# FTX

> FTX was a global cryptocurrency exchange founded in 2019 by Sam Bankman-Fried and Gary Wang. It offered spot and derivatives trading before filing for Chapter 11 in November 2022 after customer funds were misappropriated. Its present work centers on recovering assets and distributing cash to creditors, rather than operating an exchange.

- **Founded:** 2019
- **Headquarters:** Nassau, The Bahamas (historical operating headquarters)
- **Founders:** Sam Bankman-Fried (Co-founder and former CEO), Gary Wang (Co-founder and former CTO)
- **Products:** Spot cryptocurrency trading, Derivatives, options and volatility products, Leveraged tokens and prediction markets, OTC desk, FTT
- **Notable:** Reported more than one million users in July 2021., Raised a US$400 million Series C at a US$32 billion valuation in January 2022., Bankruptcy court confirmed its reorganization plan on October 7, 2024.

## Products & services

- **Spot cryptocurrency trading** — Historical exchange service for buying and selling digital assets; no longer operating.
- **Derivatives, options and volatility products** — Historical professional trading and hedging products, including futures; no longer operating.
- **Leveraged tokens and prediction markets** — Historical products offering packaged leveraged exposure and event-linked trading.
- **OTC desk** — Historical service for negotiated cryptocurrency trades outside the public order book.
- **FTT** — Historical exchange token associated with fee discounts; Alameda’s concentrated FTT holdings became a focus of scrutiny in November 2022.
- **Customer claims portal** — Current portal used in the creditor recovery process, including verification and distribution onboarding.

## Achievements

- Reported more than one million users in July 2021.
- Raised a US$400 million Series C at a US$32 billion valuation in January 2022.
- Bankruptcy court confirmed its reorganization plan on October 7, 2024.
- Announced a fifth creditor distribution of approximately US$900 million for July 31, 2026.

## Latest updates

- **2026-07** — July 17 announcement scheduled approximately US$900 million in a fifth distribution for July 31; stated cumulative distributions of 105% for allowed Class 5A and 5B claims and 120% for Class 7, subject to eligibility and requirements.
- **2025-01** — Chapter 11 plan became effective January 3, shifting the focus to creditor distributions.
- **2024-10** — U.S. bankruptcy court confirmed the reorganization plan on October 7.
- **2024-03** — Sam Bankman-Fried was sentenced to 25 years in prison for fraud and related crimes on March 28.

## Links

- Website: https://ftx.com/
- LinkedIn: https://www.linkedin.com/company/ftx/
- Twitter/X: https://x.com/FTX_Official
- GitHub: https://github.com/ftexchange
- Instagram: https://www.instagram.com/ftx_official/
- Facebook: https://www.facebook.com/ftx.official

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Profile page: https://yespress.io/ftx
Published by YesPress — https://yespress.io
Last updated: 2026-10-16