#FTXrepayment FTX was a cryptocurrency exchange founded in 2019 by Sam Bankman-Fried (SBF) and Gary Wang. It quickly became one of the largest and most influential crypto platforms, known for offering innovative trading products. However, in November 2022, FTX collapsed due to financial mismanagement and fraud, leading to one of the biggest scandals in cryptocurrency history.

Rise of FTX

Founded in 2019 by Sam Bankman-Fried and Gary Wang.

Quickly gained popularity due to advanced trading features, derivatives, and leveraged tokens.

Bankman-Fried became a billionaire and one of the most influential figures in crypto.

FTX secured high-profile sponsorships, including deals with the Miami Heat (FTX Arena) and celebrity endorsements.

Collapse of FTX (November 2022)

Reports surfaced that Alameda Research, a trading firm founded by SBF, had billions in FTX's native token (FTT) and was using it as collateral.

This raised concerns about FTX’s financial stability, leading to a bank run as users rushed to withdraw funds.

FTX halted withdrawals, revealing a $8+ billion shortfall due to missing customer funds.

It was later revealed that FTX had misused customer deposits to