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FTX
FTX Trading Ltd., commonly known as FTX (short for "Futures Exchange") is a bankrupt company that formerly operated a cryptocurrency exchange and crypto hedge fund. The exchange was founded in 2019 and, at its peak in July 2021, had over one million users and was the third-largest cryptocurrency exchange by volume. FTX is incorporated in Antigua and Barbuda and headquartered in the Bahamas. FTX is closely associated with FTX.US, a separate exchange available to US residents. Since 11 November 2022, FTX has been in Chapter 11 bankruptcy proceedings in the US court system. Public concern began when a November 2022 ''CoinDesk'' article stated that FTX's partner firm Alameda Research held a significant portion of its assets in FTX's native token (FTT). Following this revelation, rival exchange Binance's CEO Changpeng Zhao announced that Binance would sell its holdings of the token, which was quickly followed by a spike in customer withdrawals from FTX. FTX was unable to meet the dem ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bankruptcy Of FTX
The bankruptcy of FTX is the ongoing liquidation of Bahamas-based cryptocurrency exchange FTX, beginning in November 2022. The collapse of FTX, caused by a liquidity crisis of the company's token, FTT, served as the impetus for its bankruptcy. Prior to its collapse, FTX was the third-largest cryptocurrency exchange by volume and had over one million users. On 2 November 2022, ''CoinDesk'' published an article stating that Alameda Research, a trading firm affiliated with FTX and owned by FTX chief executive Sam Bankman-Fried, held a significant amount of FTX's exchange token, FTT. Following the allegations, Binance—a competing cryptocurrency exchange and a prior investor in FTX—announced it would sell its FTT, leading the market price of the token to crash. The move also triggered a spike in withdrawals from FTX, causing the exchange to freeze withdrawals and creating a liquidity crisis. On 8 November, Binance signed an offer to acquire FTX, but then withdrew the offer. On 11 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sam Bankman-Fried
Samuel Benjamin Bankman-Fried (born March 6, 1992), also known by the initialism SBF, is an American suspected fraudster, entrepreneur, investor, and former billionaire. Bankman-Fried was the founder and CEO of the cryptocurrency exchange FTX and associated trading firm Alameda Research, both of which experienced a high-profile collapse resulting in chapter 11 bankruptcy in late 2022. Prior to FTX's collapse, Bankman-Fried was ranked the 41st richest American in the ''Forbes 400'', and the 60th richest person in world by ''The World's Billionaires''. His net worth peaked at $26 billion. By November 11, 2022, amid the bankruptcy of FTX, the ''Bloomberg Billionaires Index'' considered his net worth to have been reduced to zero. Before his wealth had evaporated, Bankman-Fried was a major donor to political campaigns, donating mostly to Democratic candidates (while unverifiably claiming to have channeled "dark money" to Republican candidates) and claimed that he planned to spend p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alameda Research
Alameda Research was a cryptocurrency Proprietary trading, trading firm, co-founded in September 2017 by Sam Bankman-Fried and Tara Mac Aulay. In November 2022, FTX, Alameda's sister cryptocurrency exchange, experienced a solvency crisis, and both FTX and Alameda filed for Chapter 11 Bankruptcy, Chapter 11 bankruptcy. That same month, anonymous sources told ''The Wall Street Journal'' that FTX had lent more than half of its customer's funds to Alameda, a decision that the sources said Bankman-Fried described as a poor judgment call. This was explicitly forbidden by FTX's terms-of-service. On 12 November 2022, ''The Wall Street Journal'' reported that anonymous sources had said that Alameda CEO Caroline Ellison said that she, Bankman-Fried and other senior FTX officials were aware of that decision. Activities As a quantitative trading firm specializing in cryptocurrencies, Alameda's strategies included arbitrage, market making, yield farming, and trading Volatility (finance), ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Caroline Ellison
Caroline Ellison (born 1994) is an American former business executive and quantitative trading, quantitative trader. She is the former Chief executive officer, CEO of Alameda Research, the trading firm affiliated with the cryptocurrency exchange FTX (company), FTX. According to an anonymous source cited by the ''Wall Street Journal'' in November 2022, Alameda Research owed $10 billion to FTX. The source said FTX had lent the trading firm money from customer funds at FTX. Ellison was terminated from her position after FTX and Alameda filed for bankruptcy. In December 2022, Ellison pleaded guilty to two counts of wire fraud, two counts of conspiracy to commit wire fraud, conspiracy to commit securities fraud and conspiracy to commit money laundering. Early life and education Ellison was born in Boston and grew up in nearby suburbs Cambridge, Massachusetts, Cambridge and Newton Corner, Massachusetts, Newton. She is the eldest of three daughters of Glenn Ellison, Glenn and Sara F ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gary Wang (executive)
Gary Wang is an American businessperson, best known for his former role as an executive at cryptocurrency firm FTX. Before co-founding FTX with Sam Bankman-Fried, he worked at Google Flights, building system for aggregating prices over millions of flights. Prior to FTX's collapse, he was ranked the 227th richest American in the ''Forbes 400'', and the 431st richest person in the world by ''The World's Billionaires''. Early life and education Wang grew up in New Jersey and graduated in 2011 from Cherry Hill High School East. He attended USA/Canada Mathcamp, where he met his future classmate and cofounder Sam Bankman-Fried. After high school, he attended the Massachusetts Institute of Technology, where he studied mathematics and computer science. At MIT, he was a member of Epsilon Theta, a coed fraternity. Career At FTX, he served as chief technology officer. He was the second-largest shareholder of FTX at the time of the collapse of the company. On December 18, 2022, Wang pl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Binance
Binance is a cryptocurrency exchange which is the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands. Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software. Binance was initially based in China, but later moved its headquarters out of China shortly before the Chinese government imposed regulations on cryptocurrency trading. In 2021, Binance was put under investigation by both the United States Department of Justice and Internal Revenue Service on allegations of money laundering and tax offenses. The UK's Financial Conduct Authority ordered Binance to stop all regulated activity in the United Kingdom in June 2021. In 2021, Binance shared client data, including names and addresses, with the Russian government. History 2013–2017: company beginnings and move out of China CEO Changpeng Zhao had previously founded Fusion Syst ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
CoinDesk
''CoinDesk'' is a news site specializing in bitcoin and digital currencies. ''CoinDesk'' also provides guides to bitcoin for those new to digital currencies. Founded by Shakil Khan, the site was subsequently acquired by Digital Currency Group. History ''CoinDesk'' was founded by entrepreneur Shakil Khan and began publishing in May 2013. Khan is also an investor in BitPay, a bitcoin payment processor. At the start of 2016, ''CoinDesk'' was acquired by Digital Currency Group for an estimated . The next year, in 2017, the company acquired blockchain data and research platform Lawnmower. In 2021 the company acquired cryptocurrency data analytics firm TradeBlock. In December 2017, CoinDesk established ''CoinDesk'' Korea in collaboration with the 22nd Century Media Co., subsidiary of Hankyoreh Co., Ltd. to provide blockchain news service in South Korea. In November 2022, ''CoinDesk'' reported that FTX's partner firm Alameda Research held a significant portion of its assets in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cryptocurrency Exchange
A cryptocurrency exchange, or a digital currency exchange (DCE), is a business that allows customers to trade cryptocurrencies or digital currencies for other assets, such as conventional fiat money or other digital currencies. Exchanges may accept credit card payments, wire transfers or other forms of payment in exchange for digital currencies or cryptocurrencies. A cryptocurrency exchange can be a market maker that typically takes the bid–ask spreads as a transaction commission for its service or, as a matching platform, simply charges fees. Some brokerages which also focus on other assets such as stocks, like Robinhood_(company), Robinhood and eToro, let users purchase but not withdraw cryptocurrencies to Cryptocurrency wallet, cryptocurrency wallets. Dedicated cryptocurrency exchanges such as Binance and Coinbase do allow cryptocurrency withdrawals, however. Operation A cryptocurrency exchange can typically send cryptocurrency to a user's personal cryptocurrency wallet. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cryptocurrency Exchange
A cryptocurrency exchange, or a digital currency exchange (DCE), is a business that allows customers to trade cryptocurrencies or digital currencies for other assets, such as conventional fiat money or other digital currencies. Exchanges may accept credit card payments, wire transfers or other forms of payment in exchange for digital currencies or cryptocurrencies. A cryptocurrency exchange can be a market maker that typically takes the bid–ask spreads as a transaction commission for its service or, as a matching platform, simply charges fees. Some brokerages which also focus on other assets such as stocks, like Robinhood_(company), Robinhood and eToro, let users purchase but not withdraw cryptocurrencies to Cryptocurrency wallet, cryptocurrency wallets. Dedicated cryptocurrency exchanges such as Binance and Coinbase do allow cryptocurrency withdrawals, however. Operation A cryptocurrency exchange can typically send cryptocurrency to a user's personal cryptocurrency wallet. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Changpeng Zhao
Changpeng Zhao (), commonly known as "CZ", is a Chinese-Canadian business executive. Zhao is the co-founder and CEO of Binance, the world's largest cryptocurrency exchange by trading volume as of July 2022. CZ was born in Jiangsu, China and moved to Canada at a young age with his family. He is currently based in Singapore. According to ''Bloomberg Billionaires Index'', Zhao was ranked the 136th-richest person in the world, with a net worth estimated at $13.1 billion as of December 2022. Early life and education Zhao was born in China's Jiangsu province. In the late 1980s, when he was 12 years old, he moved with his family to Canada, settling in Vancouver, British Columbia. His parents were both teachers in China. His father worked as a university instructor before he was branded a "pro-bourgeois intellect" and exiled to rural areas shortly after Zhao's birth. In his teenage years, Zhao helped support his family by working a number of service jobs, including at a McDonald's. Zh ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cryptocurrency
A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it. It is a decentralized system for verifying that the parties to a transaction have the money they claim to have, eliminating the need for traditional intermediaries, such as banks, when funds are being transferred between two entities. Individual coin ownership records are stored in a digital ledger, which is a computerized database using strong cryptography to secure transaction records, control the creation of additional coins, and verify the transfer of coin ownership. Despite their name, cryptocurrencies are not considered to be currencies in the traditional sense, and while varying treatments have been applied to them, including classification as commodities, securities, and currencies, cryptocurrencies are generally viewed as a distinc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cryptocurrencies
A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ..., to uphold or maintain it. It is a decentralized system for verifying that the parties to a transaction have the money they claim to have, eliminating the need for traditional intermediaries, such as banks, when funds are being transferred between two entities. Individual coin ownership records are stored in a digital ledger, which is a computerized database using strong cryptography to secure E-commerce, transaction records, control the creation of additional coins, and verify the transfer of coin ownership. Despite the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
