FTX Exchange Collapse and Bankruptcy - Revision history

Azoundria at 21:44, 13 September 2024

2024-09-13T21:44:45Z

← Older revision		Revision as of 15:44, 13 September 2024
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	[[File:Ftxcollapse.jpg\|thumb\|FTX Exchange Collage]]FTX Trading Ltd., once a major cryptocurrency exchange firm valued at around $40 billion, collapsed over a 10-day period in November 2022. The catalyst for its fall was a report by CoinDesk on November 2, which revealed that Alameda Research, a quantitative trading firm also run by Sam Bankman-Fried, held a $5 billion position in FTT, the native token of FTX. This disclosure raised concerns about undisclosed leverage and solvency across Bankman-Fried's companies. Sam Bankman-Fried, the former crypto billionaire at the center of this scandal, faced the largest-ever pretrial bond, set at $250 million. FTX exchange gained approval from the court to liquidate assets and provide some relief to creditors.		[[File:Ftxcollapse.jpg\|thumb\|FTX Exchange Collage]]FTX Trading Ltd., once a major cryptocurrency exchange firm valued at around $40 billion, collapsed over a 10-day period in November 2022. The catalyst for its fall was a report by CoinDesk on November 2, which revealed that Alameda Research, a quantitative trading firm also run by Sam Bankman-Fried, held a $5 billion position in FTT, the native token of FTX. This disclosure raised concerns about undisclosed leverage and solvency across Bankman-Fried's companies. Sam Bankman-Fried, the former crypto billionaire at the center of this scandal, faced the largest-ever pretrial bond, set at $250 million. FTX exchange gained approval from the court to liquidate assets and provide some relief to creditors.

	<ref name="ignaciomedium-11675" /><ref name="reddit-11676" /><ref name="insights-11677" /><ref name="cnbc-11678" /><ref name="reddit-11679" /><ref name="visualcapitalist-11680" /><ref name="youtube-11681" /><ref name="youtube-11682" /><ref name="youtube-11683" /><ref name="youtube-11684" /><ref name="youtube-11685" /><ref name="investmentweek-11686" /><ref name="youtube-11687" /><ref name="fullycrypto-11688" /><ref name="crypto247medium-11690" /><ref name="decrypt-11691" /><ref name="youtube-11692" /><ref name="youtube-11693" /><ref name="reddit-11694" /><ref name="youtube-11695" /><ref name="zerohedge-11696" /><ref name="vice-11697" /><ref name="czbinancetwitter-11698" /><ref name="bbc-11699" /><ref name="cnbc-11700" /><ref name="nytimes-11701" /><ref name="coffeebreakyttwitter-11702" /><ref name="rektnews-11703" /><ref name="scbgovbstwitter-11704" /><ref name="reddit-11705" /><ref name="cointelegraph-11706" /><ref name="youtube-11707" /><ref name="reddit-11708" /><ref name="youtube-11709" /><ref name="reptomemmertwitter-11710" /><ref name="autismcapitaltwitter-11711" /><ref name="youtube-11712" /><ref name="youtube-11713" /><ref name="youtube-11714" /><ref name="youtube-11715" /><ref name="reddit-11716" /><ref name="youtube-11717" /><ref name="reuters-11718" /><ref name="investopedia-11719" /><ref>https://thetechee.com/ftx-founder-sam-bankman-fried-indicted-by-u-s-authorities/</ref><ref>https://www.reuters.com/business/how-did-bankman-fried-secure-250-mln-bail-2022-12-22/</ref><ref>https://storage.courtlistener.com/recap/gov.uscourts.nysd.590940/gov.uscourts.nysd.590940.80.0.pdf</ref><ref>https://s3.documentcloud.org/documents/23728310/sam-bankman-fried-5th-superseding-indictment.pdf</ref><ref>https://storage.courtlistener.com/recap/gov.uscourts.nysd.590939/gov.uscourts.nysd.590939.113.0.pdf</ref><ref>https://www.prnewswire.com/news-releases/ftx-debtors-file-schedules-and-statements-of-financial-affairs-with-bankruptcy-court-301773613.html</ref>		<ref name="ignaciomedium-11675" /><ref name="reddit-11676" /><ref name="insights-11677" /><ref name="cnbc-11678" /><ref name="reddit-11679" /><ref name="visualcapitalist-11680" /><ref name="youtube-11681" /><ref name="youtube-11682" /><ref name="youtube-11683" /><ref name="youtube-11684" /><ref name="youtube-11685" /><ref name="investmentweek-11686" /><ref name="youtube-11687" /><ref name="fullycrypto-11688" /><ref name="crypto247medium-11690" /><ref name="decrypt-11691" /><ref name="youtube-11692" /><ref name="youtube-11693" /><ref name="reddit-11694" /><ref name="youtube-11695" /><ref name="zerohedge-11696" /><ref name="vice-11697" /><ref name="czbinancetwitter-11698" /><ref name="bbc-11699" /><ref name="cnbc-11700" /><ref name="nytimes-11701" /><ref name="coffeebreakyttwitter-11702" /><ref name="rektnews-11703" /><ref name="scbgovbstwitter-11704" /><ref name="reddit-11705" /><ref name="cointelegraph-11706" /><ref name="youtube-11707" /><ref name="reddit-11708" /><ref name="youtube-11709" /><ref name="reptomemmertwitter-11710" /><ref name="autismcapitaltwitter-11711" /><ref name="youtube-11712" /><ref name="youtube-11713" /><ref name="youtube-11714" /><ref name="youtube-11715" /><ref name="reddit-11716" /><ref name="youtube-11717" /><ref name="reuters-11718" /><ref name="investopedia-11719" /><ref>https://thetechee.com/ftx-founder-sam-bankman-fried-indicted-by-u-s-authorities/</ref><ref>https://www.reuters.com/business/how-did-bankman-fried-secure-250-mln-bail-2022-12-22/</ref><ref>https://storage.courtlistener.com/recap/gov.uscourts.nysd.590940/gov.uscourts.nysd.590940.80.0.pdf</ref><ref>https://s3.documentcloud.org/documents/23728310/sam-bankman-fried-5th-superseding-indictment.pdf</ref><ref>https://storage.courtlistener.com/recap/gov.uscourts.nysd.590939/gov.uscourts.nysd.590939.113.0.pdf</ref><ref>https://www.prnewswire.com/news-releases/ftx-debtors-file-schedules-and-statements-of-financial-affairs-with-bankruptcy-court-301773613.html</ref><ref>https://forkast.news/ftx-failure-wake-up-call-security-mt-gox-karpeles/ (Accessed Aug 9, 2024)</ref>

	== About FTX ==		== About FTX ==

Azoundria: 30 minutes. Reviewed Reddit thread on Chinese bribery. Integrated article from TheTechee on the bribery charges being added. Added additional sources linked from the article. Review and reword throughout the article. Significant tweaks and improvements to the timeline. Merging of Aid And Abetment Lawsuit entry.

2024-04-17T19:26:27Z

30 minutes. Reviewed Reddit thread on Chinese bribery. Integrated article from TheTechee on the bribery charges being added. Added additional sources linked from the article. Review and reword throughout the article. Significant tweaks and improvements to the timeline. Merging of Aid And Abetment Lawsuit entry.

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Azoundria: Merging revisions from home and progress otherwise.

2024-03-24T21:07:53Z

Merging revisions from home and progress otherwise.

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Azoundria at 20:54, 24 March 2024

2024-03-24T20:54:47Z

Show changes

Azoundria: COMPLETE Information integrated into existing article. Spent another 30 minutes on the wiki page.

2024-02-05T23:59:53Z

COMPLETE Information integrated into existing article. Spent another 30 minutes on the wiki page.

← Older revision		Revision as of 17:59, 5 February 2024
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	[[File:Ftxcollapse.jpg\|thumb\|FTX Exchange Collage]]FTX Trading Ltd., once a major cryptocurrency exchange firm valued at around $40 billion, collapsed over a 10-day period in November 2022. The catalyst for its fall was a report by CoinDesk on November 2, which revealed that Alameda Research, a quantitative trading firm also run by Sam Bankman-Fried, held a $5 billion position in FTT, the native token of FTX. This disclosure raised concerns about undisclosed leverage and solvency across Bankman-Fried's companies. Sam Bankman-Fried, the former crypto billionaire at the center of this scandal, is now facing the largest-ever pretrial bond, set at $250 million.		[[File:Ftxcollapse.jpg\|thumb\|FTX Exchange Collage]]FTX Trading Ltd., once a major cryptocurrency exchange firm valued at around $40 billion, collapsed over a 10-day period in November 2022. The catalyst for its fall was a report by CoinDesk on November 2, which revealed that Alameda Research, a quantitative trading firm also run by Sam Bankman-Fried, held a $5 billion position in FTT, the native token of FTX. This disclosure raised concerns about undisclosed leverage and solvency across Bankman-Fried's companies. Sam Bankman-Fried, the former crypto billionaire at the center of this scandal, is now facing the largest-ever pretrial bond, set at $250 million.

	~~<ref name="ignaciomedium-11675" /><ref name="reddit-11676" />~~<ref name="insights-11677" /><ref name="cnbc-11678" /><ref name="reddit-11679" /><ref name="visualcapitalist-11680" /><ref name="youtube-11681" /><ref name="youtube-11682" /><ref name="youtube-11683" /><ref name="youtube-11684" /><ref name="youtube-11685" /><ref name="investmentweek-11686" /><ref name="youtube-11687" /><ref name="fullycrypto-11688" /><ref name="crypto247medium-11690" /><ref name="decrypt-11691" /><ref name="youtube-11692" /><ref name="youtube-11693" /><ref name="reddit-11694" /><ref name="youtube-11695" /><ref name="zerohedge-11696" /><ref name="vice-11697" /><ref name="czbinancetwitter-11698" /><ref name="bbc-11699" /><ref name="cnbc-11700" /><ref name="nytimes-11701" /><ref name="coffeebreakyttwitter-11702" /><ref name="rektnews-11703" /><ref name="scbgovbstwitter-11704" /><ref name="reddit-11705" /><ref name="cointelegraph-11706" /><ref name="youtube-11707" /><ref name="reddit-11708" /><ref name="youtube-11709" /><ref name="reptomemmertwitter-11710" /><ref name="autismcapitaltwitter-11711" /><ref name="youtube-11712" /><ref name="youtube-11713" /><ref name="youtube-11714" /><ref name="youtube-11715" /><ref name="reddit-11716" /><ref name="youtube-11717" /><ref name="reuters-11718" /><ref name="investopedia-11719" /><ref name="forbes-11720" />		<ref name="insights-11677" /><ref name="cnbc-11678" /><ref name="reddit-11679" /><ref name="visualcapitalist-11680" /><ref name="youtube-11681" /><ref name="youtube-11682" /><ref name="youtube-11683" /><ref name="youtube-11684" /><ref name="youtube-11685" /><ref name="investmentweek-11686" /><ref name="youtube-11687" /><ref name="fullycrypto-11688" /><ref name="crypto247medium-11690" /><ref name="decrypt-11691" /><ref name="youtube-11692" /><ref name="youtube-11693" /><ref name="reddit-11694" /><ref name="youtube-11695" /><ref name="zerohedge-11696" /><ref name="vice-11697" /><ref name="czbinancetwitter-11698" /><ref name="bbc-11699" /><ref name="cnbc-11700" /><ref name="nytimes-11701" /><ref name="coffeebreakyttwitter-11702" /><ref name="rektnews-11703" /><ref name="scbgovbstwitter-11704" /><ref name="reddit-11705" /><ref name="cointelegraph-11706" /><ref name="youtube-11707" /><ref name="reddit-11708" /><ref name="youtube-11709" /><ref name="reptomemmertwitter-11710" /><ref name="autismcapitaltwitter-11711" /><ref name="youtube-11712" /><ref name="youtube-11713" /><ref name="youtube-11714" /><ref name="youtube-11715" /><ref name="reddit-11716" /><ref name="youtube-11717" /><ref name="reuters-11718" /><ref name="investopedia-11719" /><ref name="forbes-11720" />

	== About FTX ==		== About FTX ==
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	\|FTX Funds Raised		\|FTX Funds Raised
	\|FTX Trading, a major cryptocurrency exchange, raises $400 million in its third funding round in six months, increasing its valuation to $32 billion<ref name="forbes-11720" />. The funding round saw participation from existing investors, including Temasak, Paradigm, the Ontario Teachers’ Pension Plan Board, and NEA. This comes shortly after FTX U.S., the independently operated sister exchange, also raised $400 million. FTX CEO Sam Bankman-Fried stated that this funding will support expansion into new regions and enhance their offerings. FTX has grown rapidly since its launch two years ago, with a 60% increase in its user base and an average daily trading volume of approximately $14 billion. Despite the recent crypto market downturn, Bankman-Fried expressed optimism, suggesting that the selloff isn't indicative of a long-term "crypto winter." Prior to the funding, Sam Bankman-Fried is worth an estimated $17.1b, the world's richest 29 year old<ref name="forbes-11724" />.		\|FTX Trading, a major cryptocurrency exchange, raises $400 million in its third funding round in six months, increasing its valuation to $32 billion<ref name="forbes-11720" />. The funding round saw participation from existing investors, including Temasak, Paradigm, the Ontario Teachers’ Pension Plan Board, and NEA. This comes shortly after FTX U.S., the independently operated sister exchange, also raised $400 million. FTX CEO Sam Bankman-Fried stated that this funding will support expansion into new regions and enhance their offerings. FTX has grown rapidly since its launch two years ago, with a 60% increase in its user base and an average daily trading volume of approximately $14 billion. Despite the recent crypto market downturn, Bankman-Fried expressed optimism, suggesting that the selloff isn't indicative of a long-term "crypto winter." Prior to the funding, Sam Bankman-Fried is worth an estimated $17.1b, the world's richest 29 year old<ref name="forbes-11724" />.
			\|-
			\|September 22nd, 2022 10:46:15 AM MDT
			\|Sequoia Capital Puff Piece
			\|Sequoia Capital publishes a favourable article about Sam Bankman Fried about how he collapsed the kimchi premium, a price difference between Bitcoin in Asia and the rest of the world, making him a billionaire and a legend<ref name=":11">[https://web.archive.org/web/20221027181005/https://www.sequoiacap.com/article/sam-bankman-fried-spotlight/ Sam Bankman-Fried Has a Savior Complex—And Maybe You Should Too - Sequoia Capital Archive October 27th, 2022 12:10:05 PM MDT] (Feb 5, 2024)</ref>. Trained at Jane Street, a high-frequency trading shop, SBF embraced effective altruism (EA), a philosophy combining moral and financial logic to maximize good. Inspired by EA founder Will MacAskill, SBF aimed to earn for charity. SBF's journey led to the creation of FTX, a crypto exchange valued at $32 billion. FTX became a beacon for legitimacy in crypto, attracting Sequoia Capital's attention. SBF's risk-neutral approach and commitment to ethical impact set him on a path to reshape the crypto landscape and philanthropy<ref name=":11">[https://web.archive.org/web/20221027181005/https://www.sequoiacap.com/article/sam-bankman-fried-spotlight/ Sam Bankman-Fried Has a Savior Complex—And Maybe You Should Too - Sequoia Capital Archive October 27th, 2022 12:10:05 PM MDT] (Feb 5, 2024)</ref>.
	\|-		\|-
	\|November 2nd, 2022		\|November 2nd, 2022
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	\|Binance Buy Out		\|Binance Buy Out
	\|Binance says it will buy FTX’s non-U.S. business.		\|Binance says it will buy FTX’s non-U.S. business.
			\|-
			\|November 8th, 2022 12:33:56 PM MST
			\|Ignacio de Gregorio Article
			\|In a Medium article, Ignacio de Gregorio discusses the collapse of FTX and questions are raised about the repeated collapses in the Crypto market. The author reflects on the aftermath of a previous financial crash in May, triggered by the Terra / Luna collapse, which led to significant losses for investors. FTX, once a thriving Crypto empire, is now facing a catastrophic downfall, with its value plummeting by $15.6 billion. The article emphasizes the unprecedented nature of such collapses and prompts a critical examination of the issues within the Crypto industry<ref name="ignaciomedium-11675" />.
	\|-		\|-
	\|November 9th, 2022 7:30:00 AM MST		\|November 9th, 2022 7:30:00 AM MST
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	Withdrawals		Withdrawals
	\|Blockworks reports that FTX.com has "temporarily" halted withdrawals due to a solvency crisis and the search for new funding<ref name=":1">[https://blockworks.co/news/ftx-re-enables-withdrawals-but-only-in-bahamas FTX Re-enables Withdrawals, But Only in Bahamas - Blockworks] (Sep 19, 2023)</ref>. Although most FTX customers are still unable to withdraw their funds, withdrawal activity totaling up to $7.2 million was observed<ref name=":1">[https://blockworks.co/news/ftx-re-enables-withdrawals-but-only-in-bahamas FTX Re-enables Withdrawals, But Only in Bahamas - Blockworks] (Sep 19, 2023)</ref>. FTX confirmed via Twitter that individuals within the Bahamas were allowed to withdraw funds<ref name=":1">[https://blockworks.co/news/ftx-re-enables-withdrawals-but-only-in-bahamas FTX Re-enables Withdrawals, But Only in Bahamas - Blockworks] (Sep 19, 2023)</ref>. FTX stated that it is actively working on enabling withdrawals for users worldwide<ref name=":1">[https://blockworks.co/news/ftx-re-enables-withdrawals-but-only-in-bahamas FTX Re-enables Withdrawals, But Only in Bahamas - Blockworks] (Sep 19, 2023)</ref>. A former FTX staff member, Zane Tackett, revealed on Twitter that he had a significant portion of his funds stored on the exchange<ref name=":1">[https://blockworks.co/news/ftx-re-enables-withdrawals-but-only-in-bahamas FTX Re-enables Withdrawals, But Only in Bahamas - Blockworks] (Sep 19, 2023)</ref>. FTX allowed Tron-based tokens such as TRX, BTT, JST, SUN, and HT to be swapped from FTX to external wallets at a 1:1 ratio, thanks to an agreement with Tron<ref name=":1">[https://blockworks.co/news/ftx-re-enables-withdrawals-but-only-in-bahamas FTX Re-enables Withdrawals, But Only in Bahamas - Blockworks] (Sep 19, 2023)</ref>. This led to Tron (TRX) on FTX trading at approximately seven times the market price elsewhere<ref name=":1">[https://blockworks.co/news/ftx-re-enables-withdrawals-but-only-in-bahamas FTX Re-enables Withdrawals, But Only in Bahamas - Blockworks] (Sep 19, 2023)</ref>. FTX US, a separate entity, announced that trading "may be halted" in a few days but assured users that withdrawals will remain open<ref name=":1">[https://blockworks.co/news/ftx-re-enables-withdrawals-but-only-in-bahamas FTX Re-enables Withdrawals, But Only in Bahamas - Blockworks] (Sep 19, 2023)</ref>. Users were advised to close their positions as needed and await further updates<ref name=":1">[https://blockworks.co/news/ftx-re-enables-withdrawals-but-only-in-bahamas FTX Re-enables Withdrawals, But Only in Bahamas - Blockworks] (Sep 19, 2023)</ref>.		\|Blockworks reports that FTX.com has "temporarily" halted withdrawals due to a solvency crisis and the search for new funding<ref name=":1">[https://blockworks.co/news/ftx-re-enables-withdrawals-but-only-in-bahamas FTX Re-enables Withdrawals, But Only in Bahamas - Blockworks] (Sep 19, 2023)</ref>. Although most FTX customers are still unable to withdraw their funds, withdrawal activity totaling up to $7.2 million was observed<ref name=":1">[https://blockworks.co/news/ftx-re-enables-withdrawals-but-only-in-bahamas FTX Re-enables Withdrawals, But Only in Bahamas - Blockworks] (Sep 19, 2023)</ref>. FTX confirmed via Twitter that individuals within the Bahamas were allowed to withdraw funds<ref name=":1">[https://blockworks.co/news/ftx-re-enables-withdrawals-but-only-in-bahamas FTX Re-enables Withdrawals, But Only in Bahamas - Blockworks] (Sep 19, 2023)</ref>. FTX stated that it is actively working on enabling withdrawals for users worldwide<ref name=":1">[https://blockworks.co/news/ftx-re-enables-withdrawals-but-only-in-bahamas FTX Re-enables Withdrawals, But Only in Bahamas - Blockworks] (Sep 19, 2023)</ref>. A former FTX staff member, Zane Tackett, revealed on Twitter that he had a significant portion of his funds stored on the exchange<ref name=":1">[https://blockworks.co/news/ftx-re-enables-withdrawals-but-only-in-bahamas FTX Re-enables Withdrawals, But Only in Bahamas - Blockworks] (Sep 19, 2023)</ref>. FTX allowed Tron-based tokens such as TRX, BTT, JST, SUN, and HT to be swapped from FTX to external wallets at a 1:1 ratio, thanks to an agreement with Tron<ref name=":1">[https://blockworks.co/news/ftx-re-enables-withdrawals-but-only-in-bahamas FTX Re-enables Withdrawals, But Only in Bahamas - Blockworks] (Sep 19, 2023)</ref>. This led to Tron (TRX) on FTX trading at approximately seven times the market price elsewhere<ref name=":1">[https://blockworks.co/news/ftx-re-enables-withdrawals-but-only-in-bahamas FTX Re-enables Withdrawals, But Only in Bahamas - Blockworks] (Sep 19, 2023)</ref>. FTX US, a separate entity, announced that trading "may be halted" in a few days but assured users that withdrawals will remain open<ref name=":1">[https://blockworks.co/news/ftx-re-enables-withdrawals-but-only-in-bahamas FTX Re-enables Withdrawals, But Only in Bahamas - Blockworks] (Sep 19, 2023)</ref>. Users were advised to close their positions as needed and await further updates<ref name=":1">[https://blockworks.co/news/ftx-re-enables-withdrawals-but-only-in-bahamas FTX Re-enables Withdrawals, But Only in Bahamas - Blockworks] (Sep 19, 2023)</ref>.
			\|-
			\|November 11th, 2022 4:37:24 AM MST
			\|Sequioa Capital Article Removed
			\|Sequioa Capital removes the article they posted that portrays Sam Bankman Fried favourably<ref>[https://old.reddit.com/r/CryptoCurrency/comments/ys7x8s/sequoia_capital_has_deleted_the_puff_piece_on_sbf/ivxqtlt/ Sequoia Capital has deleted the puff piece on SBF they published just 5 weeks ago, "Sam Bankman-Fried Has a Savior Complex—And Maybe You Should Too" painting him as a "legend" with principles of "Effective Altruism", which was that "he was going to get filthy rich, for charity’s sake." - Reddit] (Feb 5, 2024)</ref>.
	\|-		\|-
	\|November 11th, 2022 7:14:00 AM MST		\|November 11th, 2022 7:14:00 AM MST
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	\|FTX Assets Hacked		\|FTX Assets Hacked
	\|FTX reports an alleged hack, suspected to be up to $477 million, and moves its digital assets to cold storage for security reasons.		\|FTX reports an alleged hack, suspected to be up to $477 million, and moves its digital assets to cold storage for security reasons.
			\|-
			\|November 14th, 2022 6:09:46 AM MST
			\|Exodus Reddit Thread
			\|A Reddit thread discusses the recent mass movement of Bitcoin to cold storage, as indicated by a surge in withdrawals to self-custody wallets, is being viewed as a bullish sign by the crypto community<ref name="reddit-11676" />. This shift away from exchanges is seen as a positive development, reflecting a growing preference for secure, long-term storage of Bitcoin. The move to cold storage is often associated with a commitment to hodling, and the reduction of Bitcoin available on exchanges could contribute to an increase in its value. However, some express concerns about potential increased volatility due to reduced liquidity on exchanges, and there are debates about the overall impact on the market. The trend is attributed to a combination of factors, including recent events, security concerns, and a broader desire for more control over one's assets<ref name="reddit-11676" />.
	\|-		\|-
	\|November 17th, 2022		\|November 17th, 2022
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	<ref name="zenithowltwitter-11674">[https://twitter.com/zenith_owl/status/1591270486558003200 Zenith Owl - "" - Twitter] (Nov 12, 2022)</ref>		<ref name="zenithowltwitter-11674">[https://twitter.com/zenith_owl/status/1591270486558003200 Zenith Owl - "" - Twitter] (Nov 12, 2022)</ref>
	<ref name="ignaciomedium-11675">[https://medium.com/@ignacio.de.gregorio.noblejas/binance-ftx-war-ends-in-collapse-1488a806fff5 Ignacio de Gregorio Noblejas - Binance FTX War Ends In Collapse - Medium] (Nov 14, 2022)</ref>		<ref name="ignaciomedium-11675">[https://medium.com/@ignacio.de.gregorio.noblejas/binance-ftx-war-ends-in-collapse-1488a806fff5 Ignacio de Gregorio Noblejas - Binance FTX War Ends In Collapse - Medium] (Nov 14, 2022)</ref>
	<ref name="reddit-11676">[https://www.reddit.com/r/Bitcoin/comments/yuyx19/the_biggest_exodus_of_bitcoin_ever_to_cold/ The ~~Biggest Exodus~~ of Bitcoin ~~Ever~~ to ~~Cold~~ - Reddit] (Nov 14, 2022)</ref>		<ref name="reddit-11676">[https://www.reddit.com/r/Bitcoin/comments/yuyx19/the_biggest_exodus_of_bitcoin_ever_to_cold/ The biggest exodus of Bitcoin ever to cold storage has begun.! Bullish sign. - Reddit] (Nov 14, 2022)</ref>
	<ref name="insights-11677">[https://insights.glassnode.com/the-week-onchain-week-46-2022/ The Fall of FTX - Glassnode Insights] (Nov 15, 2022)</ref>		<ref name="insights-11677">[https://insights.glassnode.com/the-week-onchain-week-46-2022/ The Fall of FTX - Glassnode Insights] (Nov 15, 2022)</ref>
	<ref name="cnbc-11678">[https://www.cnbc.com/2022/11/14/former-ftx-ceo-sam-bankman-fried-loses-lobbyists-to-washington.html Former FTX CEO Sam Bankman-Fried loses Washington lobbyists - CNBC] (Nov 17, 2022)</ref>		<ref name="cnbc-11678">[https://www.cnbc.com/2022/11/14/former-ftx-ceo-sam-bankman-fried-loses-lobbyists-to-washington.html Former FTX CEO Sam Bankman-Fried loses Washington lobbyists - CNBC] (Nov 17, 2022)</ref>

Azoundria: Another 30 minutes complete. Review of the article. Incorporating Mario tweet information on moving hacked funds.

2024-01-02T23:21:46Z

Another 30 minutes complete. Review of the article. Incorporating Mario tweet information on moving hacked funds.

Show changes

Azoundria: Another 30 minutes complete. Integration of Kraken offloading thread into the discussion and timeline for the FTX event.

2023-12-30T00:00:07Z

Another 30 minutes complete. Integration of Kraken offloading thread into the discussion and timeline for the FTX event.

← Older revision		Revision as of 18:00, 29 December 2023
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	<ref name="ignaciomedium-11675" /><ref name="reddit-11676" /><ref name="insights-11677" /><ref name="cnbc-11678" /><ref name="reddit-11679" /><ref name="visualcapitalist-11680" /><ref name="youtube-11681" /><ref name="youtube-11682" /><ref name="youtube-11683" /><ref name="youtube-11684" /><ref name="youtube-11685" /><ref name="investmentweek-11686" /><ref name="youtube-11687" /><ref name="fullycrypto-11688" /><ref name="crypto247medium-11690" /><ref name="decrypt-11691" /><ref name="youtube-11692" /><ref name="youtube-11693" /><ref name="reddit-11694" /><ref name="youtube-11695" /><ref name="zerohedge-11696" /><ref name="vice-11697" /><ref name="czbinancetwitter-11698" /><ref name="bbc-11699" /><ref name="cnbc-11700" /><ref name="nytimes-11701" /><ref name="coffeebreakyttwitter-11702" /><ref name="rektnews-11703" /><ref name="scbgovbstwitter-11704" /><ref name="reddit-11705" /><ref name="cointelegraph-11706" /><ref name="youtube-11707" /><ref name="reddit-11708" /><ref name="youtube-11709" /><ref name="reptomemmertwitter-11710" /><ref name="autismcapitaltwitter-11711" /><ref name="youtube-11712" /><ref name="youtube-11713" /><ref name="youtube-11714" /><ref name="youtube-11715" /><ref name="reddit-11716" /><ref name="youtube-11717" /><ref name="reuters-11718" /><ref name="investopedia-11719" /><ref name="forbes-11720" />		<ref name="ignaciomedium-11675" /><ref name="reddit-11676" /><ref name="insights-11677" /><ref name="cnbc-11678" /><ref name="reddit-11679" /><ref name="visualcapitalist-11680" /><ref name="youtube-11681" /><ref name="youtube-11682" /><ref name="youtube-11683" /><ref name="youtube-11684" /><ref name="youtube-11685" /><ref name="investmentweek-11686" /><ref name="youtube-11687" /><ref name="fullycrypto-11688" /><ref name="crypto247medium-11690" /><ref name="decrypt-11691" /><ref name="youtube-11692" /><ref name="youtube-11693" /><ref name="reddit-11694" /><ref name="youtube-11695" /><ref name="zerohedge-11696" /><ref name="vice-11697" /><ref name="czbinancetwitter-11698" /><ref name="bbc-11699" /><ref name="cnbc-11700" /><ref name="nytimes-11701" /><ref name="coffeebreakyttwitter-11702" /><ref name="rektnews-11703" /><ref name="scbgovbstwitter-11704" /><ref name="reddit-11705" /><ref name="cointelegraph-11706" /><ref name="youtube-11707" /><ref name="reddit-11708" /><ref name="youtube-11709" /><ref name="reptomemmertwitter-11710" /><ref name="autismcapitaltwitter-11711" /><ref name="youtube-11712" /><ref name="youtube-11713" /><ref name="youtube-11714" /><ref name="youtube-11715" /><ref name="reddit-11716" /><ref name="youtube-11717" /><ref name="reuters-11718" /><ref name="investopedia-11719" /><ref name="forbes-11720" />

			https://twitter.com/MarioNawfal/status/1594733919248728066

			https://twitter.com/MarioNawfal/status/1594405570668363777

	== About FTX ==		== About FTX ==
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	\|Bankrupt But Trading Still Operating		\|Bankrupt But Trading Still Operating
	\|Blockworks reports that despite filing for bankruptcy, FTX continues to allow crypto trading on its platform. Customers are unable to withdraw funds, but trading on FTX's website and mobile app is functioning normally<ref name=":2">[https://blockworks.co/news/ftx-is-bankrupt-but-you-can-still-trade-crypto-there FTX is Bankrupt But You Can Still Trade Crypto There - Blockworks] (Sep 19, 2023)</ref>. There has been over $200 million in spot bitcoin trading volume and over $300 million in volume for bitcoin and ether perpetual contracts on FTX, although volumes have been declining since its bankruptcy filings, and popular crypto trackers have removed FTX from their volume rankings<ref name=":2">[https://blockworks.co/news/ftx-is-bankrupt-but-you-can-still-trade-crypto-there FTX is Bankrupt But You Can Still Trade Crypto There - Blockworks] (Sep 19, 2023)</ref>. A regulatory loophole in the Bahamas allows local accounts to still make withdrawals. Using the account tools provided by FTX is also easier for users to maintain their tax records<ref name=":2">[https://blockworks.co/news/ftx-is-bankrupt-but-you-can-still-trade-crypto-there FTX is Bankrupt But You Can Still Trade Crypto There - Blockworks] (Sep 19, 2023)</ref>.		\|Blockworks reports that despite filing for bankruptcy, FTX continues to allow crypto trading on its platform. Customers are unable to withdraw funds, but trading on FTX's website and mobile app is functioning normally<ref name=":2">[https://blockworks.co/news/ftx-is-bankrupt-but-you-can-still-trade-crypto-there FTX is Bankrupt But You Can Still Trade Crypto There - Blockworks] (Sep 19, 2023)</ref>. There has been over $200 million in spot bitcoin trading volume and over $300 million in volume for bitcoin and ether perpetual contracts on FTX, although volumes have been declining since its bankruptcy filings, and popular crypto trackers have removed FTX from their volume rankings<ref name=":2">[https://blockworks.co/news/ftx-is-bankrupt-but-you-can-still-trade-crypto-there FTX is Bankrupt But You Can Still Trade Crypto There - Blockworks] (Sep 19, 2023)</ref>. A regulatory loophole in the Bahamas allows local accounts to still make withdrawals. Using the account tools provided by FTX is also easier for users to maintain their tax records<ref name=":2">[https://blockworks.co/news/ftx-is-bankrupt-but-you-can-still-trade-crypto-there FTX is Bankrupt But You Can Still Trade Crypto There - Blockworks] (Sep 19, 2023)</ref>.
			\|-
			\|November 12th, 2022 8:15:51 AM MST
			\|Reddit Discussion on Hacker Identity
			\|A Reddit thread<ref>[https://old.reddit.com/r/Bitcoin/comments/yt9r65/ftx_hacker_identity_found_apparently_tried_to/ FTX hacker identity found! apparently tried to offload funds to Kraken!! - Reddit] (Mar 1, 2023)</ref> discusses hacked funds being transferred through Kraken and references a Twitter thread (which appears to have since been deleted)<ref>https://twitter.com/search?q=(from%3AMarioNawfal)%20until%3A2022-11-24%20since%3A2022-11-19%20BREAKING&src=typed_query&f=top (Dec 29, 2023)</ref><ref>[https://twitter.com/search?q=(from%3Ac7five)%20until%3A2022-11-24%20since%3A2022-11-19&src=typed_query&f=top Nick Percoco Thread Deleted - Twitter] (Dec 29, 2023)</ref>. The community discusses the unfolding situation, expressing a mix of humor and skepticism. Some users propose casting ideas for a potential Netflix movie based on the events, while others comment on the apparent lack of skill or experience exhibited by the hacker. Speculations and jokes about the identity of the hacker, including references to FTX's CEO Sam Bankman-Fried, are prevalent. Overall, the Reddit thread captures the community's reaction to the ongoing developments in the FTX hacking incident.
	\|-		\|-
	\|November 12th, 2022		\|November 12th, 2022

Azoundria: Another 30 minutes complete. Additional sources merged in. Prevention completed. Information moved around.

2023-11-24T21:48:09Z

Another 30 minutes complete. Additional sources merged in. Prevention completed. Information moved around.

← Older revision		Revision as of 15:48, 24 November 2023
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	\|Bahamas Asset Control		\|Bahamas Asset Control
	\|The Bahamas takes control of FTX assets held there.		\|The Bahamas takes control of FTX assets held there.
			\|-
			\|December 1st, 2022 10:03:00 AM MST
			\|Meme.com On Apology
			\|Meme.com publishes a video parody articulating how "sorry" Sam Bankman Fried is<ref>[https://twitter.com/MemeExplorers/status/1598362110022635522 MemeExplorers - "SBF is sorry" - Twitter] (Nov 24, 2023)</ref>.
	\|-		\|-
	\|December 6th, 2022 4:30:00 AM MST		\|December 6th, 2022 4:30:00 AM MST
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	== Total Amount Lost ==		== Total Amount Lost ==


	The total amount lost has been estimated at $8,000,000,000 USD.		The total amount lost has been estimated at $8,000,000,000 USD.
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	Silvergate Bank, its holding company Silvergate Capital Corporation, and CEO Alan Lane are facing a class action lawsuit in the U.S. District Court for the Southern District of California. The lawsuit alleges that they aided and abetted fraudulent activities of the now-bankrupt crypto exchange FTX. Plaintiffs argue that Silvergate directly participated in the commingling of funds, improper transfers, and lending out of customer money. The lawsuit also claims that Silvergate made misleading statements about its platform's controls to detect money laundering. This lawsuit follows Silvergate's downgrade by Morgan Stanley and a letter from a group of senators, including Elizabeth Warren, seeking information about Silvergate's relationship with FTX and the Bankman-Fried entities. Silvergate has until December 19 to respond to the lawmakers<ref name=":3" />.<ref name=":7" />		Silvergate Bank, its holding company Silvergate Capital Corporation, and CEO Alan Lane are facing a class action lawsuit in the U.S. District Court for the Southern District of California. The lawsuit alleges that they aided and abetted fraudulent activities of the now-bankrupt crypto exchange FTX. Plaintiffs argue that Silvergate directly participated in the commingling of funds, improper transfers, and lending out of customer money. The lawsuit also claims that Silvergate made misleading statements about its platform's controls to detect money laundering. This lawsuit follows Silvergate's downgrade by Morgan Stanley and a letter from a group of senators, including Elizabeth Warren, seeking information about Silvergate's relationship with FTX and the Bankman-Fried entities. Silvergate has until December 19 to respond to the lawmakers<ref name=":3" />.<ref name=":7" />

			=== Court Trial And Sentencing ===
			Sam Bankman Fried was ultimately tried and found guilty of seven different crimes.

			The trial consisted of a large number of witnesses on the prosecution side, with Sam Bankman Fried only able to produce one witness along with himself. The central attempt at justifying the events was by trying to demonstrate that enough customers had agreed to a terms of service allowing for the usage of their funds in margin trading. After a 3 hour deliberation, the jury found Sam Bankman Fried guilty on all counts.

	== Total Amount Recovered ==		== Total Amount Recovered ==
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	=== Liquidation Impacts On Market ===		=== Liquidation Impacts On Market ===
			<ref name="forbes-11724" />
			== Individual Prevention Policies ==
			The FTX platform did not back customer funds for the majority of it's existence. No audits nor proof of backing was made available, and customers continued to blindly trust FTX without any confirmation that their funds were backed right up into the final collapse. Customer assets were freely used as collateral and to buy up other companies, a position which proved extremely risky in the final market downturn. Individuals can avoid a similar fate by self custodying their assets or choosing only to use platforms with proven backing of funds.

			{{Prevention:Individuals:Avoid Third Party Custodians}}

			{{Prevention:Individuals:Store Funds Offline}}
	~~<ref name="forbes-11724" />~~
	~~== Individual Prevention Policies ==~~
	{{Prevention:Individuals:~~Placeholder~~}}

	{{Prevention:Individuals:End}}		{{Prevention:Individuals:End}}

	== Platform Prevention Policies ==		== Platform Prevention Policies ==
	{{Prevention:Platforms:~~Placeholder~~}}		As in most cases of funds going missing from large platforms, the problems started long before the final collapse and reveal. Funds disappeared over a long period of time, with extremely limited accountability or visibility into the backing of funds. Having such visibility into the backing would have heavily limited the size of FTX and discouraged further usage of client funds.

			In addition, while FTX had a wide diversity of corporations, decisions regarding the usage of funds tended to be made by Sam Bankman Fried himself. There were no alternative decision makers who had any degree of ability to put up reasonable resistance, much less a multi-signature wallet with keys held by separate individuals. Such a system where one person is in charge of all decisions is obviously vulnerable to full exploitation by that person.

			{{Prevention:Platforms:Regular Audit Procedures}}

			{{Prevention:Platforms:Implement Multi-Signature}}

			{{Prevention:Platforms:Establish Industry Insurance Fund}}

	{{Prevention:Platforms:End}}		{{Prevention:Platforms:End}}

	== Regulatory Prevention Policies ==		== Regulatory Prevention Policies ==
	{{Prevention:Regulators:~~Placeholder~~}}		As in most cases of funds going missing from large platforms, the problems started long before the final collapse and reveal. Funds disappeared over a long period of time, with extremely limited accountability or visibility into the backing of funds. Having such visibility into the backing would have heavily limited the size of FTX and discouraged further usage of client funds.

			In addition, while FTX had a wide diversity of corporations, decisions regarding the usage of funds tended to be made by Sam Bankman Fried himself. There were no alternative decision makers who had any degree of ability to put up reasonable resistance, much less a multi-signature wallet with keys held by separate individuals. Such a system where one person is in charge of all decisions is obviously vulnerable to full exploitation by that person.

			{{Prevention:Regulators:Platform Security Assessments}}

			{{Prevention:Regulators:Establish Industry Insurance Fund}}

	{{Prevention:Regulators:End}}		{{Prevention:Regulators:End}}

Azoundria: Another 30 minutes complete. Additional sources merged in.

2023-11-02T18:31:28Z

Another 30 minutes complete. Additional sources merged in.

← Older revision		Revision as of 12:31, 2 November 2023
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	!Event		!Event
	!Description		!Description
			\|-
			\|May 2019
			\|FTX Cofounded
			\|FTX was co-founded by Massachusetts Institute of Technology graduates Sam Bankman-Fried and Gary Wang in May 2019<ref name="forbes-11720" />. Bankman-Fried has a background in ETFs trading, while Wang’s time before FTX was spent working at Google<ref name="forbes-11720" />.
			\|-
			\|October 2021
			\|FTX Funds Raised
			\|By October 2021, FTX raised $25 billion in valuation through investments from Temasek, an investment firm owned by the Singaporean government, among others<ref name="forbes-11720" />.
	\|-		\|-
	\|January 31st, 2022 7:42:00 AM MST		\|January 31st, 2022 7:42:00 AM MST
	\|FTX Funds Raised		\|FTX Funds Raised
	\|FTX Trading, a major cryptocurrency exchange, raises $400 million in its third funding round in six months, increasing its valuation to $32 billion. The funding round saw participation from existing investors, including Temasak, Paradigm, the Ontario Teachers’ Pension Plan Board, and NEA. This comes shortly after FTX U.S., the independently operated sister exchange, also raised $400 million. FTX CEO Sam Bankman-Fried stated that this funding will support expansion into new regions and enhance their offerings. FTX has grown rapidly since its launch two years ago, with a 60% increase in its user base and an average daily trading volume of approximately $14 billion. Despite the recent crypto market downturn, Bankman-Fried expressed optimism, suggesting that the selloff isn't indicative of a long-term "crypto winter." Prior to the funding, Sam Bankman-Fried is worth an estimated $17.1b, the world's richest 29 year old<ref name="forbes-11724" />.		\|FTX Trading, a major cryptocurrency exchange, raises $400 million in its third funding round in six months, increasing its valuation to $32 billion<ref name="forbes-11720" />. The funding round saw participation from existing investors, including Temasak, Paradigm, the Ontario Teachers’ Pension Plan Board, and NEA. This comes shortly after FTX U.S., the independently operated sister exchange, also raised $400 million. FTX CEO Sam Bankman-Fried stated that this funding will support expansion into new regions and enhance their offerings. FTX has grown rapidly since its launch two years ago, with a 60% increase in its user base and an average daily trading volume of approximately $14 billion. Despite the recent crypto market downturn, Bankman-Fried expressed optimism, suggesting that the selloff isn't indicative of a long-term "crypto winter." Prior to the funding, Sam Bankman-Fried is worth an estimated $17.1b, the world's richest 29 year old<ref name="forbes-11724" />.
	\|-		\|-
	\|November 2nd, 2022		\|November 2nd, 2022
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	\|Blockworks reports that FTX.com has "temporarily" halted withdrawals due to a solvency crisis and the search for new funding<ref name=":1">[https://blockworks.co/news/ftx-re-enables-withdrawals-but-only-in-bahamas FTX Re-enables Withdrawals, But Only in Bahamas - Blockworks] (Sep 19, 2023)</ref>. Although most FTX customers are still unable to withdraw their funds, withdrawal activity totaling up to $7.2 million was observed<ref name=":1">[https://blockworks.co/news/ftx-re-enables-withdrawals-but-only-in-bahamas FTX Re-enables Withdrawals, But Only in Bahamas - Blockworks] (Sep 19, 2023)</ref>. FTX confirmed via Twitter that individuals within the Bahamas were allowed to withdraw funds<ref name=":1">[https://blockworks.co/news/ftx-re-enables-withdrawals-but-only-in-bahamas FTX Re-enables Withdrawals, But Only in Bahamas - Blockworks] (Sep 19, 2023)</ref>. FTX stated that it is actively working on enabling withdrawals for users worldwide<ref name=":1">[https://blockworks.co/news/ftx-re-enables-withdrawals-but-only-in-bahamas FTX Re-enables Withdrawals, But Only in Bahamas - Blockworks] (Sep 19, 2023)</ref>. A former FTX staff member, Zane Tackett, revealed on Twitter that he had a significant portion of his funds stored on the exchange<ref name=":1">[https://blockworks.co/news/ftx-re-enables-withdrawals-but-only-in-bahamas FTX Re-enables Withdrawals, But Only in Bahamas - Blockworks] (Sep 19, 2023)</ref>. FTX allowed Tron-based tokens such as TRX, BTT, JST, SUN, and HT to be swapped from FTX to external wallets at a 1:1 ratio, thanks to an agreement with Tron<ref name=":1">[https://blockworks.co/news/ftx-re-enables-withdrawals-but-only-in-bahamas FTX Re-enables Withdrawals, But Only in Bahamas - Blockworks] (Sep 19, 2023)</ref>. This led to Tron (TRX) on FTX trading at approximately seven times the market price elsewhere<ref name=":1">[https://blockworks.co/news/ftx-re-enables-withdrawals-but-only-in-bahamas FTX Re-enables Withdrawals, But Only in Bahamas - Blockworks] (Sep 19, 2023)</ref>. FTX US, a separate entity, announced that trading "may be halted" in a few days but assured users that withdrawals will remain open<ref name=":1">[https://blockworks.co/news/ftx-re-enables-withdrawals-but-only-in-bahamas FTX Re-enables Withdrawals, But Only in Bahamas - Blockworks] (Sep 19, 2023)</ref>. Users were advised to close their positions as needed and await further updates<ref name=":1">[https://blockworks.co/news/ftx-re-enables-withdrawals-but-only-in-bahamas FTX Re-enables Withdrawals, But Only in Bahamas - Blockworks] (Sep 19, 2023)</ref>.		\|Blockworks reports that FTX.com has "temporarily" halted withdrawals due to a solvency crisis and the search for new funding<ref name=":1">[https://blockworks.co/news/ftx-re-enables-withdrawals-but-only-in-bahamas FTX Re-enables Withdrawals, But Only in Bahamas - Blockworks] (Sep 19, 2023)</ref>. Although most FTX customers are still unable to withdraw their funds, withdrawal activity totaling up to $7.2 million was observed<ref name=":1">[https://blockworks.co/news/ftx-re-enables-withdrawals-but-only-in-bahamas FTX Re-enables Withdrawals, But Only in Bahamas - Blockworks] (Sep 19, 2023)</ref>. FTX confirmed via Twitter that individuals within the Bahamas were allowed to withdraw funds<ref name=":1">[https://blockworks.co/news/ftx-re-enables-withdrawals-but-only-in-bahamas FTX Re-enables Withdrawals, But Only in Bahamas - Blockworks] (Sep 19, 2023)</ref>. FTX stated that it is actively working on enabling withdrawals for users worldwide<ref name=":1">[https://blockworks.co/news/ftx-re-enables-withdrawals-but-only-in-bahamas FTX Re-enables Withdrawals, But Only in Bahamas - Blockworks] (Sep 19, 2023)</ref>. A former FTX staff member, Zane Tackett, revealed on Twitter that he had a significant portion of his funds stored on the exchange<ref name=":1">[https://blockworks.co/news/ftx-re-enables-withdrawals-but-only-in-bahamas FTX Re-enables Withdrawals, But Only in Bahamas - Blockworks] (Sep 19, 2023)</ref>. FTX allowed Tron-based tokens such as TRX, BTT, JST, SUN, and HT to be swapped from FTX to external wallets at a 1:1 ratio, thanks to an agreement with Tron<ref name=":1">[https://blockworks.co/news/ftx-re-enables-withdrawals-but-only-in-bahamas FTX Re-enables Withdrawals, But Only in Bahamas - Blockworks] (Sep 19, 2023)</ref>. This led to Tron (TRX) on FTX trading at approximately seven times the market price elsewhere<ref name=":1">[https://blockworks.co/news/ftx-re-enables-withdrawals-but-only-in-bahamas FTX Re-enables Withdrawals, But Only in Bahamas - Blockworks] (Sep 19, 2023)</ref>. FTX US, a separate entity, announced that trading "may be halted" in a few days but assured users that withdrawals will remain open<ref name=":1">[https://blockworks.co/news/ftx-re-enables-withdrawals-but-only-in-bahamas FTX Re-enables Withdrawals, But Only in Bahamas - Blockworks] (Sep 19, 2023)</ref>. Users were advised to close their positions as needed and await further updates<ref name=":1">[https://blockworks.co/news/ftx-re-enables-withdrawals-but-only-in-bahamas FTX Re-enables Withdrawals, But Only in Bahamas - Blockworks] (Sep 19, 2023)</ref>.
	\|-		\|-
	\|November 11th, 2022		\|November 11th, 2022 7:14:00 AM MST
	\|CEO Step Down		\|CEO Step Down
	\|Bankman-Fried steps down as FTX CEO, is replaced by a court-appointed CEO with restructuring experience. FTX files for Chapter 11 bankruptcy protection.		\|Bankman-Fried steps down as FTX CEO, is replaced by a court-appointed CEO with restructuring experience. FTX files for Chapter 11 bankruptcy protection. All of this is announced in a tweet<ref>[https://twitter.com/FTX_Official/status/1591071832823959552 FTX Official - "Press Release" - Twitter] (Nov 2, 2023)</ref>.
	\|-		\|-
	\|November 11th, 2022 2:14:45 PM MST		\|November 11th, 2022 2:14:45 PM MST
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	\|FTX Assets Hacked		\|FTX Assets Hacked
	\|FTX reports an alleged hack, suspected to be up to $477 million, and moves its digital assets to cold storage for security reasons.		\|FTX reports an alleged hack, suspected to be up to $477 million, and moves its digital assets to cold storage for security reasons.
			\|-
			\|November 17th, 2022
			\|Bankruptcy Filing For FTX
			\|FTX completes a bankruptcy filing, along with 101 included debtors<ref name="forbes-11720" /><ref>[https://www.documentcloud.org/documents/23310507-ftx-bankruptcy-filing-john-j-ray-iii FTX bankruptcy filing - John J. Ray III - DocumentCloud] (Nov 2, 2023)</ref>.
	\|-		\|-
	\|November 18th, 2022		\|November 18th, 2022
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	\|The Wall Street Journal		\|The Wall Street Journal
	\|"Silvergate Capital Corp. Chief Executive Alan Lane told three U.S. senators there was no performance issue with his son-in-law and former chief risk officer, whose job was changed just as the crypto world started imploding last month."<ref>[https://www.wsj.com/livecoverage/stock-market-news-today-12-21-2022/card/silvergate-ceo-rebuts-short-seller-theories-on-son-in-law-s-job-change-TgX3axo3xFmlQLUaFsNP Silvergate CEO Rebuts Short-Seller Theories On Son-in-Law’s Job Change - The Wall Street Journal] (Oct 16th, 2023)</ref>		\|"Silvergate Capital Corp. Chief Executive Alan Lane told three U.S. senators there was no performance issue with his son-in-law and former chief risk officer, whose job was changed just as the crypto world started imploding last month."<ref>[https://www.wsj.com/livecoverage/stock-market-news-today-12-21-2022/card/silvergate-ceo-rebuts-short-seller-theories-on-son-in-law-s-job-change-TgX3axo3xFmlQLUaFsNP Silvergate CEO Rebuts Short-Seller Theories On Son-in-Law’s Job Change - The Wall Street Journal] (Oct 16th, 2023)</ref>
			\|-
			\|December 21st, 2022 8:51:00 PM MST
			\|Coffeezilla Game Over
			\|Coffeezilla tweets an image of Sam Bankman Fried being arrested with the caption "game over for the biggest fraudster of our generation"<ref>[https://twitter.com/coffeebreak_YT/status/1605772956113592321 Coffeezilla - "game over for the biggest fraudster of our generation." - Twitter] (Nov 2, 2023)</ref>.
	\|-		\|-
	\|December 22nd, 2022 5:45:00 AM MST		\|December 22nd, 2022 5:45:00 AM MST
Line 144:		Line 160:
	\|Bail Bond Release		\|Bail Bond Release
	\|Bankman-Fried is released on a $250 million bond, the largest in history, by a federal judge.		\|Bankman-Fried is released on a $250 million bond, the largest in history, by a federal judge.
			\|-
			\|January 11th, 2023 9:54:55 PM MST
			\|BBC Reports $5b Recovered
			\|BBC News reports that FTX has recovered over $5 billion in assets, according to an attorney for the firm<ref name=":8">[https://www.bbc.com/news/business-64245044 FTX: Collapsed crypto giant recovers over $5bn of assets - BBC] (Nov 2, 2023)</ref>. However, it was noted in a US bankruptcy court that the extent of losses to customers is still unknown<ref name=":8">[https://www.bbc.com/news/business-64245044 FTX: Collapsed crypto giant recovers over $5bn of assets - BBC] (Nov 2, 2023)</ref>.
	\|-		\|-
	\|September 11th, 2023 5:00:06 PM MDT		\|September 11th, 2023 5:00:06 PM MDT
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	== Ultimate Outcome ==		== Ultimate Outcome ==


			Former FTX CEO Sam Bankman-Fried is facing accusations of orchestrating a major fraud, but he has pleaded not guilty. Most of FTX's customers and investors who are facing losses have not been named in the hearings, but high-profile individuals like American football star Tom Brady, his former wife Giselle Bündchen, and New England Patriots owner Robert Kraft were mentioned in court filings. FTX filed for bankruptcy protection in November, with an estimated $8 billion of customer funds missing. Bankman-Fried has been accused of misappropriating customer funds to pay debts and make investments<ref name=":8" />.

	Sam Bankman-Fried, the former crypto billionaire at the center of this scandal, is now facing the largest-ever pretrial bond, set at $250 million. The conditions for his release include wearing an electronic monitoring bracelet, undergoing mental health counseling, and restricting his travel to certain U.S. districts.		Sam Bankman-Fried, the former crypto billionaire at the center of this scandal, is now facing the largest-ever pretrial bond, set at $250 million. The conditions for his release include wearing an electronic monitoring bracelet, undergoing mental health counseling, and restricting his travel to certain U.S. districts.

Azoundria: Another 30 minutes complete. Additional sources merged in.

2023-10-16T18:52:54Z

Another 30 minutes complete. Additional sources merged in.

@@ Line 88: / Line 88: @@
 |Bahamas Asset Control
 |The Bahamas takes control of FTX assets held there.
 |-
 |December 9th, 2022 2:45:10 PM MST
@@ Line 100: / Line 108: @@
 |Bail Denied
 |Sam Bankman-Fried is reportedly denied bail<ref name="unusualwhalestwitter-11689" />.
 |-
 |December 22nd, 2022
@@ Line 211: / Line 251: @@
 "Bankman-Fried’s bail dwarfs other federal white-collar bonds. Bernie Madoff posted a $10 million bond while awaiting trial on his multibillion-dollar Ponzi scheme. Jeff Skilling, former Enron CEO, posted a $5 million bond, while Elizabeth Holmes, Theranos founder, posted a scant $500,000."
 == Total Amount Recovered ==
@@ Line 216: / Line 262: @@
 The total amount recovered is still being determined. A recent court ruling has allowed FTX to start selling and staking assets in order to repay creditors<ref name="coindesk-11725" />.
 == Ongoing Developments ==