Post by Barrina on Mar 3, 2023 3:58:58 GMT -3
FTX Collapse’s Sequence of Events
The following is a recap of the events that led to FTX’s failure, bankruptcy filing, and its former CEO’s jailing and extradition to the United States to face a series of criminal and civil charges.
FTX COLLAPSE TIMELINE—2022
Nov. 6: Rival exchange Binance sells all FTT tokens.
Nov. 7: FTX announces liquidity crisis, seeks bailout from venture capitalists, then Binance.
Nov. 8: Binance says it will buy FTX’s non-U.S. business.
Nov. 9: Binance walks away from FTX acquisition after conducting due diligence.
Nov. 10: The Bahamas freezes assets of FTX’s subsidiary there; Bankman-Fried admits non-U.S. businesses’ liquidity crisis, says affiliate Alameda Research to wind down.
Nov. 11: Bankman-Fried steps down as FTX CEO, is replaced by a court-appointed CEO with restructuring experience. FTX files for Chapter 11 bankruptcy protection.
Nov. 12: FTX reports an alleged hack, suspected to be up to $477 million, and moves its digital assets to cold storage for security reasons.
Nov. 18: The Bahamas takes control of FTX assets held there.
Dec. 12: Bankman-Fried is arrested by Bahamian authorities. He’s later extradited to the U.S.
Dec. 22: Bankman-Fried is released on a $250 million bond, the largest in history, by a federal judge.
The following is a recap of the events that led to FTX’s failure, bankruptcy filing, and its former CEO’s jailing and extradition to the United States to face a series of criminal and civil charges.
FTX COLLAPSE TIMELINE—2022
Nov. 6: Rival exchange Binance sells all FTT tokens.
Nov. 7: FTX announces liquidity crisis, seeks bailout from venture capitalists, then Binance.
Nov. 8: Binance says it will buy FTX’s non-U.S. business.
Nov. 9: Binance walks away from FTX acquisition after conducting due diligence.
Nov. 10: The Bahamas freezes assets of FTX’s subsidiary there; Bankman-Fried admits non-U.S. businesses’ liquidity crisis, says affiliate Alameda Research to wind down.
Nov. 11: Bankman-Fried steps down as FTX CEO, is replaced by a court-appointed CEO with restructuring experience. FTX files for Chapter 11 bankruptcy protection.
Nov. 12: FTX reports an alleged hack, suspected to be up to $477 million, and moves its digital assets to cold storage for security reasons.
Nov. 18: The Bahamas takes control of FTX assets held there.
Dec. 12: Bankman-Fried is arrested by Bahamian authorities. He’s later extradited to the U.S.
Dec. 22: Bankman-Fried is released on a $250 million bond, the largest in history, by a federal judge.