February 24, 2024
London, UK

The FTX Collapse Timeline

FTX

Here are all the latest developments of the FTX collapse drama. What are the implications of the collapse in the cryptocurrency markets? Live coverage.

12-22-2022

FTX founder Bankman-Fried released on $250 mln bond

FTX co-founder Gary Wang and former Alameda Research co-CEO Caroline Ellison both pleaded guilty to federal charges in the Southern District of New York

12-19-2022

SEC’s complaint charges Bankman-Fried with violating the anti-fraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934

SEC: We allege that Sam Bankman-Fried built a house of cards on a foundation of deception while telling investors that it was one of the safest buildings in crypto

The SEC charged Samuel Bankman-Fried with “orchestrating a scheme to defraud equity investors in FTX

12-6-2022

Sequoia Capital apologizes to investors and says they lost over $150 million on FTX investment

FTX fired three of its top executives, including co-founder Gary Wang

John J. Ray, the new FTX CEO Hires Bank to Sell Salvageable Units – WSJ

11-17-2022

Sam Bankman-Fried took $300M for himself out of the $420M FTX raised in October 2021 – WSJ

Blockfi: We are planning imminent bankruptcy amid the FTX collapse

FTX’s Sam Bankman-Fried Tries To Raise Fresh Cash Despite Bankruptcy – WSJ

FTX says it could have over 1 million creditors in new bankruptcy filing – CNBC

11-14-2022

Alameda Research purchased crypto tokens before listing them on FTX, – WSJ

Travis Kling the founder of crypto asset manager Ikigai says a large majority of the hedge funds’ total assets are now stuck on FTX

Sam Bankman-Fried and FTX co-founder Gary Wang being held “under supervision” by Bahamas authorities after planning to flee to Dubai – REPORT

11-13-2022

Binance stops FTX deposits following “suspicious movement” of $407 million FTT token by the contract deployers

FTX lists zero Bitcoin assets on bankruptcy filing papers despite $1.4 billion of Bitcoin liabilities – FT

11-12-2022

FTX founder Sam Bankman-Fried says he is in the Bahamas – RTRS

$600 million disappears from FTX wallets as administrators say the exchange has been hacked

Galois Capital co-founder Kevin Zhou: “roughly half of our capital is stuck on FTX”. Based on Galois’s assets under management as of June, that could amount to around $100m

11-11-2022

John J. Ray III appointed CEO of the FTX Group

FTX and Alameda Research liabilities range between $10 billion to $50 billion, bankruptcy filing reveals

FTX says Sam Bankman-Fried has resigned as CEO and will remain to assist in an orderly transition

FTX Commences Chapter 11 Bankruptcy, including FTX.US

Cypriot financial regulator will suspend the license of FTX European operations – BBG

Tron CEO Justin Sun is still in discussion with FTX about plans, including solving the liquidity crunch and potential acquisition. – BBG

The Financial Services Agency of Japan requests that FTX Japan suspend business orders after FTX Trading Limited’s suspension of withdrawals

BlockFi said that they are now limiting customer activity and stopping withdrawals on the platform due to the FTX infection

11-11-2022

FTX Assets Frozen By the Bahamas Regulator, a Liquidator Appointed

FTX US has left its position at the crypto advocacy group Crypto Council for Innovation

Coinbase: “What happened at FTX is not possible to happen at Coinbase, and we are a regulated institution…” on CNBC

Binance CEO CZ : “The amount of misinformation is insane. I exchanged messages with President Nayib a few moments ago. He said “we don’t have any Bitcoin in FTX and we never had any business with them. Thank God!”

Sam Bankman-Fried: “I’m sorry. That’s the biggest thing. I fu…..d up, and should have done better.”

Sam Bankman-Fried: “FTX.US is 100% liquid”

Kraken exchange holds 9,000 FTT, but has no exposure to Alameda Research

Amber Group said it does have less than 10% of its trading funds on the FTX exchange

U.S. Senator Elizabeth Warren: “The collapse of one of the largest crypto platforms shows how much of the industry appears to be smoke and mirrors. We need more aggressive enforcement and I’m going to keep pushing @SECGov to enforce the law to protect consumers and financial stability.”

Sam Bankman-Fried transferred $4 billion in FTX funds, including FTT and shares in the platform Robinhood. Alameda had disclosed a 7.6% stake in HOOD that May. A portion of the FTX funds were customer deposits. Bankman-Fried did not tell other FTX executives about the move to prop up Alameda, adding he was afraid that it could leak. – RTRS

11-9-2022

Binance calls off its deal with FTX. Changpeng “CZ” Zhao: “Sad day. Tried, but..”

FTX CEO Sam Bankman-Fried says without more capital, bankruptcy is likely.

Bitcoin (BTC) Slumps below $17000 on FTX Contagion Fears

Over $200 billion was wiped out from the global crypto market in the last 48 hours.

Galaxy Digital has nearly $80M in exposure to the exchange.

US financial regulators are investigating whether FTX properly handled client funds and lending

Crypto.com Suspends USDT and USDC Deposits on the Solana Blockchain

Binance CEO Changpeng “CZ” Zhao said in a note to employees that there wasn’t a “master plan” to take over FTX

The Alameda Research website is offline. FTX ventures website is also offline

The majority of the FTX legal team quit, according to reports

Bitstamp: “We have no exposure to FTX or Alameda, whatsoever. All our customer funds are always safe and held separately from corporate funds. They are held 1:1 in custody or in bank accounts. They are never lent or repurposed without customers’ instruction.”

FTX’s balance sheet hole could be as large as $6 billion.

Solana and other cryptocurrencies linked to SBF and his companies have dropped by an average of 40% this week.

Binance is unlikely to go through with its planned acquisition of FTX upon review of the financials.

The 173 million FTT token transfer from September between Alameda Research and FTX fuels wild speculations

FTX largest investors: Lightspeed Venture Partners, Insight Partners, SoftBank, BlackRock, Temasek, Ontario Teachers Pension Plan, Paradigm, Tiger Global, Circle, Sequoia, Ribbit Capital, Multicoin Capital, and VanEck

11-8-2022

Binance CEO: This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-binding LOI, intending to fully acquire and help cover the liquidity crunch. We will be conducting a full DD in the coming days.

Bankman-Fried: FTX has “come to an agreement on a strategic transaction” with Binance following attempts to clear out its withdrawal backlog.

Bankman-Fried: asked Binance to step in, aiming to “clear out liquidity crunches” and cover assets on a 1:1 basis.

11-7-2022

Binance CEO Changpeng Zhao’s announced that the company would liquidate its $500 million position in FTX Token. Binance paid in FTT tokens when FTX bought the 20% that Changpeng “CZ” Zhao owned in the FTX. The deal valued around $2 billion

Bankman-Fried: “A competitor is trying to go after us with false rumours. FTX is fine. Assets are fine”

Ran Neuner @cryptomanran: “Get your funds out of FTX”

FTX user complaints surrounding sluggish withdrawals.

11-6-2022

Caroline Ellison Alameda Research CEO: the balance sheet breaks out a few of our biggest long positions; we obviously have hedges that aren’t listed – given the tightening in the crypto credit space this year we’ve returned most of our loans by now

11-2-2022

A report by CoinDesk showed that much of Alameda’s Research $14.6 billion in assets were held in FTT

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