FTX Exchange’s Historic Collapse Timeline

FTX’s Downfall: A Timeline of Events:

Nov. 2 – The collapse of FTX is tied, in part, to its close association with Alameda Research, a crypto hedge fund also founded by Bankman-Fried.

Nov. 6 – In response to the revelations, Binance CEO Changpeng Zhao announces the sale of the company’s holdings in FTT, totaling $580 million.

The massive sell-off triggers a broader panic, akin to a bank run, leading FTX to halt customer withdrawals due to a lack of funds.

Nov. 8 – FTX agrees to be acquired by Binance, the exchange whose executive played a role in the preceding sell-off.

Nov. 9 – Binance backs out of the acquisition deal citing concerns over mishandled customer funds and ongoing investigations.

Nov. 10 – Bahamian financial regulators freeze FTX’s assets amid suspicions of mishandled customer funds.

Nov. 11 – FTX files for Chapter 11 bankruptcy protection as Bankman-Fried steps down as CEO.

Nov. 12 – Reports surface that FTX lent customer deposits to Alameda Research, raising further questions about their relationship.

Nov. 14 – Federal prosecutors in New York launch an investigation into FTX over potential securities law violations.

Nov. 16 – House lawmakers call on Bankman-Fried, Alameda, and Binance executives to testify in a congressional hearing.

Nov. 17 – Incoming CEO John Ray describes the situation as an unprecedented failure of corporate controls.

Dec. 12 – Bankman-Fried is arrested in the Bahamas on multi-count fraud charges.

Dec. 13 – The U.S. SEC formally charges Bankman-Fried with defrauding investors.