The Latest News on the FTX Downfall

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

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

FTX Inner Circle Composite
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 specu...

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)
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)
Photo of FTX website (Rob Mitchell/CoinDesk)
Twitter Spaces: FTX – 1) What

CoinDesk reporters discuss the latest developments in the FTX story.

Photo of FTX website (Rob Mitchell/CoinDesk)
(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)
(Bettmann/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.

(Bettmann/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)
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

Sam Bankman-Fried, CEO, FTX and Christine Lee, Lead Anchor, CoinDesk at Consensus 2022 (Suzanne Cordiero/Shutterstock/CoinDesk)
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)
Former FTX CEO Sam Bankman-Fried (Jesse Hamilton/CoinDesk)
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...

Former FTX CEO Sam Bankman-Fried (Jesse Hamilton/CoinDesk)
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)
LONDON, ENGLAND - NOVEMBER 10: In this photo illustration the FTX logo and mobile app adverts are displayed on screens on November 10, 2022 in London, England. The Bahamas-based crypto exchange's larger rival, Binance, walked away from a potential bailout deal, as FTX struggles with a wave of customer withdrawals that have created a liquidity crunch. (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.

LONDON, ENGLAND - NOVEMBER 10: In this photo illustration the FTX logo and mobile app adverts are displayed on screens on November 10, 2022 in London, England. The Bahamas-based crypto exchange's larger rival, Binance, walked away from a potential bailout deal, as FTX struggles with a wave of customer withdrawals that have created a liquidity crunch. (Leon Neal/Getty Images)
(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)
From Left To Right: 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.

From Left To Right: 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)
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.

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

AI Artwork SBM Sam Bankman-Fried (DALL-E/CoinDesk)
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)
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.

Then-CEO of FTX Sam Bankman-Fried and CEO of Solana Labs Anatoly Yakovenko (Danny Nelson/CoinDesk)
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.

Former FTX CEO Sam Bankman-Fried in the Bahamas (Danny Nelson/CoinDesk)
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)
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.

California Memorial Stadium (Kilfmuny/Wikipedia)
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)
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.

Sam Bankman-Fried (Pindar Van Arman/CoinDesk)
(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)
Sam Bankman-Fried (Danny Nelson/CoinDesk)
California Financial Regulator Announces FTX Investigation

California becomes the first state to officially announce an investigation.

Sam Bankman-Fried (Danny Nelson/CoinDesk)
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.

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)
(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)
(Unsplash)
Troubled Crypto Lender Hodlnaut Had $13M on FTX Before Withdrawal Freeze

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

(Unsplash)
(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.

(Pixabay)
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.

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

The last two days have generated plenty of drama in the crypto world. (Anton Petrus/Getty Images)
FTX CEO Sam Bankman-Fried and Changpeng Zhao, CEO of Binance (CoinDesk)
The Collapse of the FTX Empire

We'll talk about elections next week.

FTX CEO Sam Bankman-Fried and Changpeng Zhao, CEO of Binance (CoinDesk)
FTX's Sam Bankman-Fried (Alex Wong/Getty Images)
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 (Alex Wong/Getty Images)
FTX CEO Sam Bankman-Fried (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.

FTX CEO Sam Bankman-Fried (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 i...

Bored Apes (OpenSea, modified by CoinDesk)
Blockchain transaction data showing Alameda Research moving $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 it...

Blockchain transaction data showing Alameda Research moving $37 million of wrapped bitcoin off the FTX.US crypto exchange. (Arkham intelligence)
(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.

(Getty Images)
(CoinDesk)
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.

(CoinDesk)
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.

Unsplash
The crypto market is slumping. (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.

The crypto market is slumping. (Getty Images)
(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 brea...

(Getty Images)
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 champ...

Sam Bankman-Fried and Tom Brady at Crypto Bahamas conference in Nassau in April 2022 (Danny Nelson/CoinDesk)
Binance CEO Changpeng Zhao and FTX CEO 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.

Binance CEO Changpeng Zhao and FTX CEO Sam Bankman-Fried (CoinDesk)
(Yuichiro Chino/Getty Images)
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...

(Yuichiro Chino/Getty Images)
FTX CEO Sam Bankman-Fried and Binance CEO Changpeng "CZ" Zhao (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.

FTX CEO Sam Bankman-Fried and Binance CEO Changpeng "CZ" Zhao (CoinDesk)
FTX CEO Sam Bankman-Fried (Jesse Hamilton/CoinDesk)
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.

FTX CEO Sam Bankman-Fried (Jesse Hamilton/CoinDesk)
Binance CEO Changpeng Zhao (CoinDesk archives)
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.

Binance CEO Changpeng Zhao (CoinDesk archives)
Sam Bankman-Fried of Alameda and FTX (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.

Sam Bankman-Fried of Alameda and FTX (Danny Nelson/CoinDesk)
BNB, Binance's token, jumped to as high as almost $400 to the news that Binance and FTX reached a deal. (TradingView)
Binance Exchange's BNB Token Leads Broad Crypto Rebound After FTX Bailout Offer

The exchange token used within the Binance trading environment jumped 20%, leading a broad rebound in crypto markets that had been in free fall over acute speculation that the...

BNB, Binance's token, jumped to as high as almost $400 to the news that Binance and FTX reached a deal. (TradingView)
(Spencer Platt/Getty Images)
Bitcoin, Crypto-Linked Equities Resume Falling Despite Binance/FTX Deal

Questions about the solvency of FTX were picking up speed on Tuesday morning until Binance announced a non-binding LOI to acquire the crypto exchange.

(Spencer Platt/Getty Images)
(bluebudgie/Pixabay)
BitDAO Community Asks Alameda for Proof of Funds After BIT's Sudden 20% Drop

The BitDAO community has said that it will vote on what to do with its FTT tokens if Alameda fails to provide evidence that it continues to hold BIT tokens as promised. Alamed...

(bluebudgie/Pixabay)
Bitcoin's price drops as FTT hits the lowest since February 2021. (Highcharts.com/CoinDesk)
Bitcoin, Ether Slide as Protective Puts Draw Demand Amid Sell-Off in FTX's Token

Options market tied to bitcoin and ether shows renewed bias for puts, perhaps a sign of investor fears the FTX-Alameda drama may bring another market-wide crash.

Bitcoin's price drops as FTT hits the lowest since February 2021. (Highcharts.com/CoinDesk)
Bitcoin balances at FTX go to almost zero. (Shutterstock)
FTX's Bitcoin Balance Plunges to Just 1

Roughly 20,000 bitcoin have been pulled from the crypto exchange in the past 24 hours, according to data from Coinglass.