FTX
Bankrupt cryptocurrency exchange founded by Sam Bankman-Fried
- Entries
- 12
- On the record
- 11
- Stories
- 1
- Latest entry
- Jun 12, 2026
The record
FTX was a crypto trading platform based in The Bahamas, co-founded by Sam Bankman-Fried, that raised more than $1.8 billion from equity investors starting in 2019, according to the SEC. It filed for Chapter 11 protection in the United States on November 11, 2022, together with Alameda Research and about 130 affiliated companies, and John J. Ray III replaced Bankman-Fried as chief executive to run the wind-down.
Regulators and prosecutors moved within weeks. The SEC sued Bankman-Fried in December 2022, alleging FTX customer funds were diverted to Alameda, as federal prosecutors and the CFTC filed parallel charges; former Alameda chief Caroline Ellison and FTX co-founder Gary Wang were charged days later and cooperated. A Manhattan jury convicted Bankman-Fried on all seven counts in November 2023, and he was sentenced to 25 years and ordered to forfeit $11 billion.
The company also settled with regulators. In August 2024 a federal court in New York entered a consent order requiring FTX to pay $12.7 billion in restitution and disgorgement to customers and fraud victims, and the CFTC agreed to put its own claims behind theirs. In June 2026 the Second Circuit upheld Bankman-Fried's conviction and sentence; he has applied for a presidential pardon.
Roles and honours on the record
- 2019-2022 Crypto trading platform based in The Bahamas, co-founded by Sam Bankman-Fried source
- 2022- Debtor in U.S. Chapter 11 proceedings with Alameda Research and about 130 affiliates source
- 2024 Defendant, with Alameda Research, in a CFTC consent order entered by the U.S. District Court for the Southern District of New York source
Every entry, newest first
- Ruled
Judge John Dorsey approved FTX's bankruptcy wind-down plan, per Reuters. Investors sue Tom Brady, Gisele Bundchen over FTX promotion
- Ruled
A US court ordered FTX to pay $12.7 billion to customers, per the CFTC as reported by Reuters. Investors sue Tom Brady, Gisele Bundchen over FTX promotion
- Filed
Chief executive John J. Ray III declared under penalty of perjury a complete failure of corporate controls at FTX. Investors sue Tom Brady, Gisele Bundchen over FTX promotion
Stories in this file
The record, entry by entry
- 2022-11-11 Reported FTX.com, FTX US, Alameda Research and about 130 affiliates began voluntary Chapter 11 proceedings; Bankman-Fried resigned as CEO and John J. Ray III took over. CoinDesk report
- 2022-12-13 Filed The SEC charged Bankman-Fried with defrauding equity investors, alleging he diverted customer funds to Alameda Research while promoting FTX as a safe platform. Prosecutors and the CFTC filed parallel charges. SEC press release 2022-219
- 2022-12-21 Filed The SEC charged former Alameda CEO Caroline Ellison and FTX co-founder Gary Wang; both consented to settlements subject to court approval and were cooperating with the investigation. SEC press release 2022-234
- 2023-11-02 Ruled A jury in Manhattan federal court convicted Bankman-Fried on all seven counts, including wire fraud and conspiracy to commit money laundering. His lawyer said he maintained his innocence. CNBC report
- 2024-03-28 Ruled Judge Lewis Kaplan sentenced Bankman-Fried to 25 years in prison and ordered $11 billion in forfeiture. Prosecutors had sought 40 to 50 years. TechCrunch report
- 2024-05-28 Ruled Ryan Salame, former CEO of FTX's Bahamas subsidiary FTX Digital Markets, was sentenced to 7.5 years after pleading guilty to campaign finance violations and operating an unlicensed money transmitter. Fortune report
- 2024-08-08 Ruled The court entered a consent order requiring FTX to pay $12.7 billion, $8.7 billion in restitution and $4 billion in disgorgement, and found it violated the Commodity Exchange Act. CFTC press release 8938-24
- 2024-11-20 Ruled Gary Wang, who testified against Bankman-Fried, was sentenced to time served and three years of supervised release, the fifth and final former FTX employee sentenced over the exchange's collapse. NBC Los Angeles report
- 2026-06-12 Ruled A unanimous Second Circuit panel upheld Bankman-Fried's seven-count conviction and 25-year sentence, rejecting his argument that he was wrongly barred from presenting evidence that he believed FTX had enough funds to cover customer withdrawals. Al Jazeera report