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FTX

A cryptocurrency exchange that filed for Chapter 11 bankruptcy in November 2022.

CryptocurrencyExchangeBankruptcy

BankruptSource [1]Source [6]Last verified Oct 2, 2026

About FTX

FTX Trading Ltd. (d/b/a FTX.com) was an Antigua and Barbuda company that operated a global crypto asset trading platform from in or around May 2019, with its principal place of business in Hong Kong and The Bahamas. It offered a spot market, spot margin trading, crypto lending between customers and an OTC portal, and was not permitted to serve customers in the United States.Source [1]

It was founded by Sam Bankman-Fried, Gary Wang and Nishad Singh, who also founded FTX US, a separate platform for U.S. customers, in or around January 2020. According to the SEC, FTX raised at least $1.8 billion from equity investors through rounds completed between August 2019 and January 2022.Source [1]

On or about November 11, 2022, Bankman-Fried resigned as CEO and FTX and about 100 affiliated entities filed for Chapter 11 in Delaware. The CFTC alleged the conduct caused the loss of over $8 billion in FTX customer deposits, and Bankman-Fried was convicted in 2023 and sentenced in 2024 for crimes including misappropriating FTX customer funds and defrauding FTX investors, according to the DOJ.Source [1]Source [4]Source [5]

The FTX Debtors' court-approved plan of reorganization became effective on January 3, 2025. FTX and the FTX Recovery Trust continue to make distributions to holders of allowed claims through BitGo, Kraken and Payoneer, with a distribution set to begin July 31, 2026, and ftx.com now redirects to a claims portal.Source [6]Source [7]

Watch

The Collapse Of FTX: Insiders Tell All | CNBC Documentary by CNBC on YouTube

What happened

Founded by Sam Bankman-Fried, Gary Wang and Nishad Singh, FTX Trading Ltd. began operating a crypto asset trading platform in or around May 2019, according to the SEC. On or about November 11, 2022, Bankman-Fried resigned as CEO and FTX and affiliated entities filed Chapter 11 petitions in the U.S. Bankruptcy Court for the District of Delaware (Case No. 22-11068). The FTX Debtors' court-approved plan of reorganization became effective on January 3, 2025 to distribute recovered assets to customers and creditors, and ftx.com now opens a claims portal.Source [1]Source [6]Source [2]

Timeline

  1. 2026-07-31Next creditor distribution set to begin, with a June 16, 2026 record date.Source [7]
  2. 2025-01-03Chapter 11 plan of reorganization became effective.Source [6]
  3. 2024-03Co-founder Sam Bankman-Fried sentenced to 25 years in prison.Source [5]
  4. 2022-12SEC and CFTC filed fraud complaints against Bankman-Fried; the CFTC also named FTX and Alameda.Source [1]Source [4]
  5. 2022-11Bankman-Fried resigned and FTX and affiliates filed for Chapter 11 (Case No. 22-11068).Source [1]
  6. 2022-01Completed a Series C raise of about $500 million.Source [1]
  7. 2021-10Completed a Series B-1 raise of about $420 million.Source [1]
  8. 2021-07Completed a Series B raise of about $1 billion.Source [1]
  9. 2020-01Founders launched FTX US.Source [1]
  10. 2019-08Completed a Series A raise of about $8 million.Source [1]
  11. 2019-05Began operations.Source [1]

Products and brands

  • FTX.com spot market: Trading of crypto assets for fiat currency or other crypto assets.Source [1]
  • Spot margin trading and lending: Trading on margin and lending crypto assets to other customers.Source [1]
  • OTC portal: Off-platform quotes and trades for spot crypto assets.Source [1]
  • FTX US: Separate crypto trading platform for U.S. customers, operated by a West Realm Shires Inc. subsidiary.Source [1]
  • FTT: FTX-affiliated crypto token.Source [1]

How it makes money: FTX operated a trading platform for customers buying, selling and trading crypto assets, including on margin, and raised equity from investors. Since its bankruptcy, its remaining business is recovering assets and distributing them to creditors under the plan of reorganization.Source [1]Source [6]Source [7]

Leadership

John J. Ray IIICEO of the FTX DebtorsSource [6]
Sam Bankman-FriedCEOSource [1]Source [3]2019 to 2022

Funding and financials

DateRoundAmountInvestors
2022-01Series CSource [1]About $500 million
2021-10Series B-1Source [1]About $420 million
2021-07Series BSource [1]About $1 billion
2019-08Series ASource [1]About $8 million

People on Founded, and where they went next

1 person on record, connected to 1 other company.

PersonHereAlso built
Sam Bankman-FriedCo-founder, CEO2019 to 2022Alameda Research2017 to 2021Bankrupt

Sources

  1. SEC v. Samuel Bankman-Fried, Complaint, No. 1:22-cv-10501 (S.D.N.Y.), U.S. Securities and Exchange Commission, 2022-12-13. Accessed Oct 2, 2026.
  2. FTX, Wikipedia. Accessed Oct 2, 2026.
  3. United States v. Bankman-Fried, No. 24-961-cr, opinion, U.S. Court of Appeals for the Second Circuit, 2026-06-12. Accessed Oct 2, 2026.
  4. CFTC Charges Sam Bankman-Fried, FTX Trading and Alameda with Fraud and Material Misrepresentations (Release 8638-22), U.S. Commodity Futures Trading Commission, 2022-12-13. Accessed Oct 2, 2026.
  5. Samuel Bankman-Fried Sentenced To 25 Years In Prison (read via Internet Archive capture), U.S. Attorney's Office, Southern District of New York, 2024-03-28. Accessed Oct 2, 2026.
  6. FTX Announces Effective Date and Record Date of January 3, 2025 for its Chapter 11 Plan of Reorganization, FTX Debtors via PR Newswire, 2024-12-16. Accessed Oct 2, 2026.
  7. FTX Sets Next Distribution Date and Amends Proposed Disputed Claims Reserve Reduction, FTX Trading Ltd. and FTX Recovery Trust via PR Newswire, 2026-05-26. Accessed Oct 2, 2026.

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