cointelegraph.com Open in urlscan Pro
104.18.197.52  Public Scan

Submitted URL: https://email.analystratings.net/ls/click?upn=u001.7RjXfIT3OfAFKf43JSVGoXfl24Q28bAjC6OejcaQbb4MrT0ynz1K5Grjs2EGHeMLxmHwVB8gO0oL-2...
Effective URL: https://cointelegraph.com/news/ftx-bankruptcy-crypto-exchange-anniversary?utm_source=rss_feed&utm_medium=rss&utm_campaign=...
Submission: On November 18 via api from BE — Scanned from US

Form analysis 3 forms found in the DOM

<form novalidate="novalidate" class="py-4 rounded-xl newsletter-subscription-form_k9oQq" data-ct-widget="newsletter-subscription-form">
  <p class="!mt-0 text-xs font-semibold leading-4 text-fg-primaryDefault ps-4 pb-1 sm:text-sm newsletter-subscription-form-enjoy_uvMCq">Explore more articles like this</p>
  <p class="!mt-0 text-base font-semibold leading-5 text-fg-inverted ps-4 pb-1 sm:text-lg newsletter-subscription-form-title_7jvjJ">Subscribe to the Markets Outlook newsletter</p>
  <p class="!mt-0 text-xs leading-4 text-[#98A4AA] ps-4 pe-1 pb-3 newsletter-subscription-form-description_wtZv+">Get critical insights to spot investment opportunities, mitigate risks, and refine your trading strategies. Delivered every Monday</p>
  <div class="flex me-3 newsletter-subscription-form-image_FGyNw">
    <div class="relative self-end flex justify-end items-start w-20 sm:w-28 h-0 sm:h-28"><img src="https://s3.cointelegraph.com/storage/uploads/view/9eae0e798df83a1530d957f23cb4573e.svg" decoding="async" fetchpriority="high" loading="lazy"
        class="absolute sm:static bottom-0 h-20 w-20 sm:w-28 sm:h-28" pinger-seen="true"></div>
  </div>
  <fieldset class="inline-flex px-4 flex-col gap-2 sm:gap-2 sm:flex-row sm:items-center newsletter-subscription-form-fieldset_FaYGX"><input placeholder="Email Address" name="email" type="email"
      class="flex-grow py-2 ps-3 pe-2 outline-none border border-[#48575D] rounded-lg bg-bg-invertedStrong text-base text-white placeholder-[#66747C]g disabled:bg-transparent disabled:text-[#98A4AA] hover:outline-none newsletter-subscription-form-input_HCPZH focus:border-border-primaryMuted"><button
      type="submit" class="flex items-center justify-center min-w-48 shrink-0 bg-fg-primaryDefault hover:bg-fg-primaryStrong dark:text-black rounded-lg px-4 py-2 text-uiMDefault gap-2 gap-none" data-ct-theme="dark"><!----><span
        class="capitalize">Subscribe</span></button></fieldset>
  <p class="!mt-2 mx-4 inline-flex text-[#98A4AA] text-xs newsletter-subscription-form-tos_lBW2V">By subscribing, you agree to our <a target="_blank" href="/terms-and-privacy">Terms of Services and Privacy Policy</a></p><!---->
</form>

<form novalidate="novalidate" data-testid="footer-subscription-form" class="footer-subscription-form mb-6 md:mb-8 mx-5 tablet:mx-0" data-v-ed1b37b6="">
  <div class="footer-subscription-form__wrp" data-v-ed1b37b6=""><label for="footer-subscription-form-input" data-testid="footer-subscription-form-label" class="visually-hidden" data-v-ed1b37b6=""> Email Address </label><input
      id="footer-subscription-form-input" type="email" placeholder="Email" data-testid="footer-subscription-form-input" value="" class="input footer-subscription-form__input" data-v-ed1b37b6=""><button type="submit"
      data-testid="footer-subscribe-submit-button" class="btn footer-subscription-form__btn" data-v-ed1b37b6=""> Subscribe </button></div><!---->
</form>

<form autocomplete="off" data-testid="search-input-mobile-submit" class="container header-mobile-search-form" data-v-66e3094c=""><button type="submit" class="btn header-mobile-search-form__btn" data-v-66e3094c=""><span class="btn__wrp"
      data-v-66e3094c=""><span class="btn header-mobile-search-form__magnifier-icon" data-v-66e3094c=""></span></span></button><label class="header-mobile-search-form__label" data-v-66e3094c=""><input placeholder="Search" type="text" name="query"
      data-testid="search-input-mobile" autocomplete="off" autofocus="autofocus" value="" class="input header-mobile-search-form__input" data-v-66e3094c=""></label><button class="btn header-mobile-search-form__btn" data-v-66e3094c=""><span
      class="btn__wrp" data-v-66e3094c=""><span class="btn header-mobile-search-form__cross-icon" data-v-66e3094c=""></span></span></button></form>

Text Content

$

BTC $90,771 +0.42% ETH $3,113 -0.01% BNB $626 +0.96% SOL $238 +9.00% XRP $1.09
-0.61% TON $5.32 -3.81%
Ad

 * 
   English
 * Advertise
 * About

News
Bitcoin
Ethereum
Altcoins
Blockchain
Business
Policy & Regulations
AI
NFTs
DeFi
Adoption
Markets
Market News
Market Analysis
Top 10 Cryptocurrencies
Calculator
Heatmap
Rankings
Price Indices
Memecoins
Crypto Exchanges
Magazine
People
Top 100 2023
Top 100 2022
Top 100 2021
Top 100 2020
Opinion
Expert Take
Interview
Learn
Research
Crypto Bonus
Podcasts

Ad
Turner Wright
Nov 11, 2024


FTX FILED FOR BANKRUPTCY 2 YEARS AGO — WHAT’S HAPPENING NOW?

The exchange’s creditors haven’t been made whole yet despite a judge approving a
plan and sentencing for former executives is nearing an end.

7049 Total views
2 Total shares
Listen to article
3:00

News
COINTELEGRAPH IN YOUR SOCIAL FEED
Follow ourSubscribe on

 * 
 * 
 * 
 * 
 * 
 * 
 * 
 * 

On Nov. 11, 2022, then-FTX CEO Sam Bankman-Fried resigned, handing the company’s
reins to John Ray, who filed for Chapter 11 bankruptcy protection in the United
States. That day marked the beginning of the end for what was one of the world’s
most prominent crypto exchanges. 

US authorities charged Bankman-Fried and four of his associates with fraud. FTX
users and creditors saw billions of dollars worth of funds locked out of their
reach in an exchange they weren’t sure would ever be able to repay them. Ray
reported that the firm represented an “utter failure of corporate controls at
every level of an organization,” later comparing its operations to a “dumpster
fire.”

In addition to FTX’s impact on millions of users and its employees, lawmakers
and business leaders began using the crypto exchange as an example of the most
egregious of illicit practices. The company declared bankruptcy amid a crypto
market downturn that turned public opinion away from the industry as token
prices crashed and companies filed for Chapter 11. 

Exactly two years after that fateful day at FTX, the price of Bitcoin BTC
$90,771 has risen to an all-time high of more than $87,000. The US is still
reeling from the results of an election in which many candidates were supported
by crypto political action committees that sought to oust lawmakers working
against their interests, spending about $134 million.


ADVERTISEMENT

EXPERIENCE THE MAGIC OF WAGMI MIAMI ON JAN. 21-24 – THE BIGGEST BLOCKCHAIN EVENT
IN AMERICA – GET YOUR TICKETS NOW!

Ad


PRISON TIME AND REPAYMENTS FOR CUSTOMERS

There have been consequences for Bankman-Fried and his crew. The former FTX CEO
was convicted of seven felony counts and sentenced to 25 years in prison, though
his legal team has filed an appeal. 

Out of the other former FTX and Alameda Research executives who pleaded guilty
to charges, only one — engineering director Nishad Singh — was sentenced to time
served for his role in the misuse of customer funds. Others, including Caroline
Ellison and Ryan Salame, are expected to serve years behind bars. Gary Wang, one
of the exchange’s co-founders, is scheduled to be sentenced on Nov. 20.

Related: FTX bankruptcy estate files $1.8B lawsuit against Binance, CZ

In bankruptcy court, a federal judge approved a reorganization plan in October
that may allow FTX’s debtors to repay 98% of users about 119% of their claimed
account value. The scheme would reimburse the exchange’s customers for the value
of their digital assets at the time of bankruptcy and not consider gains in the
price of BTC and other tokens.

FTX’s estate is still going after funds allegedly misappropriated by
Bankman-Fried and others in political contributions, locked in accounts by other
exchanges and through investment deals with firms like SkyBridge Capital. Former
Alameda co-founder Sam Trabucco was forced to surrender $70 million, properties,
and a yacht to the estate as part of a settlement with the debtors.

Magazine: Can you trust crypto exchanges after the collapse of FTX?

Explore more articles like this

Subscribe to the Markets Outlook newsletter

Get critical insights to spot investment opportunities, mitigate risks, and
refine your trading strategies. Delivered every Monday


Subscribe

By subscribing, you agree to our Terms of Services and Privacy Policy


 * #Business
 * #Bankruptcy
 * #Court
 * #Crimes
 * #Sam Bankman-Fried
 * #FTX


2 1 1 1 1 1 1
Read more
 * Starknet will increase TPS 4X and reduce fees 5X within 3 months: CEO
 * ad
   Interoperability pushed to new heights on Polkadot with protocol launch
 * Trump policies could take DeFi, BTC staking mainstream — RedStone co-founder

Ad
Editor’s Choice
 * Senator Lummis says Treasury should convert gold for Bitcoin reserve
 * ‘DOGE’ could increase economic freedom in US — Coinbase CEO 
 * Saylor doubts $60K Bitcoin retrace, BTC ETF options, and more: Hodler’s
   Digest, Nov. 10 – 16
 * XRP price retreats 20% after hitting a multiyear high — Is the top in?
 * BTC price 'issues' include $70K dip despite Bitcoin whale accumulation

Cointelegraph YouTube Subscribe

Ad
Ad
Ad
Advertise with us
Ad Take back your safety in Web3

Web3 Antivirus does not endorse any content or product on this button. While we
aim at providing you with all important information that we could obtain,
readers should do their own research before taking any actions related to the
company and carry full responsibility for their decisions.

News
 * Bitcoin
 * Blockchain
 * Ethereum
 * Altcoins
 * Business
 * Policy & Regulations
 * AI
 * NFTs
 * DeFi
 * Adoption

Features
 * Top 100 2023
 * Top 100 2022
 * Top 100 2021
 * Top 100 2020
 * Magazine
 * Analysis
 * Opinion
 * Hodler’s Digest
 * Expert Take
 * Top 10 Cryptocurrencies
 * Market Analysis
 * Interview

Market Tools
 * Market News
 * Bitcoin Price Index
 * Ethereum Price Index
 * Bitcoin Cash Price Index
 * Litecoin Price Index
 * Ripple Price Index
 * Monero Price Index
 * Memecoins
 * Heatmap
   Partner
 * Calculator
 * Solana RPC

Learn
 * Learn
 * History of Crypto

Industry
 * Research
 * Podcasts
 * Press Releases
 * Events
 * Cointelegraph Accelerator
 * Changelly
   Partner
 * Switchere
   Partner
 * iGaming

About us
 * Franchise
 * Advertise
 * About
 * Widgets
 * Newsletters
 * Contacts

Are you a journalist or an editor? Join us
 * 
 * 
 * 
 * 
 * 
 * 

MOBILE APPS

COINTELEGRAPH NEWSLETTER
Email Address Subscribe
Cointelegraph covers fintech, blockchain and Bitcoin bringing you the latest
crypto news and analyses on the future of money.
FOLLOW US
 * 
 * 
 * 
 * 
 * 
 * 

Terms of services and Privacy policy
© Cointelegraph 2013 - 2024


Cointelegraph.com uses Cookies to ensure the best experience for you.

Accept