updated 09 Mar 2023

The FTX Collapse Explained

FTX is a cryptocurrency derivatives exchange founded by Sam Bankman-Fried and Gary Wang in 2019. The exchange offers a variety of trading products, including futures, options, and leveraged tokens, for a wide range of cryptocurrencies.

FTX has gained popularity in the cryptocurrency community due to its innovative product offerings and competitive fee structure. The exchange has also secured partnerships with various companies and sports teams, including the Miami Heat and Major League Baseball (MLB), to increase its brand recognition and user base.

In addition to the exchange, FTX has also launched a range of additional products and services, including a decentralized exchange (DEX) called Serum and a tokenized equity trading platform called FTX US. The company has received significant investment from various venture capital firms and strategic partners, including Binance, Coinbase Ventures, and Sino Global Capital.