ftx: What happened to the world’s largest cryptocurrency exchange FTX? A timeline

After FTX’s spectacular collapse rocked a sector expected to revolutionize finance, Sam Bankman-Fried shattered the Bahamas’ reputation as a country that effectively regulates digital asset businesses.

It all began when FTX Founder Sam Bankman-Fried selected prime land in the Bahamas for the organization’s new headquarters seven months earlier.

From a seaside café on the north coast of the archipelago, Stefen Deleveaux of the Caribbean Blockchain Alliance remarked, “Crypto would be our way out. We could interact with the global economy in ways we couldn’t before.”

It added, “A lot of my work has been destroyed — and that’s because of Sam Bankman-Fried.” One of the most prominent cryptocurrency meltdowns, FTX, filed for bankruptcy on Friday after traders dumped $6 billion from the site in just 72 hours had taken off and rival exchange Binance had scrapped a potential bailout deal.

ETMarkets Explainer: The Rise and Fall of Crypto Exchange FTX

ETMarkets Explainer: The Rise and Fall of Crypto Exchange FTX

Venture capital firms like Sequoia Capital and possibly more than 1 million creditors are suffering significant losses as a result of the collapse of FTX, which at one point had a market value of $32 billion.

After moving from Hong Kong, FTX settled in the Bahamas, one of the richest countries in the Caribbean, just over a year ago. The Bahamas relied heavily on cryptocurrencies to shift away from offshore banking, which has largely shifted to other territories such as the Cayman Islands.

According to Jack Blum, a defense attorney and senior counsel for the Tax Justice Network advocacy group, the Bahamas was “looking for other options, and here came crypto.”

frequently asked Questions

Who is the newly appointed CEO of FTX?

J. Ray III has been named FTX’s new CEO after co-founder Sam Bankman-Fried stepped down from his post.

What is Sam Bankman Fried’s current net worth?

CEO Sam Bankman-Fried’s net worth, previously reported at $32 billion, shrank, according to Forbes.

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