotated chart of the 162-asset CoinDesk Market Index (CMI) over the course of the FTX and Alameda saga. (CoinDesk Indices and Research/Sage D. Young)
CDCROP: Sam Bankman-Fried sticking his tongue out while at Crypto Bahamas (Danny Nelson/CoinDesk)
Sam Bankman-Fried's Self-Incrimination Tour

The disgraced man-child’s media apology tour may sway the underinformed. But it can only hurt Bankman-Fried where it counts – in the courtroom.

CDCROP: Sam Bankman-Fried sticking his tongue out while at Crypto Bahamas (Danny Nelson/CoinDesk)
Former FTX US President Brett Harrison (Danny Nelson/CoinDesk)
Former FTX US President Is Seeking Funds for Crypto Startup: Report

Brett Harrison is trying to raise $6 million at a $60 million company valuation, The Information reported.

Former FTX US President Brett Harrison (Danny Nelson/CoinDesk)
CDCROP: AI Artwork Sam Bankman-Fried SBF in Prison concept (Midjourney/CoinDesk)
FTX’s Collapse Was a Crime, Not an Accident

Sam Bankman-Fried is a con man and fraudster of historic proportions. But you might not learn that from the New York Times, CoinDesk's Chief Insights Columnist David Z. Morris writes.

CDCROP: AI Artwork Sam Bankman-Fried SBF in Prison concept (Midjourney/CoinDesk)
CDCROP: Andrew Ross Sorkin speaks with FTX founder Sam Bankman-Fried during the New York Times DealBook Summit in the Appel Room at the Jazz At Lincoln Center on November 30, 2022 in New York City. (Michael M. Santiago/Getty Images)
Full Transcript: NY Times' Interview With Sam Bankman-Fried

Bankman-Fried said during the interview he did not "knowingly commingle" customer funds.

CDCROP: Andrew Ross Sorkin speaks with FTX founder Sam Bankman-Fried during the New York Times DealBook Summit in the Appel Room at the Jazz At Lincoln Center on November 30, 2022 in New York City. (Michael M. Santiago/Getty Images)
CDCROP: Former FTX CEO Sam Bankman-Fried (Danny Nelson/CoinDesk)
Sam Bankman-Fried Addresses Withdrawals, FTX Collapse in Newly Released Audio Interview

The FTX founder said he unpaused Bahamian FTX withdrawals to “appease” local customers and added his lawyers to the groups of people he said can “go f**k themselves.”

CDCROP: Former FTX CEO Sam Bankman-Fried (Danny Nelson/CoinDesk)
CDCROP: CFTC Chair Rostin Behnam (Danny Nelson/CoinDesk)
FTX Direct Clearing Plan Was Nowhere Close to Being Approved, CFTC Chief Says

Rostin Behnam, the agency's chairman, did say FTX executives met frequently with the regulator.

CDCROP: CFTC Chair Rostin Behnam (Danny Nelson/CoinDesk)
CDCROP: Crypto Exchange FTX Grapples With 'Liquidity Crunch' As Binance Deal Fades (Leon Neal/Getty Images)
Lawyers Detail the ‘Abrupt and Difficult’ Collapse of FTX in First Bankruptcy Hearing

FTX’s lawyers say former CEO Sam Bankman-Fried ran the exchange like his own “personal fiefdom,” allowing executives to use customer funds to purchase luxury real estate.

CDCROP: Crypto Exchange FTX Grapples With 'Liquidity Crunch' As Binance Deal Fades (Leon Neal/Getty Images)
CDCROP: Crypto Exchange FTX Grapples With 'Liquidity Crunch' As Binance Deal Fades (Leon Neal/Getty Images)
FTX Exploiter Transfers $200M in Ether to 12 Crypto Wallets

The exploiter had previously drained hundreds of millions of digital assets from FTX on the same day as the embattled crypto exchange filed for bankruptcy protection.

CDCROP: Crypto Exchange FTX Grapples With 'Liquidity Crunch' As Binance Deal Fades (Leon Neal/Getty Images)
CDCROP: Crypto Exchange FTX Grapples With 'Liquidity Crunch' As Binance Deal Fades (Leon Neal/Getty Images)
FTX’s Collapse a Wake-Up Call for Venture Capitalists, Dragonfly Partner Says

Tom Schmidt noted that more discerning VCs didn't invest in the failed crypto exchange.

CDCROP: Crypto Exchange FTX Grapples With 'Liquidity Crunch' As Binance Deal Fades (Leon Neal/Getty Images)
CDCROP: Former FTX CEO Sam-Bankman-Fried (Danny Nelson/CoinDesk)
'A Complete Failure of Corporate Controls': What Investors and Accountants Missed in FTX’s Audits

An expert review of FTX’s audited financial statements reveals a series of red flag related-party transactions that should have led to more scrutiny of the company’s operations.

CDCROP: Former FTX CEO Sam-Bankman-Fried (Danny Nelson/CoinDesk)
Sam Bankman-Fried (Danny Nelson/CoinDesk)
Alameda Had ‘Secret Exemption’ From FTX Liquidation Protocols, New CEO Says

John Ray detailed a litany of management failings at the crypto exchange, which collapsed after revelations about its relationship with its trading arm

Sam Bankman-Fried (Danny Nelson/CoinDesk)
CDCROP: Crypto Exchange FTX Grapples With 'Liquidity Crunch' As Binance Deal Fades (Leon Neal/Getty Images)
Bahamas Securities Regulator Says It Ordered FTX Crypto Transferred to Government Wallets

The regulator said it needed "urgent interim regulatory action" to protect creditors.

CDCROP: Crypto Exchange FTX Grapples With 'Liquidity Crunch' As Binance Deal Fades (Leon Neal/Getty Images)
CDCROP: Magnifying Glass Focusing Sunlight Into a Spot (MirageC/Getty Images)
‘Proof of Reserves’ Emerges as a Favored Way to Prevent Another FTX

Several exchanges, including Binance, have announced plans to use the auditing technique to reassure customers.

CDCROP: Magnifying Glass Focusing Sunlight Into a Spot (MirageC/Getty Images)
CDCROP: Photo of FTX website (Rob Mitchell/CoinDesk)
Twitter Spaces: FTX – 1) What

CoinDesk reporters discuss the latest developments in the FTX story.

CDCROP: Photo of FTX website (Rob Mitchell/CoinDesk)
CDCROP: Crypto Exchange FTX Grapples With 'Liquidity Crunch' As Binance Deal Fades (Leon Neal/Getty Images)
Bahamas May Have Directed 'Unauthorized' FTX Transactions, Filing Says

The exchange says it has credible evidence the Bahamas directed unauthorized access to its systems after it filed for bankruptcy in the U.S.

CDCROP: Crypto Exchange FTX Grapples With 'Liquidity Crunch' As Binance Deal Fades (Leon Neal/Getty Images)
CDCROP: Larry David attends HBO's "Curb Your Enthusiasm" Season 11 Premiere at Paramount Theatre on October 19, 2021 (Jeff Kravitz/FilmMagic for HBO)
US Crypto Investors Sue FTX’s Sam Bankman-Fried, Company’s Celebrity Endorsers

The plaintiffs in a class-action suit claim that the heavily-marketed FTX yield-bearing crypto accounts were actually a Ponzi scheme.

CDCROP: Larry David attends HBO's "Curb Your Enthusiasm" Season 11 Premiere at Paramount Theatre on October 19, 2021 (Jeff Kravitz/FilmMagic for HBO)
CDCROP: Rep. Tom Emmer (R-MN) is followed by reporters as he arrives to a House Republican Caucus meeting at the U.S. Capitol Building on November 14, 2022 in Washington, DC. (Anna Moneymaker/Getty Images)
Newly Elected US House Whip Emmer Downplays FTX Meltdown, Cheers Crypto

Rep. Tom Emmer, a co-chair of the congressional blockchain caucus, was chosen for a leadership role in the next Congress and is bullish on digital assets in the wake of FTX.

CDCROP: Rep. Tom Emmer (R-MN) is followed by reporters as he arrives to a House Republican Caucus meeting at the U.S. Capitol Building on November 14, 2022 in Washington, DC. (Anna Moneymaker/Getty Images)
CDCROP: Kenneth Lay Mugshot (Bureau of Prisons/Getty Images)
The FTX Collapse Looks an Awful Lot Like Enron

Alameda and FTX were built on false asset values driven by deceptive self-dealing. So was America's most notorious corporate fraud.

CDCROP: Kenneth Lay Mugshot (Bureau of Prisons/Getty Images)
CDCROP: Charles Murray Reading Ticker-tape in Clancy in Wall Street. (Getty Images)
4 Key Takeaways from the FTX Fiasco

The real reason why the FTX failure hits so hard is not because the crypto industry was duped, but because it proved that the industry was vulnerable to being duped.

CDCROP: Charles Murray Reading Ticker-tape in Clancy in Wall Street. (Getty Images)
Safe (8385/Pixabay)
Proof of Reserves Explained

After FTX’s stunning meltdown, many are calling for crypto exchanges to prove they have enough assets in reserve to offset any outstanding liabilities.

Safe (8385/Pixabay)
CDCROP: Sam Bankman-Fried, CEO, FTX and Christine Lee, Lead Anchor, CoinDesk at Consensus 2022 (Suzanne Cordiero/Shutterstock/CoinDesk)
FTX's New Leadership Is in Touch With Regulators, May Have Over 1M Creditors, New Filings Say

FTX filed its first substantive look at the exchange's bankruptcy process days after declaring bank

CDCROP: Sam Bankman-Fried, CEO, FTX and Christine Lee, Lead Anchor, CoinDesk at Consensus 2022 (Suzanne Cordiero/Shutterstock/CoinDesk)
CDCROP: FTX's Sam Bankman-Fried testifies before the House Financial Services Committee in Washington, DC, December 2021
FTX’s Failure Is Sparking a Massive Regulatory Response

Lawmakers, regulators and criminal investigators are looking into FTX’s collapse, and Sam Bankman-Fried’s tweets aren’t helping.

CDCROP: FTX's Sam Bankman-Fried testifies before the House Financial Services Committee in Washington, DC, December 2021
Sam Bankman-Fried, former FTX CEO
Bankrupt FTX Faces Criminal Investigation in the Bahamas

Financial police in the Bahamas, where Sam Bankman-Fried's FTX is headquartered, are working with the local securities regulator to investigate if any criminal conduct has occurred.

Sam Bankman-Fried, former FTX CEO
CDCROP: Sam Bankman-Fried speaks at Consensus C22 (CoinDesk)
Let’s Actually Commit to Proofs of Reserve This Time, OK?

Requiring exchanges to show they have assets to match their liabilities would improve transparency and help to win back public trust in crypto, says Nic Carter.

CDCROP: Sam Bankman-Fried speaks at Consensus C22 (CoinDesk)
Treasury Secretary Janet Yellen at American University (Jesse Hamilton for CoinDesk)
FTX Collapse Exposed 'Weaknesses' in Crypto, Janet Yellen Says: Report

The U.S. Treasury Secretary said the crypto sector is in need of "very careful regulation" while some lawmakers are already preparing to propose tougher rules.

Treasury Secretary Janet Yellen at American University (Jesse Hamilton for CoinDesk)
CDCROP: Crypto Exchange FTX Grapples With 'Liquidity Crunch' As Binance Deal Fades (Leon Neal/Getty Images)
FTX Hack or Inside Job? Blockchain Experts Examine Clues and a ‘Stupid Mistake’

Insolvent crypto exchange FTX suffered a $400 million exploit late Friday after filing for bankruptcy protection.

CDCROP: Crypto Exchange FTX Grapples With 'Liquidity Crunch' As Binance Deal Fades (Leon Neal/Getty Images)
CDCROP: Close up of VISA credit cards (Justin Sullivan/Getty Images)
Visa Ends Its Debit Card Pact With FTX

The original partnership to release crypto debit cards in 40 countries was reported on in October.

CDCROP: Close up of VISA credit cards (Justin Sullivan/Getty Images)
CDCROP: Rev Miller, co-founder of Kyiv Tech Summit, Alex Bornyakov, Ukraine’s Deputy Minister for Digital Transformation, Ethereum co-founder Vitalik Buterin. (Kyiv Tech Summit)
Ukrainian Official Refutes FTX-Ukraine Money Laundering Rumors

The deputy crypto chief of Ukrainian government says war-torn country used FTX only as a fiat on-ramp.

CDCROP: Rev Miller, co-founder of Kyiv Tech Summit, Alex Bornyakov, Ukraine’s Deputy Minister for Digital Transformation, Ethereum co-founder Vitalik Buterin. (Kyiv Tech Summit)
CDCROP: Former FTX CEO Sam Bankman-Fried (Danny Nelson/CoinDesk)
Bankman-Fried’s Cabal of Roommates in the Bahamas Ran His Crypto Empire – and Dated. Other Employees Have Lots of Questions

“The whole operation was run by a gang of kids in the Bahamas,” a person familiar with the matter told CoinDesk on condition of anonymity.

CDCROP: Former FTX CEO Sam Bankman-Fried (Danny Nelson/CoinDesk)
CDCROP: AI Artwork SBM Sam Bankman-Fried (DALL-E/CoinDesk)
After FTX: Rebuilding Trust in Crypto’s Founding Mission

For an industry built on the principle of decentralization, we had a lot of trust in one 30-year-old. Understanding why is key to a more sustainable future for crypto.

CDCROP: AI Artwork SBM Sam Bankman-Fried (DALL-E/CoinDesk)
CDCROP: Former FTX CEO Sam Bankman-Fried (Danny Nelson/CoinDesk)
8 Days in November: What Led to FTX’s Sudden Collapse

Financier and influencer Sam Bankman-Fried flew exceptionally high during the pandemic-driven crypto bull market. Here’s what led to his fall, and why it matters for the industry’s future.

CDCROP: Former FTX CEO Sam Bankman-Fried (Danny Nelson/CoinDesk)
CDCROP: Former FTX CEO Sam Bankman-Fried in Washington (Jesse Hamilton/CoinDesk)
FTX Employees Worldwide Learned of Bankruptcy Along With the Public

Staff from FTX Japan and other subsidiaries found out about the insolvency filing on Twitter, CoinDesk was told.

CDCROP: Former FTX CEO Sam Bankman-Fried in Washington (Jesse Hamilton/CoinDesk)
CDCROP: Then-CEO of FTX Sam Bankman-Fried and CEO of Solana Labs Anatoly Yakovenko (Danny Nelson/CoinDesk)
Solana Foundation Invested in FTX, Held Millions in Sam Bankman-Fried-Linked Cryptos on Exchange

The foundation addressed the fallout of the FTX debacle in a blog post.

CDCROP: Then-CEO of FTX Sam Bankman-Fried and CEO of Solana Labs Anatoly Yakovenko (Danny Nelson/CoinDesk)
CDCROP: Former FTX CEO Sam Bankman-Fried in the Bahamas (Danny Nelson/CoinDesk)
FTX Files for Bankruptcy Protection in US; CEO Bankman-Fried Resigns

Bankruptcy filings attributed to FTX US and Alameda Research estimate each company has $10 billion to $50 billion in liabilities.

CDCROP: Former FTX CEO Sam Bankman-Fried in the Bahamas (Danny Nelson/CoinDesk)
CDCROP: Financial Markets Drop Ahead Of Bailout Legislation (Spencer Platt/Getty Images)
Crypto-Linked Stocks Tumble After FTX Files for Bankruptcy

Bitcoin and ether both fell about 6% following the Chapter 11 filing Friday morning.

CDCROP: Financial Markets Drop Ahead Of Bailout Legislation (Spencer Platt/Getty Images)
credit squeeze
Here’s What FTX and Alameda Now Hold on Public Ethereum Wallets

FTX’s biggest holding remains its own FTT token, while Alameda’s largest holdings are in USD coin.

credit squeeze
FTX ad patches seen on an MLB umpire (Denis Poroy/Getty Images)
MLB Commissioner: It’s a “Pretty Good Bet” FTX Patches Won’t Be on Umpires Next Season

The league’s commissioner Rob Manfred said the MLB has “been really religious about staying away from coins,” calling the FTX deal “a meaningful deal for us.”

FTX ad patches seen on an MLB umpire (Denis Poroy/Getty Images)
CDCROP: California Memorial Stadium (Kilfmuny/Wikipedia)
UC Berkeley Suspends Stadium Naming Rights Deal With FTX

The 10-year deal is the latest to fall through in the wake of the crypto exchange’s bankruptcy filing.

CDCROP: California Memorial Stadium (Kilfmuny/Wikipedia)
CDCROP: Former FTX CEO Sam Bankman-Fried (Jesse Hamilton/CoinDesk)
These Crypto Market Makers Were Wary of FTX Before Collapse

B2C2, Kairon Labs and a few others had concerns about the exchange and its sister firm Alameda Research before liquidity concerns became headlines.

CDCROP: Former FTX CEO Sam Bankman-Fried (Jesse Hamilton/CoinDesk)
CDCROP: Binance Logo (Danny Nelson/CoinDesk)
Binance Walks Away From Deal to Acquire FTX

A spokesperson for the crypto exchange said FTX's issues "are beyond our control or ability to help."

CDCROP: Binance Logo (Danny Nelson/CoinDesk)
CDCROP: Sam Bankman-Fried The Most Generous Billionaire (Nas Daily/YouTube)
How Sam Bankman-Fried’s ‘Effective’ Altruism Blew Up FTX

The Alameda Research and FTX founder believed he had singular insight into how to fix the world's problems. Instead, he wound up exemplifying them.

CDCROP: Sam Bankman-Fried The Most Generous Billionaire (Nas Daily/YouTube)
CDCROP: Sam Bankman-Fried and Bill Clinton at Crypto Bahamas conference in Nassau in April 2022 (Danny Nelson/CoinDesk)
FTX Has European License Suspended by Cyprus Regulator

The troubled exchange's European arm FTX EU has had its license in Cyprus suspended just two months after securing it.

CDCROP: Sam Bankman-Fried and Bill Clinton at Crypto Bahamas conference in Nassau in April 2022 (Danny Nelson/CoinDesk)
CDCROP: Sam Bankman-Fried (Pindar Van Arman/CoinDesk)
FTX Australia Calls In the Administrators: Report

The move was made after FTX CEO Sam Bankman-Fried did not attend a board meeting.

CDCROP: Sam Bankman-Fried (Pindar Van Arman/CoinDesk)
CDCROP: Crypto Exchange FTX Grapples With 'Liquidity Crunch' As Binance Deal Fades (Leon Neal/Getty Images)
FTX's Regional Crypto Exchanges Slowly Reopen Withdrawals

The exchange's Japan and Turkey subsidiaries are slowly allowing customers to withdraw small amounts to their bank accounts.

CDCROP: Crypto Exchange FTX Grapples With 'Liquidity Crunch' As Binance Deal Fades (Leon Neal/Getty Images)
CDCROP: Sam Bankman-Fried The Most Generous Billionaire (Nas Daily/YouTube)
FTX's 'Effective Altruism' Future Fund Team Resigns

In an open letter, the team said it was unable to perform their work or process grants and have "fundamental questions" about the legitimacy and integrity of business operations.

CDCROP: Sam Bankman-Fried The Most Generous Billionaire (Nas Daily/YouTube)
Sam Bankman-Fried
California Financial Regulator Announces FTX Investigation

California becomes the first state to officially announce an investigation.

Sam Bankman-Fried
CDCROP: Sens. Pat Toomey, Cynthia Lummis and Rep. Patrick McHenry at Consensus 2022 (Shutterstock/CoinDesk)
FTX Collapse Sparks Alarm From US Lawmakers

Lawmakers called for financial regulators to investigate the situation and suggested further legislation is needed.

CDCROP: Sens. Pat Toomey, Cynthia Lummis and Rep. Patrick McHenry at Consensus 2022 (Shutterstock/CoinDesk)
BlockFi advertisement in Washington D.C.'s Union Station (CoinDesk archives)
Crypto Lender BlockFi Pauses Withdrawals in Wake of FTX Collapse

BlockFi had made a deal with FTX earlier this year.

BlockFi advertisement in Washington D.C.'s Union Station (CoinDesk archives)
CDCROP: Galaxy Digital CEO Mike Novogratz talks to Bloomberg's Haslinda Amin at the Token 2049 conference in Singapore. Sept. 2022 (Sam Reynolds/CoinDesk)
Michael Novogratz Tells CNBC He Does Not Expect to Recover $77M Exposure Linked to FTX

The comments come a day after the firm revealed the exposure in its quarterly earnings.

CDCROP: Galaxy Digital CEO Mike Novogratz talks to Bloomberg's Haslinda Amin at the Token 2049 conference in Singapore. Sept. 2022 (Sam Reynolds/CoinDesk)
CDCROP: CZ aka Changpeng Zhao CEO of Binance at Consensus Singapore 2018 (CoinDesk)
Binance Releases Wallet Addresses of $69B Crypto Reserve

The exchange said it will share its proof-of-funds in the coming weeks.

CDCROP: CZ aka Changpeng Zhao CEO of Binance at Consensus Singapore 2018 (CoinDesk)
CDCROP: FTX CEO Sam Bankman-Fried (Danny Nelson/CoinDesk)
FTX Has Made $34M in Trading Fees Since Recent FTT Token Burn Despite Withdrawal Freeze

FTX did not report the recent token burn, which was scheduled on Nov. 7.

CDCROP: FTX CEO Sam Bankman-Fried (Danny Nelson/CoinDesk)
CDCROP: Safe Vault Secure (Jason Dent/Unsplash)
Troubled Crypto Lender Hodlnaut Had $13M on FTX Before Withdrawal Freeze

Hodlnaut held bitcoin, ethereum and stablecoins on FTX before withdrawals were frozen.

CDCROP: Safe Vault Secure (Jason Dent/Unsplash)
CDCROP: Who When Where What Why How Question mark (Pixabay)
Ether, Solana Trade at Premium on FTX – Here Is (Probably) Why

The premium stems from users with trapped assets on FTX putting their money into major tokens in hopes of receiving some recovery value, one observer said.

CDCROP: Who When Where What Why How Question mark (Pixabay)
CDCROP: Former FTX CEO Sam Bankman-Fried (Danny Nelson/CoinDesk)
Sam Bankman-Fried Says Alameda Winding Down, Promises FTX US Customers' Funds Are 'Fine'

The trading company's owner tweeted the news on Thursday morning.

CDCROP: Former FTX CEO Sam Bankman-Fried (Danny Nelson/CoinDesk)
CDCROP: TRON founder and new diplomat Justin Sun has been rallying his followers to donate to Ukraine (Flickr/ CoinDesk)
TRX Momentarily Surges 4,000% on FTX After Justin Sun Emerges as Latest 'Would Be' FTX Savior

Justin Sun offered a “way forward” for embattled exchange FTX earlier.

CDCROP: TRON founder and new diplomat Justin Sun has been rallying his followers to donate to Ukraine (Flickr/ CoinDesk)
CDCROP: Stock charts against the sky with lightning. World financial crisis concept (Getty Images)
Why Is Crypto Tanking: The FTX-Binance Drama Explained

The world’s largest crypto exchange, Binance reversed course on a plan to bail out competitor FTX in an event that has shocked the crypto industry and is catching the attention of regulators.

CDCROP: Stock charts against the sky with lightning. World financial crisis concept (Getty Images)
CDCROP: FTX CEO Sam Bankman-Fried & CZ aka Changpeng Zhao CEO of Binance (CoinDesk)
The Collapse of the FTX Empire

We'll talk about elections next week.

CDCROP: FTX CEO Sam Bankman-Fried & CZ aka Changpeng Zhao CEO of Binance (CoinDesk)
FTX's Sam Bankman-Fried
Most of FTX's Legal and Compliance Team Quit: Report

Semafor, a news organization in which FTX's Sam Bankman-Fried invested, cites people familiar with the matter.

FTX's Sam Bankman-Fried
CDCROP: Former FTX CEO Sam Bankman-Fried in Washington (Jesse Hamilton/CoinDesk)
Sam Bankman-Fried No Longer a Billionaire After $14.6B Wipeout: Bloomberg

The FTX CEO lost an estimated $14.6 billion dollars – nearly 94% of his total wealth – according to the Bloomberg Billionaire Index.

CDCROP: Former FTX CEO Sam Bankman-Fried in Washington (Jesse Hamilton/CoinDesk)
Bored Apes (OpenSea, modified by CoinDesk)
FTX Blowup Puts Trove of Prized Bored Apes at Risk of Liquidation

Yuga Labs, the NFT collective behind the majority of tokens held in the crypto empire’s wallet, has previously raised capital from FTX Ventures, although Alameda Research is in control of the wallet.

Bored Apes (OpenSea, modified by CoinDesk)
CDCROP: Alameda Research has moved $37 million of wrapped bitcoin off the FTX.US crypto exchange. (Arkham intelligence)
Alameda, In Eye of Crypto Storm, Takes $37M of Wrapped Bitcoin Off FTX.US Exchange

The purpose of the token movements is unclear, and the amount likely a small portion of the overall firm's holdings, but the observation shows Alameda scrambling to arrange its finances – using the Ethereum blockchain.

CDCROP: Alameda Research has moved $37 million of wrapped bitcoin off the FTX.US crypto exchange. (Arkham intelligence)
Pixel Art NFT Collectibles Background. (Getty Images)
FTX and Alameda Contagion Fears Tank NFT Markets

Rumors of Alameda liquidating its Solana holdings are sending SOL’s price into free fall; both Solana and Ethereum-based NFT markets are getting hit hard by the news.

Pixel Art NFT Collectibles Background. (Getty Images)
CDCROP: FTX Token Chart
FTX Token Plummets on Withdrawal Concerns as Contagion Hits Broader Crypto Markets

The FTT price has declined nearly 14% over the past 24 hours, with Solana's SOL and Serum's SRM taking losses along with bigger cryptocurrencies like bitcoin and ether.

CDCROP: FTX Token Chart
Crypto risk management (Unsplash)
Crypto Risk Management: How to Get Your Wealth Off an Exchange

Knowing how to move your cryptocurrencies is fundamental to risk management and preventing crypto losses when bad things happen on exchanges.

Crypto risk management (Unsplash)
CDCROP: Man with his head down on his laptop facing the Agony of Defeat (Getty Images)
'Long' Crypto Traders Take on $700M in Losses as Markets Falls on FTX Contagion Fears

Crypto market capitalization fell 8.8% in the past 24 hours, data shows.

CDCROP: Man with his head down on his laptop facing the Agony of Defeat (Getty Images)
Sending money (Getty Images)
Centralized Exchange (CEX) vs. Decentralized Exchange (DEX): What’s the Difference?

The recent chaos around the centralized exchange FTX has sparked questions about the pros and cons of keeping your coins on centralized versus decentralized exchanges. We break it down.

Sending money (Getty Images)
CDCROP: Sam Bankman-Fried and Tom Brady at Crypto Bahamas conference in Nassau in April 2022 (Danny Nelson/CoinDesk)
NFL Legend Tom Brady Caught in FTX Fallout, Risks Losing Complete Strategic Investment

A tarnished record after coming out of retirement, a divorce and now a wipeout of the strategic investment in FTX. It has been a rough year for the seven-time Super Bowl champion.

CDCROP: Sam Bankman-Fried and Tom Brady at Crypto Bahamas conference in Nassau in April 2022 (Danny Nelson/CoinDesk)
CDCROP: CZ vs Sam Bankman-Fried (CoinDesk)
Binance Is Strongly Leaning Toward Scrapping FTX Rescue Takeover After First Glance at Books: Source

Backing out would be one more stunning development in the collapse of Sam Bankman-Fried’s crypto empire.

CDCROP: CZ vs Sam Bankman-Fried (CoinDesk)
CDCROP: WEB3
Alameda Thanked for ‘Prompt Response’ in Transferring $37M of BitDAO Tokens

The community behind BitDAO earlier feared that Sam Bankman-Fried's crypto trading firm might liquidate some of its token holdings as speculation sends prices plunging for the related FTX exchange's FTT tokens.

CDCROP: WEB3
CDCROP: FTX CEO Sam Bankman-Fried & CZ aka Changpeng Zhao CEO of Binance (CoinDesk)
FTX Agrees to Sell Itself to Rival Binance Amid Liquidity Scare at Crypto Exchange

The two crypto exchange giants signed a non-binding letter of intent, Binance CEO Changpeng "CZ" Zhao confirmed on Twitter.

CDCROP: FTX CEO Sam Bankman-Fried & CZ aka Changpeng Zhao CEO of Binance (CoinDesk)
Sam Bankman-Fried, CEO of FTX
FTX CEO Sam Bankman-Fried Denies Insolvency Rumors as Binance Liquidates FTT Token

The head of FTX sister company Alameda Research offered to buy as much FTT as Binance wants to sell.

Sam Bankman-Fried, CEO of FTX
CDCROP: Changpeng Zhao, CEO of Binance, at Consensus Singapore 2018 (CoinDesk)
Binance to Sell Rest of FTX Token Holdings as Alameda CEO Defends Firm's Financial Condition

Alameda's CEO offered to buy Binance's FTT token holdings for $22 apiece.

CDCROP: Changpeng Zhao, CEO of Binance, at Consensus Singapore 2018 (CoinDesk)
FTX CEO Sam Bankman-Fried (Danny Nelson/CoinDesk)
Divisions in Sam Bankman-Fried’s Crypto Empire Blur on His Trading Titan Alameda’s Balance Sheet

Alameda had $14.6 billion of assets as of June 30, according to a private document CoinDesk reviewed. Much of it is the FTT token issued by FTX, another Bankman-Fried company.