The Latest News on the FTX Downfall

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Who's Who in the FTX Inner Circle

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

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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 specu...

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Sam Bankman-Fried sticking his tongue out while at Crypto Bahamas earlier this year. (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.

Sam Bankman-Fried sticking his tongue out while at Crypto Bahamas earlier this year. (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)
(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...

(Midjourney/CoinDesk)
Andrew Ross Sorkin speaks with FTX founder Sam Bankman-Fried during the New York Times DealBook Summit (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.

Andrew Ross Sorkin speaks with FTX founder Sam Bankman-Fried during the New York Times DealBook Summit (Michael M. Santiago/Getty Images)
FTX founder 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.”

FTX founder Sam Bankman-Fried (Danny Nelson/CoinDesk)
CFTC Chairman 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.

CFTC Chairman Rostin Behnam (Danny Nelson/CoinDesk)
(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.

(Leon Neal/Getty Images)
The FTX exploiter is back on the move. (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.

The FTX exploiter is back on the move. (Leon Neal/Getty Images)
Venture capitalists may be more discerning in the wake of FTX's collapse, Tom Schmidt, a partner at Dragonfly Capital, said. (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.

Venture capitalists may be more discerning in the wake of FTX's collapse, Tom Schmidt, a partner at Dragonfly Capital, said. (Leon Neal/Getty Images)
Former FTX 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 operation...

Former FTX 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)
(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.

(Leon Neal/Getty Images)
(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.

(MirageC/Getty Images)
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Twitter Spaces: FTX – 1) What

CoinDesk reporters discuss the latest developments in the FTX story.

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(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.

(Leon Neal/Getty Images)
Comedian Larry David appeared in a Super Bowl ad for FTX (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.

Comedian Larry David appeared in a Super Bowl ad for FTX (Jeff Kravitz/FilmMagic for HBO)
Rep. Tom Emmer, who Republicans chose to be the GOP whip. (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.

Rep. Tom Emmer, who Republicans chose to be the GOP whip. (Anna Moneymaker/Getty Images)
Enron founder and longtime CEO Kenneth Lay, in a mugshot taken July 2004. Lay was convicted of fraud in 2006, but died before being sentenced. (Photo courtesy 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.

Enron founder and longtime CEO Kenneth Lay, in a mugshot taken July 2004. Lay was convicted of fraud in 2006, but died before being sentenced. (Photo courtesy Bureau of Prisons/Getty Images)
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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.

(Bettmann/Getty Images)
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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)
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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

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Former FTX CEO Sam Bankman-Fried testifying before the House Financial Services Committee in 2021. (Alex Wong/Getty Images)
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.

Former FTX CEO Sam Bankman-Fried testifying before the House Financial Services Committee in 2021. (Alex Wong/Getty Images)
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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 occ...

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The collapse of crypto exchange FTX under Sam Bankman-Fried raises the issue of proofs of reserve. (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.

The collapse of crypto exchange FTX under Sam Bankman-Fried raises the issue of proofs of reserve. (CoinDesk)
Treasury Secretary Janet Yellen (Jesse Hamilton/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 (Jesse Hamilton/CoinDesk)
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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.

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(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.

(Justin Sullivan/Getty Images)
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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.

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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.

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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.

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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 indus...

FTX CEO Sam Bankman-Fried (Danny Nelson/CoinDesk)
FTX CEO Sam Bankman-Fried (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.

FTX CEO Sam Bankman-Fried (Jesse Hamilton/CoinDesk)
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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.

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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.

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Crypto stocks take another hit as FTX files for bankruptcy. (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.

Crypto stocks take another hit as FTX files for bankruptcy. (Spencer Platt/Getty Images)
Alameda Research's major holdings are spread across several stablecoins. (Steve Buissinne/Pixabay)
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.

Alameda Research's major holdings are spread across several stablecoins. (Steve Buissinne/Pixabay)
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)
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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.

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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.

Former FTX CEO Sam Bankman-Fried (Jesse Hamilton/CoinDesk)
(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."

(Danny Nelson/CoinDesk)
Sam Bankman-Fried garnered immense praise and influence based on his purported philanthropy. In reality, he stole billions from customers. (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.

Sam Bankman-Fried garnered immense praise and influence based on his purported philanthropy. In reality, he stole billions from customers. (Nas Daily/YouTube)
Sam Bankman-Fried and former U.S. President 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.

Sam Bankman-Fried and former U.S. President Bill Clinton at Crypto Bahamas conference in Nassau in April 2022 (Danny Nelson/CoinDesk)
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FTX Australia Calls In the Administrators: Report

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

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(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.

(Leon Neal/Getty Images)
(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 operatio...

(Nas Daily/YouTube)
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California Financial Regulator Announces FTX Investigation

California becomes the first state to officially announce an investigation.

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FTX Collapse Sparks Alarm From US Lawmakers

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

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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)
(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.

(Sam Reynolds/CoinDesk)
Changpeng "CZ" Zhao, the 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.

Changpeng "CZ" Zhao, the CEO of Binance, at Consensus Singapore 2018 (CoinDesk)
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.

FTX CEO Sam Bankman-Fried (Danny Nelson/CoinDesk)
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Troubled Crypto Lender Hodlnaut Had $13M on FTX Before Withdrawal Freeze

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

(Unsplash)
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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.

(Pixabay)
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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.

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Tron founder Justin Sun (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.

Tron founder Justin Sun (Flickr/CoinDesk)
The last two days have generated plenty of drama in the crypto world. (Anton Petrus/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 attentio...