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FTX (company)
FTX Trading Ltd., trading as FTX (Futures Exchange), is a Bankruptcy of FTX, bankrupt company that formerly operated a cryptocurrency exchange and crypto hedge fund. The exchange was founded in 2019 by Sam Bankman-Fried and Gary Wang (American businessman), Gary Wang and collapsed in 2022 after massive fraud perpetrated by Bankman-Fried and his partner Caroline Ellison forced the company to file for Chapter 11 bankruptcy. At its peak in July 2021, the company had over one million users and was the third-largest cryptocurrency exchange by volume. As of November 2022, FTX was the third-largest digital currency exchange boasting an active trading volume of US$10 billion and a valuation of $32 billion. 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 November 11, 2022, FTX has been in Chapter 11 bankruptcy proceedings in the US court system. Public concern began ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Privately Held Company
A privately held company (or simply a private company) is a company whose Stock, shares and related rights or obligations are not offered for public subscription or publicly negotiated in their respective listed markets. Instead, the Private equity, company's stock is offered, owned, traded or exchanged privately, also known as "over-the-counter (finance), over-the-counter". Related terms are unlisted organisation, unquoted company and private equity. Private companies are often less well-known than their public company, publicly traded counterparts but still have major importance in the world's economy. For example, in 2008, the 441 list of largest private non-governmental companies by revenue, largest private companies in the United States accounted for $1.8 trillion in revenues and employed 6.2 million people, according to ''Forbes''. In general, all companies that are not owned by the government are classified as private enterprises. This definition encompasses both publ ... [...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, let users purchase but not withdraw cryptocurrencies to cryptocurrency wallets while dedicated cryptocurrency exchanges do allow cryptocurrency withdrawals. Operation A cryptocurrency exchange can typically send cryptocurrency to a user's personal cryptocurrency wallet. Some can convert digital currency balances into anonymous prepaid cards which can be used to withdraw ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bloomberg News
Bloomberg News (originally Bloomberg Business News) is an international news agency headquartered in New York City and a division of Bloomberg L.P. Content produced by Bloomberg News is disseminated through Bloomberg Terminals, Bloomberg Television, Bloomberg Radio, '' Bloomberg Businessweek'', '' Bloomberg Markets'', Bloomberg.com, and Bloomberg's mobile platforms. Since 2015, John Micklethwait has been editor-in-chief. History Bloomberg News was founded by Michael Bloomberg and Matthew Winkler in 1990 to deliver financial news reporting to Bloomberg Terminal subscribers. The agency was established in 1990 with a team of six people. Winkler was first editor-in-chief. In 2010, Bloomberg News included more than 2,300 editors and reporters in 72 countries and 146 news bureaus worldwide. Beginnings (1990–1995) Bloomberg Business News was created to expand the services offered through the terminals. According to Matthew Winkler, then a writer for ''The Wall Street Jo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Changpeng Zhao
Changpeng Zhao ( zh, s=赵长鹏, p=Zhào Chángpéng), commonly known as CZ, is a Chinese-born Canadian businessman. Zhao is the co-founder and former CEO of Binance. He resigned as the CEO in November 2023 after pleading guilty to a money laundering charge in the United States and was sentenced to four months in prison in April 2024 and completed his sentence by September of the same year. According to ''Forbes'', Zhao was ranked the 24th-richest person in the world, and second-richest Canadian overall, with a net worth estimated at $64.8billion On April 7, 2025, he was appointed by Pakistan Ministry of finance as a strategic advisor to Pakistan crypto council. He will guide look-over and promote Crypto and blockchain technology in the country On May 3, 2025, he was appointed as an advisor to the President of the Kyrgyzstan, Kyrgyz Republic, Sadyr Japarov, on the development of digital assets. Early life and education Zhao was born in Lianyungang in China's Jiangsu, Jiang ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Binance
Binance Holdings Ltd., branded Binance, is the largest cryptocurrency exchange in terms of daily trading volume of cryptocurrencies. Binance was founded in 2017 by Changpeng Zhao, a developer who had previously created high-frequency trading software. Binance was initially based in China, then moved to Japan shortly before the Chinese government restricted cryptocurrency companies. Binance subsequently left Japan for Malta and currently has no official company headquarters. Binance has been the subject of lawsuits and challenges from regulatory authorities throughout its history. As a result, Binance has been banned from operating or ordered to cease operations in some countries, and has been issued fines. 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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alameda Research
Alameda Research was a cryptocurrency trading firm, co-founded in September 2017 by Sam Bankman-Fried and Tara MacAulay. In November 2022, FTX, Alameda's sister cryptocurrency exchange, experienced a solvency crisis, and both FTX and Alameda filed for Chapter 11 bankruptcy. That same month, anonymous sources told ''The Wall Street Journal'' that FTX had lent more than half of its customers' funds to Alameda, which was explicitly forbidden by FTX's terms-of-service. At Bankman-Fried's trial, Alameda CEO Caroline Ellison testified that she was one of Bankman-Fried's main accomplices in channeling FTX customer funds into Alameda's coffers. In December 2022, Ellison pleaded guilty to two counts of wire fraud and five conspiracy counts involving wire, securities and commodities fraud and money laundering, in relation to her activities at Alameda Research and FTX. History Foundation In November 2017, Sam Bankman-Fried co-founded Alameda Research as a quantitative trading firm ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
CoinDesk
''CoinDesk'' is a news site specializing in bitcoin and digital currencies. Founded by Shakil Khan, the firm also provides guides to bitcoin for those new to digital currencies. Seven years after being acquired by Digital Currency Group, it was purchased in November 2023 by Bullish. 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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Client Funds
Security segregation or client funds, in the context of the securities industry, refers to regulatory rules requiring that customer assets held by a financial institution (generally a brokerage firm) be held separate from assets of the brokerage firm itself in a segregated account and that there is no commingling. Thus, for example, in the United States the law (in particular, the SEC's customer protection rule, Rule 15c3-3) generally requires that a broker must take steps to hold separately, in separate (segregated) accounts on the broker's books, securities it holds for its customers from securities of the broker itself. The purpose of the rule is: a) to limit the broker's use of customer securities to support the broker's own business activities; and b) to facilitate the prompt return of customer securities in the event of the broker's insolvency. In many jurisdictions segregated accounts cannot be used to pay creditors during a broker's liquidation and must be returned to the cu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Bahamas
The Bahamas, officially the Commonwealth of The Bahamas, is an Archipelagic state, archipelagic and island country within the Lucayan Archipelago of the Atlantic Ocean. It contains 97 per cent of the archipelago's land area and 88 per cent of its population. It comprises more than 3,000 islands, cays and islets in the Atlantic Ocean, and is located north of Cuba and north-west of the island of Hispaniola (split between the Dominican Republic and Haiti) and the Turks and Caicos Islands, southeast of the U.S. state of Florida and east of the Florida Keys. The Capital city, capital and largest city is Nassau, The Bahamas, Nassau on the island of New Providence. The Royal Bahamas Defence Force describes the Bahamas' territory as encompassing of ocean space. The Bahama islands were inhabited by the Arawak and Lucayan people, Lucayans, a branch of the Arawakan-Taino language, speaking Taíno, for many centuries. Christopher Columbus was the first European to see the islands, making ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Antigua And Barbuda
Antigua and Barbuda is a Sovereign state, sovereign archipelagic country composed of Antigua, Barbuda, and List of islands of Antigua and Barbuda, numerous other small islands. Antigua and Barbuda has a total area of 440 km2 (170 sq mi), making it one of the smallest countries in the Caribbean. The country is mostly flat, with the highest points on Antigua being in the Shekerley Mountains and on Barbuda the Barbuda Highlands, Highlands. The country has a tropical savanna climate, with pockets of tropical monsoon in Antigua's southwest. Its most populated city is St. John's, Antigua and Barbuda, St. John's, followed by All Saints, Antigua and Barbuda, All Saints and Bolans. Most of the country resides in the corridor between St. John's and English Harbour. Bounded by the Atlantic Ocean on the east and the Caribbean Sea on the west, Antigua and Barbuda is located within the Leeward Islands moist forests, Leeward Islands moist forest and Leeward Islands xeric scrub ecoregions ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chapter 11 Bankruptcy
Chapter 11 of the United States Bankruptcy Code ( Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. In contrast, Chapter 7 governs the process of a liquidation bankruptcy, though liquidation may also occur under Chapter 11; while Chapter 13 provides a reorganization process for the majority of private individuals. Chapter 11 overview When a business is unable to service its debt or pay its creditors, the business or its creditors can file with a federal bankruptcy court for protection under either Chapter 7 or Chapter 11. In Chapter 7, the business ceases operations, a trustee sells all of its assets, and then distributes the proceeds to its creditors. Any residual amount is returned ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
