Timeline of FTX

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This page is about a topic potentially related to FTX, Alameda Research, Sam Bankman-Fried, or the FTX Future Fund. Other content on this wiki has been compensated by the Future Fund Regranting Program that used funds from the FTX Future Fund. These funds likely came from the FTX Foundation that was funded partly or wholly by money made by FTX, Alameda Research, or Sam Bankman-Fried. As such, there is a theoretical possibility of conflict of interest.
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This is a timeline of FTX, a bankrupt company that formerly operated a cryptocurrency exchange and crypto hedge fund.

Sample questions

The following are some interesting questions that can be answered by reading this timeline:

  • What events and developments characterize the journey of the FTX team and its key individuals?
    • Sort the full timeline by "Event type" and look for the group of rows with value "Team".
    • You will see a list of events describing the journey of the FTX team and key individuals. Information includes significant milestones such as resignations, team appointments, leadership changes, partnerships, financial contributions, and philanthropic initiatives.
  • What companies have been launched in relation to FTX?
    • Sort the full timeline by "Event type" and look for the group of rows with value "Company launch".
    • You will see a summary offering a chronological overview of the launch events associated with FTX and its related entities.
  • What are the key management-related events and relocations involving FTX and its subsidiaries?
    • Sort the full timeline by "Event type" and look for the group of rows with value "Management".
    • You will find a timeline of management-related events for FTX, including relocations and changes in headquarters.
  • What notable events are associated with FTX's product offerings, tokens, and trading activities?
    • Sort the full timeline by "Event type" and look for the group of rows with value "Product".
    • You will see events related to FTX's product launches, tokens, and trading activities. This includes launch and performance of the FTT token, the introduction of various products such as tokenized equities and futures, and announcements related to specific tokens like UBXT, and FTX's involvement in the NFT space.
  • What are the key acquisitions made by FTX?
    • Sort the full timeline by "Event type" and look for the group of rows with value "Acquisition".
    • You will see details such as the entities involved and developments associated with each acquisition.
  • How did FTX secure funding throughout its development, and what were the key details of each funding round?
    • Sort the full timeline by "Event type" and look for the group of rows with value "Funding".
    • You will see a chronological list of funding events related to FTX, including details such as the date of each funding round, the amount raised, the valuation reached, and notable investors involved.
  • What partnership initiatives did FTX engage throughout its history?
    • Sort the full timeline by "Event type" and look for the group of rows with value "Partnership".
    • You will see FTX's strategic partnerships and collaborations with various entities, including those in the crypto trading and other industries.
  • How did FTX perform in terms of trading volume, financial success, and user base?
    • Sort the full timeline by "Event type" and look for the group of rows with value "Growth".
    • You will see a list of events detailing FTX's performance in those metrics.
  • What are some notable legal events and procedures associated with FTX?
    • Sort the full timeline by "Event type" and look for the group of rows with value "Legal".
    • You will see a list of events highlighting legal challenges and regulatory actions involving FTX, including dismissed lawsuits, cease-and-desist orders, state investigations, and charges against key individuals associated with the company.
  • Other events are described under the following types: "Background", "Charity", "Controversy", "External acquisition", "Financial", "Financial assistance", "Investment", "Marketing", and "Bussiness shutdown".

Big picture

Time period Development summary More details
2019 – 2021 Launch and rapid ascent In its initial phase, FTX, founded by Sam Bankman-Fried and Gary Wang, experiences a rapid ascent, securing significant funding and notable partnerships, such as a sponsorship deal with the Mercedes Formula 1 team. This culminates in a dominant position within the cryptocurrency exchange landscape. [1]
2022 Expansion and erosion of trust This period witnesses FTX's expansion and increasing controversies. Notable events include multiple funding rounds, high-profile partnerships like the naming rights for the Miami Heat's arena, and emerging concerns regarding Alameda Research's dependency on FTX's native token.[1]
November 2022 - present Collapse and aftermath A leaked balance sheet triggers a crisis of confidence, leading to FTX's suspension of operations, bankruptcy filing, and investigations into potential financial misconduct. Legal proceedings ensue. Reports of customer funds disappearance, regulatory probes, and a severe liquidity crisis unfold, culminating in the arrest of Sam Bankman-Fried in December 2023.[1]

Key statistics

The table below shows rounded out figures illustrating the evolution of FTX throughout the years.[2]

Year Annual revenue (USD) Net income (USD) Users Peak trading volume (USD) Annual crypto exchange volume (USD)
2019 7,200,000 100,000 27,000,000,000
2020 85,000,000 17,000,000 1,000,000 7,000,000,000 385,000,000,000
2021 1,021,000,000 388,000,000 1,200,000 21,000,000,000 719,000,000,000

Investors

The table below shows FTX's investors, according to private market data provider PitchBook.[3]

Year Investors
2019 Tiger Global Management, Insight Partners, SoftBank Investment Advisors, Temasek, Telstra Ventures, Teachers Venture Growth, Steadview Capital Management, Redline DAO, Paradigm, New Enterprise Associates, Lightspeed Ventures, 500 Global, Binance Labs, Consensus Lab, FBG Capital, Galois Capital, Greylock Capital Management, Lemniscap, Race Capital, IVP, HOF Capital.
2020 Bitscale Capital, BR Capital, Evangelion Capital, Exnetwork Capital, Genblock Capital, Insignius Capital, Pantera Capital.
2021 BlackRock, Tom Brady, Gisele Bundchen, Samsung NEXT Ventures, Sequoia Capital, Coinbase Ventures, Base10 Partners, Astronaut Capital, AGE Crypto, Vetamer Capital, Senator Investment Group, Sea Capital, Paradigm, Meritech Capital Partners, ICONIQ Growth, Third Point Ventures, Thoma Bravo, Kevin O'Leary, Willoughby Capital, Digital Currency Group, Third Point, Tribe Capital, Bond Capital, Standard Investments, Circle , Ribbit Capital, Multicoin Capital, Mayfield, 6ixth Event, Abstract Ventures, Alan Howard, Altimeter Capital Management, Bond, Schoeneck & King, DHVC, Israel Englander, Mark VC.
2022 Temasek, SoftBank Vision Fund 2, Ontario Teachers Pension Plan, K5 Global, MiH Ventures, Mint Ventures, NKB Ventures, Signum Capital, Alchemy Ventures, Lux Capital, Fenrir, Claritas Capital, Hard Yaka, Early Capital Group, Chapter One Ventures, One Block Capital, Chainfund Capital, A'Z Angels, Allied Investors Group, ArkStream Capital.

Full timeline

Inclusion criteria

We include:

  • Events spanning from preludial times, towards complications leading to the FTX crisis in late 2022.
  • Events describing FTX related entities mostly Alameda Research.

We do not include:

Year Month and date (approximately) Entity Event type Details
1992 March 6 Sam Bankman-Fried Team Samuel Benjamin Bankman-Fried is born in Stanford, California, to Barbara Fried and Joseph Bankman, both law professors from Stanford University. SBF would be raised the midst of a strong philosophy of utilitarianism.[4]
2010 Sam Bankman-Fried Team SBF pursues physics at the Massachusetts Institute of Technology, sharing a room with Gary Wang. Nine years later, Wang would become the co-founder of FTX.[5]
2014 Sam Bankman-Fried Team SBF graduates at the Massachusetts Institute of Technology with a bachelor's degree in physics and a minor in mathematics.[4]
2014 June Team SBF initiates a three-year tenure as a trader at the quantitative trading firm Jane Street. During this period, he encounters individuals who later would ascend to senior roles at FTX and play pivotal roles in its eventual downfall. Notably, among them is Caroline Ellison, Bankman-Fried's on-and-off girlfriend at the time, who later becomes the CEO of Alameda Research.[5][6]
2015 Gary Wang Team Gary Wang graduates with a Bachelor's degree in math and computer science.[7]
2017 June Nishad Singh Team Nishad Singh graduates from University of California, Berkeley.[8]
2017 September Team SBF quits Jane Street Capital and moves to Berkeley, California.[9]
2017 November Alameda Research Team SBF, along with co-founder Tara Mac Auley, establishes the cryptocurrency trading company Alameda Research in Berkeley, California.[10]
2018 January Alameda Research Team SBF organizes an arbitrage operation, moving up to $25 million a day, to take advantage of the higher price of bitcoin in Japan compared to the price in the United States. This arbitrage opportunity allows Alameda Research to win $20 million in a single day.[4]
2019 April Dotcom Silo Company launch Dotcom Silo is founded in Hong Kong by SBF, Gary Wang, and Nishad Singh.
2019 April Alameda Research Team Tara Mac Auley and the entire management team steps down from Alameda Research, attributing their decision to "100 small things" perceived as missteps by SBF, as mentioned in Michael Lewis' book "Going Infinite — The Rise and Fall of a New Tycoon." Following their departure, Mac Auley and other team members establish Lantern Ventures, a trading firm managing approximately $400 million in assets.[5]
2019 May 8 FTX Company launch SBF and Gary Wang set up FTX Trading Ltd.[11] The company is incorporated in Antigua and Barbuda.[2] It is founded by SBF as a centralized crypto exchange that specializes in derivatives and leveraged products. FTX is an abbreviation of "Futures Exchange". This exchange that initially worked within the structure of Alameda Research.[4]
2019 May 8 FTX Product FTT, the native token of FTX, is launched. Initially trading at around $1.20, its value would quadruple by the end of 2020.[12] At launch, FTT has a total supply of 350 million tokens, with 175 million reserved for FTX's treasury, gradually unlocking over three years. Similar to BNB, FTT would operate on a deflationary model, reducing its supply over time, potentially driving demand for the remaining tokens. FTX would employ a token burning mechanism where it purchases FTT from the market and burns a portion weekly. The burning would include tokens equivalent to one-third of all fees generated on FTX’s markets, 10% of gains from its backstop liquidity fund, and 5% of fees from other areas on the FTX platform.[12]
2019 August 6 FTX Funding FTX raises $8m in its seed funding round, attracting major investors including Proof-of-Capital, Consensus Lab, FBG and Galois Capital.[13] By this time, FTX’s trading volume reaches $1 billion per day.[5]
2019 October FTX Product FTX launches an index of eight popular China-related cryptocurrencies, as well as futures contracts based on the index. The Dragon Perpetual Futures Index (DRGN-PERP) tracks a basket of coins including BTM, IOST, NEO, NULS, ONT, QTUM, TRX, and VET, based on a weighted average of their respective prices. FTX offers traders exposure to the coins through perpetual futures contracts, which can be leveraged up to 101 times. By this time FTX, which is based in Antigua and Barbuda, has a history of offering unconventional indices, including the Shitcoin Perpetual Futures Index in August. The launch of DRGN-PERP follows Chinese President Xi Jinping's recent call for the adoption of blockchain technology across a range of sectors, which caused a surge in interest in Chinese blockchain and tech stocks.[14]
2019 November FTX Funding Series A. funding round. As part of a strategic partnership, Binance invests an undisclosed amount of money in FTX.[15] SBF states that “the investment will help accelerate the growth of FTX with support and strategic advisory from Binance while FTX maintains its independent operations.”[16]
2019 December 17 FTX External acquisition Binance CEO and founder Changpeng Zhao acquires a 20% stake in FTX by employing a mix of equity and long positions involving the exchange's FTT token.[5][17]
2019 December FTX Legal A United States district court in California dismisses a lawsuit brought against FTX for market manipulation and the sale of unlicensed securities. The lawsuit, filed by entity Bitcoin Manipulation Abatement LLC, sought $150 million in damages from FTX. The complaint also alleged that FTX ran an unlicensed money transmitting business with its OTC desk and accused the exchange of attempting to attack Binance. The court finds that the plaintiff failed to meet the requirements of the Federal Rules of Civil Procedure and dismisses the case with prejudice.[18]
2020 January FTX US Company launch West Realm Shires Inc. (also known as FTX US) is founded by SBF, Gary Wang, and Nishad Singh, as a crypto asset trading platform designed primarily for customers in the United States.[19][20]
2020 January FTX Product FTX introduces derivative tokens enabling users to speculate on the outcome of the US election. Assets like TRUMP and XRPBEAR contracts contribute to FTX's rise in rankings, positioning it just below BitMEX.[21]
2020 February FTX Product FTX launches a futures contract, called TRUMP-2020 (TRUMP), which allows users to monetize their predictions of the outcome of the 2020 United States presidential election. The TRUMP futures contract would expire at $1 if Donald Trump is re-elected, and at $0 if he is not. The contract would be settled based on projections from major media outlets if a candidate is deemed the winner before all states have released their official vote counts. At this time, trading on FTX is not available in the United States and the TRUMP futures contract cannot be traded by residents of the US, EU, UK, Hong Kong, Singapore, and other prohibited jurisdictions.[22]
2020 February FTX Growth FTX becomes the fifth largest exchange by volume, according to data from Alameda Research. The exchange is just below BitMEX, with $1.1 billion in reported and adjusted trading volume. Huobi Global ranks first, with $6.9 billion in adjusted volume, while OKEx, Binance, and BitMEX have $6.5, $4.2, and $3.7 billion in volume, respectively. FTX attributes its success to its screening methodology, which it claims filters out fake volume from other exchanges to provide a more accurate depiction of true trading volume.[23]
2020 March 2 FTX Controversy An attempt to manipulate the price of FTT on Binance through a pump-and-dump scheme is found. Pump-and-dump schemes involve artificially inflating the price of a cryptocurrency through coordinated buying, then selling off the coins at a higher price once the price has been driven up. These types of schemes are not uncommon in the cryptocurrency world and can be difficult to detect and prevent.[24]
2020 March 30 FTX Product Binance announces that it will delist all 25 of the FTX leveraged tokens due to a lack of understanding of how they work among many of its users. FTX leveraged tokens are ERC-20 tokens that allow traders to gain exposure to FTX's perpetual futures with up to 3x leverage. For every future on FTX, there are three leveraged tokens available: BULL for long positions, BEAR for short positions, and HEDGE for hedging against market direction. Binance will delist BULL, BEAR, ETHBULL, ETHBEAR, EOSBULL, EOSBEAR, BNBBULL, BNBBEAR, XRPBULL and XRPBEAR assets, and their trading pairs against USDT and BUSD. Binance invested "tens of millions" of dollars in FTX in December 2019.[25][26]
2020 April 22 FTX Product FTX launches oil futures contracts following the historic drop in the price of oil in the United States. The contracts would expire at the spot West Texas Intermediate (WTI) prices, plus $100 to protect against any negative settlement rate. However, FTX notes that "if the spot price of oil goes below minus $100, FTX OIL contracts can theoretically expire negative." To trade the crude oil futures on FTX, traders must clear level 1 Know Your Customer (KYC) checks, and are restricted if they are based in certain countries including the US, Canada, and the European Union.[27]
2020 May 26 FTX Partnership Coinbase Custody announces that it will provide primary custodian services for FTT. Coinbase Custody is chosen after its storage solution passed FTX's review and scrutiny, and it has affirmed its commitment to serving a range of institutional clients including exchanges, brokerages, and hedge funds. At this time, FTX is one of the largest exchange clients of Coinbase Custody. The announcement comes as FTX launched its new trading platform for US users, offering liquidity, leverage, and competitive fees on six coins: BTC, ETH, BCH, LTC, PAXG, and USDT.[28]
2020 July 28 FTX Service FTX introduces zero-confirmation transfers via Fireblocks. The latter, a digital asset security and transfer platform, launched its Deposit Acceleration Program, which aims to provide the fastest on-chain settlement times for the crypto buy-side. The program aims to bring new institutional trading volume to exchanges and accelerate on-chain trading operations for digital asset businesses. The first exchange to join the program is FTX. The program enables Fireblocks customers to deploy assets onto the FTX exchange in real-time with zero confirmations.[29][30]
2020 August 25 FTX Acquisition FTX acquires cryptocurrency portfolio tracking app Blockfolio, for $150 million.[31] FTX plans to collaborate with Blockfolio on a retail trading application. Blockfolio's portfolio tracker provides users with a broad overview of the direction of the cryptocurrency market by taking price feeds of major cryptocurrencies from hundreds of exchanges.[32] Notably, FTX finances 94% of the acquisition using its native FTT token, as reported by Bloomberg News.[33] It is through this app that FTX would acquire most of its mobile users.[2]
2020 September 6 Sam Bankman-Fried Team Chef Nomi, the creator of SushiSwap, a decentralized finance (DeFi) protocol, transfers control of the project to SBF. Nomi had faced criticism from the SushiSwap community after withdrawing $13 million from the project's liquidity pool on Uniswap. SBF tweeted his disapproval and called for Nomi to step down.[34]
2020 September 9 FTX Product FTX announces it will host the initial exchange offering (IEO) for the Upbots utility token, UBXT. Upbots is a Swiss trading platform that aims to provide a one-stop dashboard for both professional and amateur traders. It connects to centralized exchanges through APIs and decentralized exchanges through a partnership with DEX.AG, and also offers charting and risk management tools. The main business model for Upbots is a marketplace for trading signals, bots, and social copy trading, with users paying a subscription fee or commission based on their earnings. UBXT tokens can be used to subscribe to online learning courses and for parts of the platform, and can also be staked for discounts on subscription fees.[35]
2020 October 28 FTX Partnership FTX partners with crypto trading platform Hxro to launch TixWix, a trading product that allows users to play live odds on the crypto market. TixWix simplifies the process of trading crypto options by allowing traders to take positions based on live market odds. For example, if the market prices in a 33% chance that Bitcoin will finish the year above a certain price, a trader can take a position that will pay out 3x if correct. TixWix combines Hxro's front-end user experience with FTX's liquidity and backend technology, and is planned to be available in Asia-Pacific, EMEA, Oceania, and LatAm regions.[36]
2020 October 28 FTX Team The Wall Street Journal discloses that SBF is identified as the second-largest contributor to President Joe Biden's re-election campaign, having made contributions totaling $5.2 million.[37]
2020 October 29 FTX Product FTX launches tokenized equity trading on its platform through partnerships with German financial firm CM Equity AG and Swiss-based Digital Assets AG. This allows FTX users to trade and redeem equities that trade on the US stock market, including Facebook, Netflix, Tesla, Amazon, and the SPDR S&P 500 exchange-traded fund. The tokenized equity trading is open 24/7, unlike traditional equities markets, and allows users to trade fractions of the tokenized equities they purchase, similar to the trading app Robinhood. However, FTX's tokenized equity trading is not available in the United States and other restricted regions. The launch is significant for the blockchain and digital currency industry as it represents a step towards the digitization of traditional assets and securities on the blockchain.[38][39][40]
2020 November 3 Alameda Research Investment Alameda Research invests $3 million in 3Commas, a trading platform for retail investors. 3Commas was launched in 2017 in Estonia. By this time, the platform has 100,000 active traders and offers a range of pre-determined trading strategies through its bots, which allow users to leave their assets on autopilot and receive notifications when trades are completed.[41]
2020 November 5 Sam Bankman-Fried Team SBF donates $5.2 million to Joe Biden's presidential campaign. This contribution is part of a larger group of donations totaling $79.5 million from the top 100 CEO donors to Biden's campaign. Michael Bloomberg, co-founder of the financial and media company bearing his name, is the largest CEO contributor to the campaign, with a donation of $56 million.[42]
2020 November 16 FTX Product UpBots, a platform for traders, launches a staking program for its native token, UBXT. The program is exclusively provided by FTX and allows users to stake their UBXT tokens for a minimum of 10,000 tokens and a maximum of 1 million tokens. While their tokens are staked, users would receive an annual percentage return of 25% and have access to three trading algorithm bots, as well as other features included in UpBots' MVP. Token-based rewards are distributed on an hourly basis, with half of the annual percentage return being unlocked and the other half added to the locked amount. UpBots aims to become an all-in-one trading ecosystem, providing automated trading bots, customizable algorithms, a cross-platform cryptocurrency wallet, and support for CEX and DEX exchanges. It also allows users to develop their own algorithms and trading bots, which can be rented out to other traders.[43]
2020 December 14 FTX Background The Digital Assets and Registered Exchanges Act (‘DARE’ or the ‘Act’) comes into effect in The Bahamas. The legislation creates a legal definition for digital assets and a regulatory framework for digital asset businesses and digital asset activities permitted in the country.[44]
2020 Year round FTX Growth According to financial statements, FTX manages to generate an operating profit of $14.4 million on revenue of $89.9 million in the year, its first full year in business.[45]
2021 January 20 Alameda Research Investment Cape Town-based cryptocurrency exchange Ovex receives investment from Alameda Research. Founded in 2019, Ovex specializes in over-the-counter trading and arbitrage, offering South Africa's largest selection of digital asset markets. The company aims to improve the efficiency of the cryptocurrency market in South Africa and increase financial inclusivity. It has a monthly trading volume of $270m and a valuation of over ZAR1bn ($68m).[46]
2021 January 28 FTX Partnership FTX partners with blockchain company Circle, with the purpose to allow its users to make near-instant Automated Clearing House (ACH) payments in the United States using USDC stablecoins, which are pegged to the US dollar and issued by Circle. The payments would be available on the Ethereum and Solana blockchains. Circle and FTX also collaborate with financial data transfer network Plaid to enable quick customer bank account verification. This partnership allows cryptocurrency users to access traditional banking more easily and enables FTX customers to make a bank transfer and convert it into USDC for trading or other purposes without waiting for standard ACH transactions.[47]
2021 January 29 FTX Product FTX creates a new index called the Wall Street Bets Index, which follows the prices of several assets including GameStop (GME), AMC Entertainment (AMC), and Dogecoin (DOGE). The index trades as a futures contract with expiration on March 26, 2021 and is "cash settled vs the index of tokenized share markets on FTX." The index is made up of seven assets, each with a weight of 16.5% except for FTT, which has a weight of 1%. Its creation follows the recent rise in the price of these assets, which has been attributed to the Reddit group r/Wallstreetbets and their efforts to pump the prices of certain stocks.[48]
2021 February 1 FTX Product FTX adds tokenized stocks and futures for silver to its platform in response to the high demand for the precious metal.[49]
2021 February 24 Alameda Research Investment Alameda Research leads a $40 million investment round in Oxygen, a decentralized finance (DeFi) platform built on the Solana blockchain. Oxygen aims to make DeFi more accessible and user-friendly, similar to how Robinhood has made stocks more accessible to the general public.[50]
2021 March 4 Sam Bankman-Fried Team The Hurun Research Institute in China publishes a list of the top three "blockchain billionaires," with Brian Armstrong, CEO of Coinbase, in the top spot. SBF is newly added to the list and is in second place with a reported wealth of around $10 billion. Changpeng Zhao, CEO of Binance, is in third place on the list.[51]
2021 March 26 FTX Marketing/acquisition FTX secures the naming rights for the American Airlines Arena in Miami for $135 million. Known as the Kaseya Center at the time, the 19,000-capacity venue would be renamed FTX Arena on June 4, marking the first instance of a crypto business obtaining naming rights for a major U.S. professional sports venue. FTX and Miami-Dade County reach an agreement in principle for a 19-year partnership, subject to final approval by the Miami-Dade County Board of County Commissioners. This development highlights the increasing mainstream integration of the cryptocurrency industry, following similar moves by companies like Crypto.com partnering with sports teams.[52][53][54][55]
2021 May FTX US Team Brett Harrison, a former technology executive at Citadel Securities, assumes the role of president at FTX US.[56]
2021 June 4 FTX Partnership Esports organization TSM and FTX enter a $210 million, multi-year partnership deal. The agreement grants exclusive naming rights for TSM, later known as 'TSM FTX'.[57]
2021 June FTX Acquisition FTX takes over the rights of what was formerly known as the American Airlines Arena.[58]
2021 June 29 FTX Team NFL star Tom Brady and supermodel Gisele Bündchen reveal their collaboration with FTX. Brady assumes the role of brand ambassador, while Bündchen becomes FTX’s Environmental & Social Initiatives Advisor. According to author Michael Lewis, Brady received $55 million for 20 hours of work over three years, while Bündchen was compensated with $20 million.[59]
2021 July FTX Funding FTX raises 900 million dollars, reaching a valuation of more than $18 billion. More than 60 investors enter, including Softbank, Sequoia Capital and other companies.[60]
2021 July FTX Digital Markets Company launch FTX Digital Markets is formed in Bahamas, and is duly registered as a digital asset business under The Bahamas' Digital Assets and Registered Exchanges Act, 2020 (the "DARE Act").[61]
2021 July FTX Acquisition FTX signs a deal with an option to buy digital asset lender BlockFi for up to $240 million.[62]
2021 July FTX Funding FTX completes a funding round amounting to $900 million, marking the largest in the history of the cryptocurrency industry. As a result, FTX's valuation surges to $18 billion.[5]
2021 July FTX Growth FTX hits over one million users and becomes the third-largest exchange by volume. American subsidiary FTX US reaches up to $1 billion in daily volume.[5]
2021 July FTX Team SBF buys back Binance’s stake in FTX for $2.3 billion, ending their investment relationship, and seeking to provide more flexibility for FTX. This move comes amid regulatory challenges faced by Binance globally. SBF emphasizes FTX's cooperative approach with regulators, highlighting potential differences in how the two exchanges operate. Binance confirms the exit, stating they have "exited completely."[63][64]
2021 August FTX Acquisition FTX acquires LedgerX, positioning itself to offer derivative products in the United States.[64]
2021 August FTX Marketing SBF engages in extensive marketing, spending $210 million on the FTX logo in esports, $135 million to rename the Miami Heat's arena, and $17.5 million for naming rights to UC Berkeley's football field.[64]
2021 August Alameda Research Team At this time, SBF owns 90% of Alameda Research.[65]
2021 September 7 FTX Partnership Golden State Warriors and three-time NBA champion Stephen Curry joins FTX as a global ambassador, receiving an equity stake in FTX Trading Limited. Curry also enters into an agreement where he is reportedly paid $35 million for a commitment of 20 hours per year for three years. Additionally, FTX US and its NFT marketplace become the official cryptocurrency platform for the Golden State Warriors.[58][66][67]
2021 September 9 FTX Growth FTT token reaches an all-time high of $85. Subsequently, it would experience a decline and start 2022 trading at approximately $40.[12]
2021 September FTX Management FTX relocates from Hong Kong to the Bahamas following regulatory approval for its Bahamian subsidiary, FTX Digital Markets.[68] [69]
2021 September FTX Partnership FTX signs a sponsorship deal with Mercedes’ Formula 1 team.[70]
2021 September FTX Management SBF in Bahamas announces FTX Digital Markets Ltd registration with the Securities Commission of the Bahamas.[71]
2021 October 12 Alameda Research Team Caroline Ellison and crypto quant trader Sam Trabucco are appointed co-CEOs of Alameda.[72]
2021 October FTX Funding FTX receives $420 million in Series B-1 funding, reaching a valuation of $25 billion. Investors include the OTPPB, Tiger Global, and BlackRock.
2021 October 21 FTX Funding FTX's valuation reaches $25 billion with investments from notable entities such as Singaporean wealth fund Temasek and Tiger Global Management.[73]
2021 December 14 FTX Partnership A sponsorship deal of approximately $10 million is reported between FTX and the Golden State Warriors basketball team. This makes FTX the official cryptocurrency platform and NFT marketplace for the NBA team. The agreement covers international rights and includes Golden State NFT drops on the FTX platform starting in 2022. The Warriors had earlier released their own NFTs, becoming the first major US sports franchise to do so. As part of the partnership, FTX would promote its brand during Santa Cruz Warriors' G League matches and feature in virtual on-court inventory during the Warriors Gaming Squad’s NBA 2K League games.[74][75]
2022 January 14 FTX Ventures Company launch FTX reveals the establishment of FTX Ventures, a $2 billion investment division aimed at diversifying into industries like gaming, fintech, and healthcare.[76][77]
2022 January 26 FTX US Funding FTX US receives $400 million in Series A funding round, reaching a valuation of $8 billion.[78] Investors include Multicoin, Paradigm, Sequoia, SoftBank and Temasek.[79]
2022 January 31 FTX Funding FTX raises $400 million at a valuation of $32 billion. Investors include SoftBank.[80]
2022 February 11 FTX Service FTX unveils plans to introduce stock trading services for its US clientele.[81]
2022 February 14 FTX Marketing A Super Bowl commercial featuring comedian Larry David promotes FTX.[82]
2022 February FTX Service It is reported that FTX is creating a gaming division that would help developers add cryptocurrency, NFTs, and other blockchain-related assets into video games.[83]
2022 March 10 FTX Charity FTX announces the launch of the FTX Foundation, a charitable organization that would partner with organizations such as Effective Altruism, GiveWell, The Humane League, and OpenAI. FTX pledges to allocate 1% of its revenue from fees to the foundation. The foundation would allow the FTX community to vote on which issues, such as the pandemic, climate change, or global poverty, it should address. Sam Bankman-Fried states that the foundation is created in order to have a more official way to make a positive impact on the world through charitable donations.[84]
2022 March 22 FTX Acquisition FTX acquires Good Luck Games, the developer of the card battle game "Storybook Brawl," as part of its gaming push. The acquisition aligns with FTX's strategy to encourage game publishers to adopt cryptocurrencies through its new FTX Gaming division. Storybook Brawl features fairytale and mythical characters in a card-based auto-battler game. FTX aims to explore the intersection of non-fungible tokens (NFTs), crypto, blockchain, and gaming.[85]
2022 April FTX Product The Golden State Warriors drops its second NFT collection on the FTX NFT marketplace, commemorating its 2022 NBA playoffs performance.[58]
2022 May FTX US Management FTX US moves headquarters to Chicago.[86]
2022 May 26 Sam Bankman-Fried Charity/marketing Brazilian fashion model Gisele Bündchen, Lauren Remington Platt and SBF engage in a discussion on effective altruism, emphasizing the importance of making a positive impact. They delve into their chosen causes, explore the role of crypto in creating a better future, and reveal FTX's latest fashion campaign during the conversation.[87]
2022 May Sam Bankman-Fried Team The U.S. House of Representatives Committee on Agriculture conducts a hearing titled "Changing Market Roles: The FTX Proposal and Trends in New Clearinghouse Models." Witnesses, including SBF representing FTX US Derivatives, Terrence A. Duffy from CME Group, Walt Lukken from Futures Industry Association, Christopher Edmonds from Intercontinental Exchange, and Christopher Perkins from CoinFund Management LLC, provide insights into the FTX proposal and discuss evolving clearinghouse models in the market.[88][89]
2022 May FTX Product As of date, FTX has burned 17 million out of the 263 million FTT tokens in circulation.[12]
2022 June 1 Sam Bankman Fried Team SBF, with a fortune valued at $21 billion, signs the Giving Pledge, committing to give away the majority of his wealth for philanthropy. SBF's wealth primarily stems from his equity stake in FTX, valued at $32 billion after a $400 million fundraising round. Advocating for effective altruism, by this time SBF has a history of significant donations, including $12 million to Carrick Flynn's political campaign. To date, the FTX Foundation, FTX's philanthropic arm, has allocated $21.8 million to charity. The Giving Pledge, initiated by Bill and Melinda Gates and Warren Buffet in 2010, boasts 230 signatories worldwide, including Elon Musk and Mark Zuckerberg.[90][4]
2022 June 6 FTX Management SBF tweets:
Zig Zag and hiring:

why FTX is going to keep growing as others cut jobs.[91]

Later that month, FTX would lay off around 20 people, mostly in the Bahamas, according to people familiar with the matter, as "FTX required some to sign nondisclosure agreements."[45]
2022 June 20 Alameda Research Financial assistance Cryptocurrency broker Voyager Digital secures substantial loans from Alameda Research to navigate the market downturn. The line of credit includes a $200 million facility in a mix of cash and USD Coin, and a revolving credit facility for 15,000 bitcoin, totaling around $309 million. Both facilities expire on December 31, 2024, with a 5% annual interest rate. Voyager emphasizes using the loans to protect customer assets amid market volatility. The move follows industry challenges, with Bitcoin and Ether declining, and Voyager's stock down 91% in the year. SBF stresses the importance of larger companies supporting struggling cryptocurrency firms, while Voyager denies insolvency rumors.[92]
2022 June 21 FTX US Acquisition FTX US acquires Embed Financial Technologies, including its subsidiary Embed Clearing, a clearing firm with memberships in FINRA, DTC, NSCC, Nasdaq, and IEX. The acquisition aims to enhance FTX US's equities and ETF trading platform, FTX Stocks, allowing it to provide whitelabel brokerage services. The deal facilitates routing, executing, clearing, and custody for customer equities and options accounts through Embed's infrastructure. The acquisition aligns with FTX's goal to expand financial services for US customers.[93]
2022 July 1 FTX US Acquisition (failed) FTX US proposes a deal to acquire troubled crypto lender BlockFi for up to $240 million, but the arrangement collapses after FTX's later downfall.[94][95]
2022 July 6 Alameda Research Financial Voyager Digital declares bankruptcy, announcing it and its U.S. affiliates having commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of New York.[96] In its bankruptcy presentation, Voyager shows Alameda Research owes them $377 million.[97]
2022 August 19 FTX Legal The Federal Deposit Insurance Corporation (FDIC) issues a cease-and-desist order to FTX for making "false and misleading representations" about deposits being covered by FDIC insurance following FTX president Brett Harrison's tweet implying otherwise.[98] Following the regulatory action, Harrison would delete[99] the tweet and SBF would clarify in a tweet that FTX deposits are not insured by the FDIC.[100][101]
2022 August 24 Alameda Research Team (resignation) Alameda Research co-CEO Sam Trabucco announces his resignation on Twitter, leaving co-CEO Caroline Ellison as the sole CEO, and announces he will remain in the capacity of adviser.[102] Trabucco tweets:
I guess that's about it. My time at Alameda has been the most formative of my life. I've learned how to think, I've found out how far I can push myself, and I've been gifted the incredible experience of being in the trenches with lifelong friends -- and *winning*.[103]
2022 September 27 FTX US Management FTX US starts moving headquarters to Miami, just four months after inaugurating its Chicago office. SBF announces the move, emphasizing the importance of securing licenses for the company's various businesses as a primary focus. By this time, Miami has become a prominent hub for crypto companies in the U.S., driven by Mayor Francis Suarez's efforts to attract crypto businesses with favorable regulations and a lower tax burden. FTX's move to Miami follows its global headquarters shift from Hong Kong to the Bahamas in September, aligning with the company's goal to establish offices worldwide.[104]
2022 September 21 FTX Funding FTX negotiates with potential investors to raise up to US$1 billion in new funding that would keep the company’s valuation at roughly $32 billion. Investors include Singapore’s Temasek Holdings, SoftBank Vision Fund 2 and Tiger Global Management.[105]
2022 September 26 FTX Acquisition FTX successfully secures the bid to acquire the assets of Voyager Digital, a crypto lender that filed for bankruptcy in July. The winning bid by FTX US is valued at approximately $1.4 billion. The announcement leads to a 3.76% increase in the value of Voyager Token (VGX). Voyager Digital faces increased scrutiny for its business practices, especially regarding the protection of investors' deposits, and its bankruptcy filing revealed challenges, including a significant portion of its loan book tied to the bankruptcy of Three Arrows. FTX outbids Wave Financial in the acquisition, as reported on September 16 by CoinDesk.
2022 September 27 FTX US Team (resignation) FTX US President Brett Harrison resigns, due to a "protracted disagreement" with SBF and his inner circle. According to a post-bankruptcy report, Harrison's concerns are centered around the lack of proper delegation of authority, formal management structure, and key hires at FTX US, shedding light on internal issues that would contribute to the exchange's downfall.[106][107][108]
2022 October 14 FTX Legal Court filings reveal investigations by Texas state regulators into FTX and SBF for the sale of unregistered securities.[109]
2022 November FTX and all affiliated entities Bankruptcy A CoinDesk article on November 2 reveals that Alameda Research holds a significant amount of FTX's exchange token, FTT[110]. This disclosure leads to a withdrawal spike, leaving customers unable to retrieve their deposits. On November 11, FTX, Alameda Research, and over 100 affiliated entities file for bankruptcy, prompting SBF's resignation.[111] The FTX collapse has widespread implications on cryptocurrency markets, drawing parallels to major financial scandals and being labeled "one of the biggest financial frauds in American history" by federal prosecutors. The incident causes a ripple effect, notably contributing to Bitcoin's price hitting a two-year low. For more details, see Timeline of FTX collapse.
2022 December FTX and all affiliated entities Legal On December 12, authorities arrest SBF in the Bahamas, charging him with multiple offenses, including fraud. The following day, the US Attorney’s Office of the Southern District of New York announces an eight-count indictment against Bankman-Fried. Simultaneously on December 13, the SEC files a civil complaint, accusing him of fraud and misappropriation of customer funds. By December 19, SBF agrees to be extradited to the US. On December 22, he is released on a record-setting $250 million bond. The same day, the attorney’s office unseals guilty pleas from Caroline Ellison and Gary Wang, who admit to seven and four charges, respectively, agreeing to cooperate with prosecutors.[5] See Timeline of FTX collapse and Timeline of FTX trial.
2023 October–November Sam Bankman Fried Legal The trial of SBF is conducted. On November 2 he is convicted on seven federal counts, including two counts of wire fraud conspiracy, two counts of wire fraud, one count of conspiracy to commit money laundering, one count of conspiracy to commit commodities fraud, and one count of conspiracy to commit securities fraud. His sentencing is set for March 2024.[112] See Timeline of FTX trial.
2024 January 31 FTX Bussiness shutdown FTX announces it will not resume operations for its cryptocurrency exchange. Instead, the company plans to liquidate all its assets and refund the money to its customers.[112]

Meta information on the timeline

How the timeline was built

The initial version of the timeline was written by Sebastian Sanchez.

Funding information for this timeline is available.

Feedback and comments

Feedback for the timeline can be provided at the following places:

  • FIXME

What the timeline is still missing

  1. https://www.businessofapps.com/data/ftx-statistics/
  2. https://www.youtube.com/watch?v=2D5PcagsgDQ
  3. https://www.youtube.com/watch?v=LWq77i9mIRE
  4. Now-deleted Sequoia profile of FTX covers a lot of details about how it was founded
  5. https://forum.effectivealtruism.org/posts/KBw6wKDbvmqacbB5M/crypto-markets-ea-funding-and-optics
  6. https://80000hours.org/stories/sam-bankman-fried/
  7. https://conversationswithtyler.com/episodes/sam-bankman-fried/


Timeline update strategy

See also

External links

References

  1. ↑ 1.0 1.1 1.2 "Timeline: The rise and spectacular fall of FTX". Al Jazeera. Retrieved 14 February 2024. 
  2. ↑ 2.0 2.1 2.2 "FTX Revenue and Usage Statistics (2022)". Business of Apps. 13 October 2021. Retrieved 30 November 2022. 
  3. ↑ "Rise and fall of crypto exchange FTX". Reuters. 17 November 2022. Retrieved 6 December 2022. 
  4. ↑ 4.0 4.1 4.2 4.3 4.4 Academy, Bit2Me (22 November 2022). "Who is Sam Bankman-Fried?". academy.bit2me.com. Retrieved 6 December 2022. 
  5. ↑ 5.0 5.1 5.2 5.3 5.4 5.5 5.6 5.7 "SBF found guilty: A timeline of FTX, one of the worst failures in crypto history". DL News. Retrieved 14 December 2023. 
  6. ↑ "Sam Bankman-Fried". linkedin.com. Retrieved 14 December 2023. 
  7. ↑ "Gary Wang". Golden. Retrieved 28 February 2024. 
  8. ↑ "How FTX's Nishad Singh, Once an Honors Student, Turned to Crypto Crime". wsj.com. Retrieved 15 December 2023. 
  9. ↑ "Is Sam Bankman-Fried Gay? Does He Have Husband Or Wife ?". geniuscelebs.com. 13 November 2022. Retrieved 8 December 2022. 
  10. ↑ "'Manipulative' SBF led Alameda's co-founder to quit in 2018 — who is Tara Mac Aulay?". DL News. Retrieved 14 December 2023. 
  11. ↑ International, F. T. X. "FTX Celebrates Two-Year Anniversary". www.prnewswire.com. Retrieved 14 December 2023. 
  12. ↑ 12.0 12.1 12.2 12.3 "FTX Token". coindesk.com. Retrieved 26 February 2024. 
  13. ↑ "Crypto Derivatives Platform FTX Raises $8 Million in Seed Round". Financial and Business News | Finance Magnates. Retrieved 26 December 2022. 
  14. ↑ Palmer, Daniel (29 October 2019). "FTX Launches Futures on Index of 8 China Cryptos Amid Xi Blockchain Pump". www.coindesk.com. Retrieved 26 December 2022. 
  15. ↑ Foxley, William (20 December 2019). "Binance Invests Undisclosed Sum in Crypto Derivatives Platform FTX". www.coindesk.com. Retrieved 8 December 2022. 
  16. ↑ "Binance Announces Strategic Investment in Cryptocurrency Derivatives Exchange FTX". Binance Blog. Retrieved 8 December 2022. 
  17. ↑ "Binance Invests Undisclosed Sum in Crypto Derivatives Platform FTX". coindesk.com. Retrieved 14 December 2023. 
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  37. ↑ Francis, Theo (28 October 2020). "It's a Close Race for CEO Support, Too". Wall Street Journal. Retrieved 14 December 2023. 
  38. ↑ Thompson, Patrick (29 October 2020). "FTX launches tokenized equity trading". CoinGeek. Retrieved 27 December 2022. 
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  41. ↑ Wang, Doreen (3 November 2020). "Alameda Research Invests $3M in 3Commas Crypto Trading Platform". www.coindesk.com. Retrieved 28 December 2022. 
  42. ↑ "CEO of crypto derivatives exchange FTX donated $5M to Biden campaign". Cointelegraph. Retrieved 28 December 2022. 
  43. ↑ "FTX Launches UpBots (UBXT) Staking program | Bitcoinist.com". bitcoinist.com. 16 November 2020. Retrieved 28 December 2022. 
  44. ↑ "Bahamas: 15 FAQs on the digital assets and registered exchanges ('dare". www.iflr1000.com. Retrieved 8 December 2022. 
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  46. ↑ "Crypto Exchange Ovex Closes Strategic Investment From FTX And Is Now SA's Largest OTC - TechFinancials". techfinancials.co.za. 20 January 2021. Retrieved 28 December 2022. 
  47. ↑ Chawla, Vishal (28 January 2021). "FTX Exchange Introduces ACH Support With Circle's USDC". Crypto Briefing. Retrieved 28 December 2022. 
  48. ↑ "FTX created a r/Wallstreetbets index including GME, DOGE and others". Cointelegraph. Retrieved 28 December 2022. 
  49. ↑ Williams, Chris (1 February 2021). "FTX Adds Silver Stocks Amid Reddit-Led Market Surge". Crypto Briefing. Retrieved 28 December 2022. 
  50. ↑ Allison, Ian (24 February 2021). "Alameda Leads $40M Round in 'DeFi Prime Brokerage,' Plans Maps.me Integration". www.coindesk.com. Retrieved 28 December 2022. 
  51. ↑ Frost, Decrypt / Liam (4 March 2021). "FTX CEO Sam Bankman-Fried Ranked as Second-Biggest Blockchain Billionaire". Decrypt. Retrieved 28 December 2022. 
  52. ↑ Crawley, Jamie (24 March 2021). "Crypto Exchange FTX Secures Naming Rights for Miami Heat Arena for $135M". www.coindesk.com. Retrieved 28 February 2024. 
  53. ↑ Pound, Jesse. "Crypto industry to get first major U.S. stadium with Miami-Dade County approving FTX for Heat home". CNBC. Retrieved 28 December 2022. 
  54. ↑ "Welcome To FTX Arena". www.nba.com. Retrieved 14 December 2023. 
  55. ↑ "FTX Inks $135M Sponsorship Deal for Miami Heat Arena". Blockworks. 23 March 2021. Retrieved 8 December 2022. 
  56. ↑ "Brett Harrison - Architect.xyz | LinkedIn". www.linkedin.com. Retrieved 14 December 2023. 
  57. ↑ "TSM and FTX Sign $210 Million Naming Rights Partnership, Largest in Esports History". www.prnewswire.com. Retrieved 14 December 2023. 
  58. ↑ 58.0 58.1 58.2 "Golden State Warriors and Miami Heat Axe FTX Deals". Blockworks. 15 November 2022. Retrieved 26 November 2022. 
  59. ↑ "Bankman-Fried agreed to pay Tom Brady $55M for 20 minutes of his time—and Gisele $20M". Fortune Crypto. Retrieved 14 December 2023. 
  60. ↑ Seward, Zack (20 July 2021). "FTX Crypto Exchange Valued at $18B in $900M Funding Round". www.coindesk.com. Retrieved 6 December 2022. 
  61. ↑ "Securities Commission Statement On Transfer Motion In FTX Digital Markets Chapter 15 Proceedings - Fin Tech - Bahamas". www.mondaq.com. Retrieved 29 November 2022. 
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  112. ↑ 112.0 112.1 "FTX scam explained: Everything you need to know". WhatIs. Retrieved 11 February 2024. 
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