Question 1

What is FTX Token (FTT)?

Accepted Answer

FTX Token (FTT) is a cryptocurrency token created by the FTX derivatives exchange. It is utilised for paying transaction fees, serving as collateral for margin trading, and purchasing products and services on the FTX platform. Despite the exchange's collapse, FTT aimed to provide holders with a share of the exchange’s revenue and to incentivise liquidity on the platform.

Question 2

What is FTX platform?

Accepted Answer

Originally, FTX was a leading cryptocurrency derivatives exchange offering futures, options, and leveraged tokens for trading. Founded by Alameda Research, a significant crypto market maker, it was designed to enable traders to speculate on the price movement of crypto assets. The platform's diverse range of financial products included options, derivatives, and leveraged tokens, tailored to assist traders in managing risk.

Question 3

What Happened to FTX?

Accepted Answer

The collapse of FTX unfolded rapidly over a 10-day period in November 2022, triggered by a report revealing that Alameda Research's significant holdings were in FTT, the native token of FTX. This disclosure raised concerns about the undisclosed leverage and solvency of FTX and Alameda Research, leading to a crisis of confidence.

Question 4

Timeline of FTX Collapse

Accepted Answer

* **November 2:** Concerns about FTX and Alameda Research's solvency emerged following revelations about their reliance on FTT as a major asset.
* **November 6:** Binance announced its intention to sell approximately $530 million worth of FTT, precipitating a sharp decline in the token's value and a mass withdrawal of funds by investors, creating a liquidity crisis for FTX.
* **November 8:** Binance's initial agreement to acquire FTX fell through amid revelations of mishandled customer funds and potential investigations by U.S. agencies.
* **November 11:** FTX and its subsidiaries filed for bankruptcy, marking a significant event in the cryptocurrency sector.
* **November 14:** BlockFi paused customer withdrawals due to its exposure to FTX, later filing for bankruptcy on November 28.

Recent statements and developments indicate ongoing efforts to address the aftermath of FTX's collapse, including discussions about potential repayments to customers and speculation about the exchange's future operations​​​​​​.

Question 5

Who created FTX ?

Accepted Answer

FTX was established by Sam Bankman-Fried and Gary Wang in May 2019, aiming to offer an advanced trading platform for cryptocurrencies. Despite its innovative approach and rapid growth, the exchange's fall illustrates the volatile and uncertain nature of the crypto market, compounded by issues of transparency and financial management.

#	Instrument	Exchange	Benchmark Score	Price	24h Change	24h Volume	24h Trades	24h Open	24h High
1	FTT-USDT FTTUSDT	binance	AA	0.2536USDT	2.55%	1,511,307.84FTT	6,426	0.2473USDT	0.2630USDT
2	FTT-USDT FTT-USDT	kucoin	BB	0.2519USDT	1.98%	93,032.90FTT	1,005	0.2470USDT	0.2617USDT
3	FTT-USDT FTT_USDT	gateio	A	0.2523USDT	1.73%	90,056.98FTT	551	0.2480USDT	0.2607USDT
4	FTT-USDT FTTUSDT	bybit	A	0.2521USDT	1.69%	86,151.24FTT	806	0.2479USDT	0.2637USDT
5	FTT-ETH FTT_ETH	gateio	A	0.0₄8568ETH	-5.74%	2,902.56FTT	75	0.0₄9090ETH	0.0₄9431ETH
6	FTT-USDT FTTUSDT	bitrue	D	0.2537USDT	2.67%	752,633.74FTT	36,881	0.2471USDT	0.2623USDT
7	FTT-USDT ftt_usdt	lbank	C	0.2533USDT	2.38%	428,200.79FTT	2,799	0.2474USDT	0.2619USDT
8	FTT-USDT FTTUSDT	toobit	C	0.2532USDT	2.34%	423,870.03FTT	6,829	0.2474USDT	0.2614USDT
9	FTT-USDT fttusdt	huobipro	C	0.2526USDT	-0.32%	377,795.79FTT	1,677	0.2534USDT	0.2638USDT
10	FTT-USDT FTT_USDT	bitunix	C	0.2536USDT	2.63%	294,688.31FTT	6,463	0.2471USDT	0.2610USDT
11	FTT-USDT FTT_USDT	coinw	-	0.2530USDT	1.95%	273,849.60FTT	2,279	0.2481USDT	0.2601USDT
12	FTT-USDT FTTUSDT	mexc	C	0.2528USDT	2.14%	245,896.61FTT	3,204	0.2475USDT	0.2610USDT
13	FTT-USDT FTT-USDT	bingx	D	0.2538USDT	2.63%	163,473.13FTT	5,819	0.2473USDT	0.2599USDT
14	FTT-USDT FTT_USDT	bydfi	-	0.2528USDT	2.10%	157,992.93FTT	3,358	0.2476USDT	0.2610USDT
15	FTT-USDT FTTUSDT	latoken	D	0.2526USDT	1.93%	131,467.51FTT	3,682	0.2479USDT	0.2622USDT
16	FTT-USDC FTTUSDC	mexc	C	0.2525USDC	1.94%	106,552.58FTT	1,431	0.2477USDC	0.2602USDC
17	FTT-EUR FTT-EUR	bitvavo	B	0.2210EUR	1.04%	93,022.09FTT	53	0.2188EUR	0.2300EUR
18	FTT-INR FTTINR	coindcx	-	25.81INR	3.67%	2,144.25FTT	19	24.90INR	26.16INR
19	FTT-USDT FTTUSDT	hitbtc	E	0.2232USDT	0.00%	0FTT	0	0.2232USDT	0.2232USDT
20	FTT-USDT FTTUSDT	bequant	C	0.2232USDT	0.00%	0FTT	0	0.2232USDT	0.2232USDT
21	FTT-BTC FTTBTC	hitbtc	E	0.0₅2820BTC	0.00%	0FTT	0	0.0₅2820BTC	0.0₅2820BTC
22	FTT-BTC FTTBTC	bequant	C	0.0₅2820BTC	0.00%	0FTT	0	0.0₅2820BTC	0.0₅2820BTC
23	FTT-USDT FTTUSDT	coinex	C	0.2115USDT	0.00%	0FTT	0	0.2115USDT	0.2115USDT
24	FTT-USDT FTT_USDT	poloniex	C	0.2370USDT	0.00%	0FTT	0	0.2370USDT	0.2370USDT
25	FTT-INR FTTINR	bitbns	-	13.60INR	0.00%	0FTT	0	13.60INR	13.60INR
26	FTT-USDC FTTUSDC	hitbtc	E	0.2156USDC	0.00%	0FTT	0	0.2156USDC	0.2156USDC