TIMELINE-Rise and fall of crypto exchange FTX


Cryptocurrency exchange FTX was on the verge of failure on Thursday after collapsing a bailout from biggest rival Binance. Chief Executive Sam Bankman-Fried said he was exploring all options for his business. Here is a history of FTX since its founding in 2019:

2019: May – Former Wall Street trader Sam Bankman-Fried and former Google employee Gary Wang founded FTX, owner and operator of the FTX.COM cryptocurrency exchange.

2020: August – FTX acquires mobile wallet tracking app, Blockfolio, for $150 million.

2021: July – A $900 million funding round values ​​FTX at $18 billion.

September – FTX signed a sponsorship deal with Mercedes Formula 1 team. October – FTX raised capital at a $25 billion valuation from investors including Singapore’s Temasek and Tiger Global.

2022: Jan 27 – The US arm of FTX said it was valued at $8 billion after raising $400 million in its first round of funding from investors including SoftBank and Temasek.

Jan. 31 – FTX has raised $400 million from investors including SoftBank at a valuation of $32 billion. June 4 – FTX signed a $135 million sponsorship deal for court naming rights to the Miami Heat.

July 1 – FTX has signed a deal with an option to buy crypto lender BlockFi for up to $240 million. July 22 – FTX has offered a partial bailout of bankrupt crypto lender Voyager Digital. Voyager called it a “cheap deal”.

July 29 – FTX says it has received full approval to operate its exchange and clearing house in Dubai. Aug. 19 – A US banking regulator ordered crypto exchange FTX to end “false and misleading” claims it had made about whether the firm’s funds were government insured.

Sept. 9 – FTX’s venture capital fund has announced that it will buy a 30% stake in SkyBridge Capital. November 2 – Crypto news website CoinDesk reported a leaked balance sheet that showed Alameda Research, Bankman-Fried’s crypto trading firm, was heavily dependent on FTX’s native token, FTT. Reuters was unable to verify the report.

Nov. 6 – Binance CEO Changpeng Zhao says his company will liquidate its holdings in FTT due to unspecified “recent revelations”. Nov. 7 – Bankman-Fried says “FTX is doing well. Assets are doing well.”

Nov. 8 – FTT plummets 72% as customers flood the exchange with withdrawal requests. November 9 – Binance decided not to pursue a non-binding deal to bail out FTX.

(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)


Comments are closed.