FTX Trading Ltd., commonly referred to as FTX (short for "Futures Exchange"), is a defunct enterprise that once operated a cryptocurrency exchange and crypto hedge fund. Originally established in 2019 by Sam Bankman-Fried and Gary Wang, the platform reached its pinnacle in July 2021 with over one million users, positioning itself as the third-largest cryptocurrency exchange globally in terms of volume. FTX, headquartered in the Bahamas and incorporated in Antigua and Barbuda, is closely linked to FTX.US, a separate exchange catering to U.S. residents. Starting from November 11, 2022, FTX has been navigating Chapter 11 bankruptcy proceedings within the U.S. legal system. Concerns heightened when a November 2022 CoinDesk article exposed that FTX's partner company Alameda Research held a considerable share of its assets in the native token (FTT). This revelation triggered actions like Binance's CEO Changpeng Zhao announcing the sale of Binance's token holdings, resulting in a surge of customer withdrawals from FTX. However, FTX struggled to accommodate the increased withdrawal demands. In an effort to assist customers in recovering their assets promptly, Binance initially expressed interest in acquiring FTX, signing a letter of intent. Yet, Binance later withdrew its offer citing concerns over mishandled customer funds and ongoing U.S. agency investigations. Subsequently, on December 12, 2022, FTX founder Sam Bankman-Fried was arrested by Bahamian authorities for financial misconduct at the request of the U.S. government. Presently, FTX is under the leadership of CEO John J. Ray III, specializing in recuperating funds from failed corporations. Ray criticized the previous management, characterizing the situation as an unprecedented failure of corporate controls and trustworthy financial information.

FTX - Wikipedia