FTX Collapse event
Overview
The FTX collapse was the November 2022 failure of Sam Bankman-Fried's cryptocurrency exchange, triggered after a CoinDesk report revealed that affiliated trading firm Alameda Research held much of its balance sheet in FTX's own FTT token, sparking a run on deposits. FTX filed for Chapter 11 bankruptcy on 11 November 2022, with prosecutors saying more than $8 billion in customer funds had gone missing. Bankman-Fried was convicted of fraud and sentenced in March 2024 to 25 years in prison, with an $11 billion forfeiture order.
Within the DeFi Intel graph, FTX Collapse connects to 1 tracked entity, most strongly to Serum.
Relations
Top connections in the DeFi Intel knowledge graph (confidence-weighted, 1 of 1 total).
| Relation | Connected entity | Confidence |
|---|---|---|
replaced_by | Serum | 85% |
Frequently asked questions
What triggered the FTX collapse?
A CoinDesk article published November 2, 2022 revealed that Alameda Research's balance sheet was heavily composed of FTX's own FTT token, prompting a loss of confidence and a customer run on the exchange.
When did FTX file for bankruptcy?
November 11, 2022, when FTX filed for Chapter 11 protection in the United States.
Who ran FTX after the bankruptcy filing?
Sam Bankman-Fried resigned and John J. Ray III, a restructuring specialist, took over as chief executive to oversee the bankruptcy.
Sources
Facts on this page were verified against the following sources.