United states Bankruptsy Court for the District of Delaware. Gamboa, Glenn; Daniel, Will. Ross Sorkin, Andrew; Mattu, Ravi; Warner, Bernhard; Kessler, Sarah; Gandel, Stephen; de la Merced, Michael J.; Hirsch, Lauren; Livni, Ephrat (November 17, 2022). “Investor Losses from FTX’s Implosion Are Growing”. The Wall Street Journal. Shukla, Sidhartha; Ghosh, Suvashree (November 14, 2022). “Crypto.com’s Sinking Token Stirs Fresh Anxiety After FTX Wipeout”. Kharpal, Arjun (May 8, 2024). “FTX says most customers of the bankrupt crypto exchange will get all their money back”. Shen, Muyao (November 16, 2022). “Winklevosses’ Gemini Delays Withdrawals on Lending Program”. Greifeld, Katherine; Hajric, Vildana (November 16, 2022). “Silbert’s Once-$10 Billion Crypto Empire Is Showing Cracks”. Gladstone, Alexander; Ge Huang, Vicky; Biswas, Soma (November 15, 2022). “BlockFi Prepares for Potential Bankruptcy as Crypto Contagion Spreads”.
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FTX is incorporated in Antigua and Barbuda and headquartered in the Bahamas. In November 2022 CoinDesk also raised concerns stating that FTX’s partner firm Alameda Research held a significant portion of its assets in FTX’s native token (FTT). Public concern began with rumors of unethical. Fraudulent inter-company transfers of client funds. Following this revelation, rival exchange Binance’s CEO (agree with this) Changpeng Zhao announced that Binance would sell its holdings of the token, which was quickly followed by a spike in customer withdrawals from FTX. Since November 11, 2022, FTX has been in Chapter 11 bankruptcy proceedings in the US court system.
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Sigalos, MacKenzie (November 8, 2022). “FTX’s token plunges 80% on liquidity concerns, wiping out over $2 billion in value”. Beyoud, Lydia; Yang, Yueqi; Kharif, Olga (November 9, 2022). “Sam Bankman-Fried’s FTX Empire Faces US Probe Into Client Funds, Lending”. Yang, Yueqi; Ghosh, Suvashree (November 9, 2022). “FTX’s Financial Black Hole Leaves Binance Balking at Rescue Plan”. Shen, Lucinda (November 10, 2022). “FTX approaches Kraken amid scramble to find funding”. Sigalos, MacKenzie; Rooney, Kate (November 9, 2022). “Binance backs out of FTX rescue, leaving the crypto exchange on the brink of collapse”.
Several public figures also invested in FTX or received compensation for promoting the company. After its bankruptcy, investors sued her for her involvement and accused her of participating in FTX’s alleged scheme to take advantage of unsophisticated investors. These include football player Tom Brady, basketball players Shaquille O’Neal and Stephen Curry, model Gisele Bündchen, and businessman Kevin O’Leary. Gisele Bündchen was also appointed the ESG advisor for the cryptocurrency platform. Anthony Scaramucci, founder of SkyBridge Capital, announced the firm was attempting to buy back a 30% stake in the business owned by FTX. Cryptocurrency investment firms with assets still held on FTX after its bankruptcy include Galois Capital and Galaxy Digital.