CryptoF

FTX

FTX is a centralized cryptocurrency exchange (CEX) headquartered in The Bahamas and founded by Sam Bankman-Fried and Gary Wang in 2019. On November 11th, 2022, FTX filed for Chapter 11 bankruptcy and appointed a new CEO, Jon Ray. Sam Bankman-Fried stepped down as CEO amid accusations of mishandling $10 billion in FTX customer funds by transferring them from the exchange to his hedge fund, Alameda Research, to help fund floundering operations

Example

“Millions of crypto traders lost access to their funds when FTX collapsed in November 2022, serving as a harsh reminder of the risks of keeping assets on centralized exchanges rather than in self-custody wallets.”