Timeline of FTX collapse

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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 collapse, considered one of the biggest collapses in the crypto ecosystem. The bankruptcy of FTX left an estimated 1 million customers and other investors facing total losses in the billions of dollars.[1]

Sample questions

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

Big picture

Summary of background events by year

Year Development summary
1992 Sam Bankman-Fried is born.
2017 Alameda Research is founded in November.
2019 FTX is founded in May. In December, Binance enters a strategic investment into FTX.
2021 Binance sells its equity share (in FTX) in exchange for $2.1B of FTT and USD.
2022 FTX Future Fund launches in February. In November, FTX plunges into crisis.

Summary of key days

Date in 2022 Development summary
November 2 (Wednesday) CoinDesk publishes an article sharing details revealing high exposure to FTT token in the FTX balance sheet.
November 4 (Friday) Building on the CoinDesk report, a post on the Dirty Bubble Media Substack questions the solvency of FTX.
November 5 (Saturday) Nearly $600 million in FTT, the native token of FTX, is transferred from a wallet to Binance.
November 6 (Sunday) Binance CEO Changpeng Zhao announces on Twitter that his exchange is liquidating all FTX tokens.
November 7 (Monday) FTX records the largest number of withdrawal transactions in its history.
November 8 (Tuesday) FTX reaches a deal to sell itself to Binance. FTT price falls 80% (most of the drop happening after the announcement of the Binance deal) and would fail to recover.
November 9 (Wednesday) The SEC and CFTC begin investigating FTX. Binance walks back plans to acquire FTX. Instability spreads to the rest of the crypto industry.
November 10 (Thursday) FTX pauses trading on its platform. FTX assets are frozen by Bahamian regulator.
November 11 (Friday) SBF resigns. FTX files for bankruptcy.
November 12 (Saturday) FTX is hacked for most of its remaining crypto.
November 13 (Sunday) Bahamian police investigate FTX whether there was any criminal misconduct in the collapse of the crypto exchange.[2]
November 14 (Monday) Golden State Warriors terminates all FTX-related promotional deals. Digital asset lender BlockFi discloses "significant exposure" to FTX.[3]
November 15 (Tuesday) BlockFi announces it is likely to file for bankruptcy.[4]
November 16 (Wednesday) The first class action lawsuit against SBF is filed. Crypto lender Genesis halts customer redemptions and new loan originations, blaming on FTX's collapse.
November 17 (Thursday) FTX's liquidator John J. Ray III comments: “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here."
November 18 (Friday) Bahamas regulators confirm custody of FTX assets.
November 19 (Saturday) FTX discloses in a court filing that it owes almost $3.1 billion to its top 50 creditors. It also says it could have more than one million creditors.[5]
November 20 (Sunday) FTX hacker moves 50,000 ETH to a unique address 0x866E.
November 22 (Tuesday) SBF apologizes again.

Key actors

NOTE: Geographical locations are inferred based on place of residence and incorporation, and may not accurately reflect where the actors were at all times covered in the timeline.

Name Other names Known for Twitter handle Geographical location (timezone offset) Notes
FTX Cryptocurrency exchange, creator of FTT token @FTX_Official Bahamas (UTC-5)
Alameda Research Cryptocurrency trading firm @AlamedaResearch Hong Kong (UTC+8) The public discovery of the loans from FTX to this company (collateralized by FTT) prompted the collapse of the token and both companies.
Sam Bankman-Fried SBF FTX founder and CEO. Alameda Research co-founder and top shareholder @SBF_FTX Bahamas (UTC-5)
Caroline Ellison Alameda Research CEO @carolinecapital Hong Kong (UTC+8) She was aware of the backdoor for sending funds from FTX to Alameda Research.
Gary Wang FTX CTO Bahamas (UTC-5) He was the central figure managing the FTX codebase. It is believed that he implemented the backdoor for sending funds from FTX to Alameda Research at SBF's request.
Nishad Singh FTX Director of Engineering @Nishad__Singh Bahamas (UTC-5) According to Caroline Ellison, he was one of the four people who knew about the backdoor for sending funds from FTX to Alameda Research.
John J. Ray III FTX post-bankruptcy CEO
Binance Large cryptocurrency exchange, FTX competitor, significant holder of FTT @binance Binance's decision to sell its whole position of FTT played a big role in the collapse of the token. It attempted to rescue FTX from collapse and subsequently withdrew.
Changpeng Zhao CZ Binance CEO @cz_binance Singapore (UTC+8), Dubai (UTC+4) (for part of the time period) He played a key role in communicating Binance's decisions related to FTX through Twitter.
Elon Musk Twitter CEO @elonmusk San Francisco (UTC-8)
Sam Trabucco Former Alameda Research co-CEO @AlamedaTrabucco

Full timeline

Inclusion criteria

This timeline is focused on the FTX collapse that occurred in November 2022, and events that were directly leading up to it. The broader history of FTX will eventually be covered in the timeline of FTX.

The following are some criteria that were used to determine what rows to include in the timeline:

For events prior to November 2022:

  • We include resignations of people starting August 2022, limited to those that would later be discussed in connection with the FTX collapse.
  • We include suspicious transactions and activities starting August 2022, that would later be linked by observers to the FTX collapse.
  • We only include critical commentary prior to November 2022 if it specifically talks about the risks of FTX or Alameda being overleveraged on FTT or the possibility of loans from FTX to Alameda.

For events since November 2022:

  • We include key announcements (often in the form of articles, Substack posts, other blog posts, and tweets) that shaped the trajectory of the FTX collapse.
  • We include commentary by notable people or commentary that attracted a lot of attention. This includes commentary by journalists, finance people, and people on the Effective Altruism Forum.
  • For posts on the Effective Altruism Forum tagged FTX collapse, we determine whether a post is worth including on this forum based on criteria such as upvotes, comments, and whether the post is chronologically the first of its kind.

Timeline

Date in 2022 Time (UTC) Actor Communication method Event type Details
May 4–11 Prelude TerraUSD and Luna collapse, wiping out almost $45 billion market capitalization in one week and causing hundreds of billions in losses in the larger crypto market.[6][7][8] Overall, the collapse of Terra Luna wipes $500 billion from the crypto market.[9] A precursor of the FTX collapse, the TerraUSD and Luna crash would influence and prove the severity of the FTX and Alameda Research situation as they would find themselves short after their loans start being recalled.[10]
August 24 9:16 p.m. Sam Trabucco Tweet 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. 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*.[11]
September 27 3:27 p.m. Brett Harrison Tweet Resignation FTX.US President Brett Harrison announces his resignation, with his role be replaced by Zach Dexter, the CEO of FTX's U.S. derivatives unit.[12] Harrison tweets:
I’m stepping down as President of

@FTX_Official . Over the next few months I’ll be transferring my responsibilities and moving into an advisory role at the company.[13]

After the FTX collapse, it would be found that his resignation happened one day before a massive transfer of FTT tokens occured from FTX to Alameda Research.
September 28 Notable transaction A massive transfer of 173 million FTT tokens worth over 4 billion USD occurs on this day. After the collapse of FTX in November, researcher Lucas Nuzzi would identify this transfer as a massive bailout from FTX for Alameda Research.[14]
September 30 13:44 Adam Cochran Tweet Suspicious transaction Adam Cochran publishes a 22-tweet thread starting with the following tweet:
So ETH OI has been overall down recently, but on FTX it's at all time highs (1.2M ETH) and in this low liquidity environment ETH has seemingly split with the macros and tried to defend aggressively around that 1200-1300 range.

That bid is often led on FTX.

Cochran concludes that someone institutional is very leveraged in a large position on FTX, likely some sort of staked ETH hedge.[15]
October 5 12:06 p.m. A Manifold Markets prediction is published, asking users to bet whether SBF would be convicted of a felony before 2026. Affirmative bets would skyrocket on November 8.[16]
November 2 2:44 p.m. Ian Allison, coindesk.com Article FTX financial An article at coindesk.com by Ian Allison shares some critical financial details from Alameda Research, revealing that its balance sheet is full of the FTT token, which is issued by the exchange that grants holders a discount on trading fees on its marketplace. It is revealed that Alameda rests on a foundation largely made up of a coin that sister company FTX invented, instead of an independent asset like a fiat currency or another crypto. Total assets totalling $14.6 billion are reported to be comprised of $5.8 billion FTT token, $1.2 billion Solana token (SOL), $3.37 billion in unidentified “crypto held,” $2 billion in “investments in equity securities”, leaving roughly $2.2 billion in assets. According to this balance sheet, Alameda only had $134 million in cash on hand in June 2022.[17][18] Regarding FTT, Alameda is found to hold far more of the tokens than traded on the market, suggesting its stake would be hard to liquidate at current prices.[19] In a post-FTX-collapse interview, Binance CEO Changpeng Zhao would recall this as the cause of Binance's decision to liquidate its stake of 23 million FTX Token (FTT) for risk management reasons, with their subsequent announcement causing a sell-off in FTT in the market.[20][21]
November 4 Dirty Bubble Media Article FTX financial Following the CoinDesk report, a pseudonymous crypto researcher post on the Dirty Bubble Media Substack asking if the company is insolvent. Referring to the holding of a chunk of assets in FTT, it adds: “It’s almost as if SBF found a way to hack the financial system, printing billions of dollars out of thin air against which he was able to borrow massive sums from unknown counterparties.” This post would lead to rumors spreading over the weekend[17][22][23]
November 5 2:09 p.m. Whale Alert Tweet Notable transfer Whale Alert Twitter user posts:
22,999,999 #FTT (584,818,174 USD) transferred from unknown wallet to #Binance.[24]
November 6 2:32 p.m. Caroline Ellison Tweet FTX financial In response to the CoinDesk article, Caroline Ellison tweets:
A few notes on the balance sheet info that has been circulating recently:

- that specific balance sheet is for a subset of our corporate entities, we have > $10b of assets that aren’t reflected there.[25]

November 6 3:47 p.m. Changpeng Zhao Tweet Industry peer reaction Changpeng Zhao tweets:
As part of Binance’s exit from FTX equity last year, Binance received roughly $2.1 billion USD equivalent in cash (BUSD and FTT). Due to recent revelations that have came to light, we have decided to liquidate any remaining FTT on our books.[26]
CZ compares FTT to the imploded luna token, which Binance also previously backed.[19] In the tweet thread, he says they will try to liquidate in a way that minimizes market impact, expecting a complete liquidation in a few months.[26] However, FTT’s price would start to wobble after this announcement.[19]
November 6 4:03 p.m. Caroline Ellison Tweet FTX financial Caroline Ellison tweets
@cz_binance if you're looking to minimize the market impact on your FTT sales, Alameda will happily buy it all from you today at $22![27]
According to a Wall Street Journal article published later, "Binance contacted her about the offer but never heard back, a person familiar with the matter said."[28]
November 6 9:49 p.m. Changpeng Zhao Tweet Industry peer reaction Changpeng Zhao tweets:
Liquidating our FTT is just post-exit risk management, learning from LUNA. We gave support before, but we won't pretend to make love after divorce. We are not against anyone. But we won't support people who lobby against other industry players behind their backs. Onwards.[29]
November 6 11:28 p.m. Sam Bankman-Fried Tweet FTX solvency SBF tweets declaring that FTX is solvent. Among other comments in the thread, he declares:
FTX keeps audited financials etc. And, though it slows us down sometimes on product, we're highly regulated.[30]
November 7 12:38 p.m. Sam Bankman-Fried Tweet FTX solvency SBF posts a thread of four different tweets claiming that FTX has “enough to cover all client holdings.” He also states that the firm didn’t invest client assets and has been processing all withdrawals and “will continue to be.” Another tweet reads:
We have a long history of safeguarding client assets, and that remains true today.[31]

This thread would be removed the following day.[32]

November 7 circa 4 p.m. Sam Bankman-Fried, Changpeng Zhao Call Binance rescue About 24 hours after Changpeng Zhao communicated Binance's liquidation of its remaining FTT, he receives a call from SBF confessing FTX has much bigger troubles, wants to protect them, and proposes a rescue deal. CZ would later confess that a deal would not make sense from a number of fronts, including financial, technology and product perspectives, leaving the sole intention of protecting the users. The latter would prove unfeasible after news of FTX misappropriating user funds are revealed, according to CZ.[20]
November 8 circa 2:00 a.m. FTT valuation Still affected after Binance said it would liquidate its holding in the token, FTT price falls sharply 19%, from roughly $22 to below $18 in a short time.[33] The prices of Solana and Serum, both cryptocurrencies associated with SBF, also plummet, dropping far more than the rest of the market.[34]
November 8 11:37 a.m. Customer withdrawal According to on-chain data, FTX appears to have stopped processing withdrawal requests, with last transaction from the exchange taking place on the Ethereum blockchain.[35][36]
November 8 Morning in Bahamas Sam Bankman-Fried SBF sends a message to his team, apologizing for the chaos and thanking them for their efforts. Days later, according to FTX senior marketing specialist, "it was clear the game was over”.[28]
November 8 4:03 p.m. Sam Bankman-Fried Tweet Binance rescue SBF tweets a thread announcing plan to sell FTX.com (its non-U.S. business) to Binance. He writes:
Things have come full circle, and FTX.com’s first, and last, investors are the same: we have come to an agreement on a strategic transaction with Binance for FTX.com (pending DD etc.)
Along the tweet thread, he announces that FTX customers are protected and that the teams are working to clear out liquidity crunches.[37]
November 8 4:05 p.m. Customer withdrawal Tech news sites cover slow withdrawals at FTX.[36]
November 8 4:09 p.m. Changpeng Zhao Tweet Binance rescue Binance CEO Changpeng Zhao announces that Binance has signed a non-binding agreement to buy FTX's non-US assets in order to save the competitor from a liquidity crisis that FTX actually found itself in partly through Binance's own actions, as the latter accused FTX of committing fraud with FTT tokens.[38][39] CZ tweets:
This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-binding LOI, intending to fully acquire FTX.com and help cover the liquidity crunch. We will be conducting a full DD in the coming days.
The terms of the deal are not set in stone.[40] However, FTT token subsequently jumps 38% to almost $20 at 4:12 p.m.[41]
November 8 circa 5 p.m. – 8 p.m. FTT valuation After Binance announcement of plans to acquire FTX, but before pulling out from the deal, a massive sell-off of FTT makes it price plunge about 80%, from around $22 to below $5, wiping out more than $2 billion in a day.[42][43]
November 8 5:23 p.m. Charles He Forum post FTX collapse The first Effective Altruism Forum post about the FTX crisis is published. The Author suggests a probable relation to liquidity and solvency issues.[44]
November 8 6:57 p.m. Changpeng Zhao Tweet Industry peer reaction After agreeing to buy FTX, Changpeng Zhao pledges to implement a Proof-of-Reserve audit system to allow verification of Binance digital asset holdings and provide “full transparency” through the use of Merkle Trees — a data structure used to encode blockchain data more efficiently and securely.[45] Changpeng Zhao tweets:
All crypto exchanges should do merkle-tree proof-of-reserves.

Banks run on fractional reserves. Crypto exchanges should not.

@Binance will start to do proof-of-reserves soon. Full transparency.[46]

November 8 7:14 p.m. Coinbase, Kraken Impact in industry Amid market turbulence, Coinbase and Kraken platforms experience issues related to connectivity to the platforms and unconfirmed rumors of halted withdrawals. Complaints are posted on Twitter.[47]
November 8 7:6 p.m. Effective Altruism Forum members Tweet FTX collapse A number of Effective Altruism Forum members post a summary of key events of the FTX crisis as document with the purpose to add clarity. The authors estimate a ~90% of SBF failing in his attempt to raise funds to cover deposits.[48]
November 8 8:14 p.m. Dylan LeClair Tweet Customer withdrawal UTXO Management senior analyst Dylan LeClair tweets:
Don't mean to be the bearer of bad news here, but if it isn't clear already, if you still have funds on FTX, they're gone. You're an unsecured creditor. The probable outcome is Chapter 11 & a class action lawsuit that draws out for years, where you get $0.10-$0.30 on the dollar.[49]
He also posts on the thread:
Similarly, expecting CZ to come in with billions of cash purely to make users whole does not make sense from a business perspective.[49]
November 8 8:16 p.m. Kraken Exchange Tweet Security Kraken Exchange in its official account on Twitter posts:
Check if the exchange you’re using undergoes Proof of Reserves audits.

ICYMI: Kraken is committed to regular audits - enabling you to verify the balances you hold on our exchange are backed by real assets.[50]

November 8 9:07 p.m. Brian Armstrong Tweet Industry peer reaction Brian Armstrong publishes a 13-tweet thread addressing the FTX crisis. Among the announcements, he states that Coinbase doesn't have any material exposure to FTX or FTT (and no exposure to Alameda). Another of his tweets reads:
I think it's important to reinforce what differentiates Coinbase in a moment like this. This event appears to be the result of risky business practices, including conflicts of interest between deeply intertwined entities, and mis-use of customer funds (lending user assets).[51]
November 8 9:25 p.m. Sam Bankman-Fried email Binance rescue A Substack newsletter Newcomer writer publishes an email SBF sent to his investors with subject line as “FTX Update”[52], SBF apologizes over a lack of communication about the deal with Binance.[53] He writes:
I'm sorry I've been hard to contact the last few days (...) I wish I had more details for you guys right now; I don’t yet.[54][55]
November 8 10:30 pm Sam Bankman-Fried Tweet Tweet removal SBF removes his “assets are fine” thread a few hours after announcing a strategic transaction with Binance.[32]
November 8 10:42 p.m. Jeremy Allaire Tweet Industry peer reaction Jeremy Allaire, co-founder and CEO of stablecoin issuer Circle, publishes a 15-tweet thread expressing his thoughts on the FTX and Binance situation. Allaire denies exposure to FTX. He also tweets:
The good news is that the foundations that have been built with crypto infrastructure and public chains give us the building blocks to now re-make financial services with radically more transparency than we've ever known.[56]
November 8 11:22 p.m. Lucas Nuzzi Tweet Bailout Crypto Security Researcher Lucas Nuzzi publishes a 15-tweet thread describing having found evidence that FTX might have provided a massive bailout for Alameda in September 28, when 173 million FTT tokens worth over 4 billion USD became active on-chain. This would be discovered and seen as oportunity from competitor Binance, a large holder of FTT, which could start deliberately tanking FTT's market to force a liquidity crunch. [14] He also notes FTX may have minted a lot of Serum (SRM) out of thin air to prop up its balance sheet.[57]
November 9 1:06 p.m. Edward Snowden Tweet Notable people reaction Famous whistleblower Edward Snowden tweets:
Custodial exchanges were a mistake.[58]
November 9 2:30 p.m. Changpeng Zhao Tweet FTX collapse Changpeng Zhao shares on Twitter a note to Binance employees, telling staff that the near FTX collapse wasn't planned and would likely trigger increased regulatory scrutiny. The note reads:
We did not master plan this or anything related to it (...) FTX going down is not good for anyone in the industry. Do not view it as a "win for us".[59]
November 9 4:11 p.m. U.S. Securities and Exchange Commission, Commodity Futures Trading Commission Article Official intervention An article published at Bloomberg reports that the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission started investigating the FTX's relationships with Alameda Research and FTX US, as well as allegations that the company mishandled customer funds.[60][19]
November 9 8:10 p.m. Matt Levine Article FTX collapse Financial writer Matt Levine at Bloomberg News publishes an article explaining the FTX crisis as a death spiral financing case.[61][62] On November 10, Levine would further expand the case in a new article.[63]
November 9 9:00 pm Binance Tweet Binance rescue Binance tweets:
As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX.com.[64]
In another statement of the thread, Binance says:
Our hope was to be able to support FTX's customers to provide liquidity, but the issues are beyond our control or ability to help.[65]
The decision is the result of Binance executives poring over FTX’s books, in which they were confronted with a confusing mess, according with a person familiar with the matter, who also said that FTX first put the hole that needed to be plugged at $2 billion, then $5 billion, then finally more than $8 billion. People familiar with the matter would also report on many of FTX’s lawyers quitting while the talks were under way.[28]
November 9 circa 9:20 p.m. Bitcoin value Bitcoin falls as low as $16,027. At 9:20 p.m. UTC, BTC trades at $16,120.[66]
November 9 9:56 p.m. Changpeng Zhao Tweet Binance rescue Changpeng Zhao comments on the incapacity of Binance to push ahead with the deal to acquire FTX. CZ tweets:
Sad day. Tried, but 😭[67]
November 9 circa 10:00 p.m. FTX website instability The first outage at the FTX website occurs, and the website appears to struggle to stay online. The instability impacts FTX’s international site, while its affiliate FTX.US appears unaffected. An error message at FTX.com reads:
We're sorry, something went wrong while processing your request. Please try again later.[68]
November 9 12:32 p.m. CoinDesk Article Binance rescue CoinDesk becomes the first to report Binance is strongly leaning against buying FTX after just a few hours of checking its books and loans.[69][70]
November 10 3:00 a.m. Justin Sun Tweet Tron rescue Without details, Tron cryptocurrency network founder Justin Sun drops hints at saving FTX.[69][71] Sun tweets:
Further to my announcement to stand behind all Tron token (#TRX, #BTT, #JST, #SUN, #HT) holders on #FTX, we are putting together a solution together with #FTX to initiate a pathway forward.[72]
November 10 9:19 a.m. Jesse Powell Tweet Industry peer reaction Kraken former CEO Jesse Powell publishes 14-tweet thread reflecting on the FTX crisis.[73] The first tweet reads:
This industry is made up of so many smart, passionate, open-minded, welcoming people, with genuine humanitarian interest at heart. I know we're going to get past this. True believers will not be deterred. But, this is a massive setback. I'm really trying to control my rage.
Another of his tweets reads:
Red flags:
  • acting like you know everything after showing up to the battle 8 years late
  • 9 figs buying political favor
  • being overeager to please DC
  • huge ego purchases, like 9-fig sports deals
  • being a "media darling", seeking out puff pieces
  • EA virtue signaling
  • FTT
November 10 11:31 p.m. Evan Hubinger Effective Altruism Forum post Impact on effective altruism A post by Evan Hubinger on the Effective Altruism Forum discusses engaging in fraudulent activities for the sake of effective altruism. The post concludes that, if FTX did engage in fraud, the lasting consequences to effective altruism —and the damage caused by FTX to all of their customers and employees—will likely outweigh the altruistic funding already provided by FTX to effective causes.[74]
November 10 11:51 a.m. Effective Altruism Forum post Grantmaking A post by Julia Wise on the Effective Altruism Forum adresses people affected by the collapse of FTX, offering support from the community health team. Affected individuals include customers as well as grantees by FTX Future Fund, a project of the FTX Foundation, a philanthropic foundation funded primarily by Sam Bankman-Fried.[75] FTX is connected to the effective altruist community, which received millions of dollars of funding from SBF and FTX via Future Fund.[76]
November 10 2:13 p.m. Sam Bankman-Fried Tweet Bankruptcy SBF publishes a 22-tweet thread apologizing for the situation and offering and offering his version of events. In the first tweet, SBF says:
I'm sorry. That's the biggest thing. I fucked up, and should have done better.[77]
November 10 2:45 p.m. Tom Emmer Tweet Politician reaction American Republican politician Tom Emmer tweets:
Interesting. Gary Gensler runs to the media while reports to my office allege he was helping SBF and FTX work on legal loopholes to obtain a regulatory monopoly. We're looking into this.[78]
November 10 7:48 p.m. Tron Tweet Customer withdrawal FTX tweets:
We are pleased to announce that we have reached an agreement with Tron to establish a special facility to allow holders of TRX, BTT, JST, SUN, and HT to swap assets from FTX 1:1 to external wallets.
In the tweet thread, it is reported that the functionality would be enabled at 18:30 UTC, November 10, and that funding capacity would be provided by Tron. As part of this agreement, Tron deposits would be disabled for all users during this period, allowing only pre-announced deposits conducted weekly.[79] As a result of this, Tron-based tokens would surge as much as 1000% on FTX as users scramble to find ways of extracting locked-up liquidity from the exchange.[80]
November 10 Financial Services Agency Official intervention The Financial Services Agency of Japan requests FTX Japan suspend business orders, citing the policies of FTX Trading Limited. FTX Japan is ordered to suspend over-the-counter derivative transactions and related margins as well as new deposits from November 10 to December 9 unless the FSA steps in.[81][82]
November 10 Securities Commission of The Bahamas Official intervention FTX assets are frozen by the Securities Commission of The Bahamas, which appoints a liquidator for one of his entities, as SBF raced to raise as much as US$8 billion to save FTX.[83]
November 10 10:00 p.m. CoinDesk Article FTX staff An article published at CoinDesk reports that FTX was run by a group of 10 housemates. Among the 10 housemates, FTX CTO Gary Wang, FTX DOE Nishad Singh, and Alameda CEO Caroline Ellison, with Wang, Singh, and SBF controling the code, the exchange's matching engine and funds. According to several current and former FTX and Alameda employees interviewed on the condition of anonymity, members of the team are in on again, off again relationships, and FTX is "a place full of conflicts of interest, nepotism and lack of oversight". According to a person familiar with the matter: "The whole operation was run by a gang of kids in the Bahamas".[84][85]
November 10 10:23 p.m. Holden Karnofsky Blog post Impact on effective altruism Holden Karnofsky publishes the first public announcement by Open Philanthropy (the other major funder of the EA ecosystem) regarding the FTX crisis. Karnofsky clarifies that funds directed by Open Philanthropy are not invested in or otherwise exposed to FTX or related entities. He also states that if the FTX Foundation stops funding longtermist and effective altruist projects, then Open Philanthropy would have to consider a substantially larger set of funding opportunities, raising their bar for longtermist grantmaking. On November 13, Karnofsky would edit the post, adding that it’s very likely that FTX engaged in outrageous, unacceptable fraud, and expressing fury at the behavior of FTX leadership.[86]
November 10 10:39 p.m. Genesis Tweet Industry peer reaction Cryptocurrency brokerage Genesis tweets:
As part of our goal in providing transparency around this week’s market events, the Genesis derivatives business currently has ~$175M in locked funds in our FTX trading account. This does not impact our market-making activities.[87]
November 10 7:08 p.m. FTX Tweet Customer withdrawal FTX communicates thorugh Twitter:
Per our Bahamian HQ's regulation and regulators, we have begun to facilitate withdrawals of Bahamian funds. As such, you may have seen some withdrawals processed by FTX recently as we complied with the regulators.[88]
November 11 1:04 a.m. FTX Future Fund Effective Altruism Forum post Resignation A post by FTX Future Fund members on the Effective Altruism Forum announces resignation of the entire FTX Future Fund team.[89] The group expresses their devastation as there are many pledged grants that the Future Fund would not be able to honor in its letter.[90]
November 11 8:03 a.m. Venus Feng, Tom Maloney Article SBF net worth Venus Feng and Tom Maloney at Bloomberg News publish an article on SBF assets, estimating his net worth at $16 billion prior to the collapse, which is reported as having been wiped out.[91]
November 11 9:30 a.m. Sam Bankman-Fried SBF resigns and authorizes Ray to commence Chapter 11 Cases.
November 11  ? Partnership termination Miami-Dade County and professional basketball team Miami Heat cut ties with now bankrupt FTX, and announce renaming the FTX Arena, as naming rights deal come to an end.[92]
November 11  ? Changpeng Zhao Interview FTX collapse Changpeng Zhao gives his first interview after the collapse of FTX at Indonesia Fintech Summit 2022.[20]
November 11 2:14 p.m. FTX Tweet Bankruptcy Official FTX bankruptcy filing is published on Twitter.[93] At 3:23 p.m. SBF in his account tweets having filed FTX, FTX US, and Alameda Research for voluntary Chapter 11 proceedings in the United States.[94] (See Alameda filing showing the corporate structure and pictorial representations of the dependencies). It is announced that SBF will step down as CEO and be replaced by John J. Ray III.[84] Just before the bankruptcy, the Financial Times reported that the exchange’s primary balance sheet showed only $900 million in liquid, easy-to-sell assets against $9 billion in liabilities.[95][96] In addition, over 100 FTX-affiliated business entities declare bankruptcy.
November 11 3:59 p.m. Changpeng Zhao Tweet Industry peer reaction Changpeng Zhao tweets:
FTX aside, avoid businesses/exchanges/projects that:
  • are not profitable (musical chairs)
  • survive by selling their own tokens
  • give high incentives for locking your tokens
  • have a large total supply, but only a small circulation supply
  • involves loans[97]
November 11 4:05 p.m. Robert Wiblin Tweet, blog post Grantmaking 80,000 Hours Director of Research Robert Wiblin publishes a 17-tweet thread expressing his indignation over the FTX Future Fund team resignation. He comments in one of his tweets:
I've been waiting for the Future Fund people to have their say, and they have all resigned.[89]

So now you can hear what I think.

I am fucking appalled.[98]

Another tweet reads:
No plausible ethics permits one to lose money trading then take other people's money to make yet more risky bets in the hope that doing so will help you make it back.[98]

Wiblin expresses his concern and sympathy for Future Fund grantees, some of whom quit jobs or made life plans hoping to work to reduce suffering and catastrophic risks using funds that would be evaporated.[98] He reiterates his statements in an Effective Altruism Forum blog post.[99]

November 11 4:52 p.m. Sawyer Bernath Effective Altruism Forum post Grantmaking Berkeley Existential Risk Initiative Executive Director Sawyer Bernath publishes the first Effective Altruism Forum post discussing the possibility of clawbacks, in which case FTX grantees could be legally obligated to return funds.[100]
November 11 5:47 p.m. SaraAzubuike Effective Altruism Forum post Philanthropy An Effective Altruism Forum post is published with explicit suggestions to the EA community for changing funding given the already infamous FTX Foundation case. Suggestions include considering anonymous posts, and partially anonymized finances. The author writes:
If an EA org receives some money above a certain threshold from an individual contribution, we should be transparent in saying that we will reject said money if it is not donated anonymously.[101]
November 11 11:43 p.m. Eliezer Yudkowsky Tweet Grantmaking Eliezer Yudkowsky publishes a Twitter thread discussing FTX's charity recipients. The first tweet reads:
Your incredibly obvious reminder that MANY people besides FTX's charity recipients had HIGH personal stakes in guessing whether FTX was stealing customer deposits; and the supermajority of those people, who were much deeper into cryptostuff, did not publicly guess this right.[102]
November 11 11:55 p.m. William MacAskill Tweet Bankruptcy Scottish philosopher and ethicist William MacAskill posts a tweet thread discussing FTX’s bankruptcy, and expressing the enormous harm that was caused as a result, involving the likely loss of many thousands of innocent people's savings.[103]
November 11 12:15 p.m. Brian Armstrong Article Industry peer reaction Coinbase's CEO, Brian Armstrong publishes an op-ed calling for renewed attention to implementing reasonable regulations and checks and balances to prevent future FTX sized disasters.[104][84]
November 11 12:22 p.m. Elon Musk Tweet Twitter-FTX partnership South African business magnate and Twitter CEO Elon Musk tweets:
Accurate. He set off my bs detector, which is why I did not think he had $3B.[105]
The comment refers to an instance in March in which SBF offered "at least $3 billion" to help Musk buy Twitter, and proposing a deal to integrate Twitter with blockchain technology.[106][84] Upon meeting Bankman-Fried, Musk reports having immediately sensed “something wrong.”
He does not have capital, and he will not come through. That was my prediction. And that was definitely what happened.[107]
The role of William MacAskill in the negotiation would be discussed after the FTX collapse, as MacAskill was a liaison between SBF and Musk.[108]
November 11 20:12 Doug Colkitt Tweet FTX collapse DEX protocol CrocSwap founder Doug Colkitt publishes a 23-tweet thread, explaining his version of what happened to FTX. Among the tweets, Colkitt comments that Alameda was a prop firm with mediocre traders, a "big fish in a little pond", that at one point or another lost more than it could internally fund, and had to dip into FTX reserves. He also comments that FTX was a ponzi targeting trading firms.[109]
Novemver 12 3:51 a.m. Eliezer Yudkowsky Effective Altruism Forum post Grantmaking Eliezer Yudkowsky publishes an Effective Altruism Forum post proclaiming against clawbacks from FTX Foundation grantees, as some of them feel obligated to return their grants. Yudkowsky provides some moral arguments and analogies to sustain his position.[110]
November 12 5:14 a.m. Elon Musk Tweet Notable people reaction Elon Musk tweets:
FTX meltdown/ransack being tracked in real-time on Twitter.[111]
November 12 6:31 a.m. Tether Limited Tweet Security Blockchain investigator ZachXBT tweets:
Breaking: $3.9m USDT on AVAX and $27.5m USDT on SOL of the FTX attacker’s has been blacklisted by Tether.[112]
By blacklisting the alleged stolen USDT token, hackers are disabled to transfer the assets to another account or exchanging them for other cryptocurrencies.[113][114]
November 12 7:07 a.m. Ryne Miller Tweet Bankruptcy FTX US General Counsel Ryne Miller tweets:
Following the Chapter 11 bankruptcy filings - FTX US and FTX [dot] com initiated precautionary steps to move all digital assets to cold storage. Process was expedited this evening - to mitigate damage upon observing unauthorized transactions.[115]
November 12 12:45 a.m. Nathan Young Effective Altruism Forum Impact on effective altruism Nathan Young publishes an open-ended question post asking how the effective altruist community can avoid a FTX-like situation, assuming that given the information available indicated an avoidable failure. The author asks for suggestions the EA community could have actually done with the information they had.[116]
November 12 2:22 p.m. Tyrone-Jay Barugh Effective Altruism Forum Impact on effective altruism Tyrone-Jay Barugh publishes a post on the Effective Altruism Forum suggesting an independent investigation on key EA orgs (like the Center for Effective Altruism/Effective Ventures, Open Philanthropy, and Rethink Priorities) to try to identify whether key figures in those organizations knew about the likely fraud at FTX.[117]
November 12 4:36 p.m. Mark Cuban Tweet FTX collapse American entrepreneur Mark Cuban tweets:
These blowups have not been crypto blowups, they have been banking blow-ups. Lending to the wrong entity, misvaluations of collateral, arrogant arbs, followed by depositor runs. See Long Term Capital, Savings & Loan and Sub-Prime blowups. All different versions of the same story.[118]
November 12 circa 5 p.m. Article FTX balance sheet An article at ft.com reports that FTX held less than $1 billion in liquid assets against $9 billion in liabilities the day before it collapsed into bankruptcy, according to investment materials seen by the Financial Times.[119]
November 12 5:05 p.m. Mike McGuiness Tweet Hacking gm.xyz founder Mike McGuiness tweets:
PSA: if you have a bank account linked to FTX US, change your bank account password and stop sharing data immediately.
In the tweet, McGuiness shows a screenshot of his bank account, claiming hackers tried accessing through the FTX US website.[120]
November 12 5:26 p.m. Antoine Gara, Kadhim Shubber, Joshua Oliver Article Financial The Financial Times reports that FTX's balance sheet shortly before the bankruptcy showed $9 billion in liabilities against $900 million in liquid assets, $5 billion in "less liquid" assets, and $3.2 billion in illiquid private equity investments. An obscure $7 million holding called “TRUMPLOSE” is also reported. There are no bitcoin assets listed, despite bitcoin liabilities of $1.4 billion.[121]
November 12 10:31 p.m. Alyssa Vance Tweet FTX balance sheet AI startup Apprente team member Alyssa Vance tweets:
This FTX "balance sheet" is absolutely the most ludicrous fucking thing I've ever seen. This is for a company that, in a boom year, had $1B in revenue and $300MM in profit.[122]
Dustin Moskowitz would comment on the tweet:
As it got worse, the deceptions apparently increased. It is very hard to swallow that SBF was doing rational enterprise value calculations at that point; seems more like the classic case of the rogue trader doubling down rather than admitting mistakes.[123]
November 12 11:44 p.m. Securities Commission of The Bahamas Tweet Customer withdrawal The Securities Commission of The Bahamas publishes on Twitter a FTX Statement which contradicts FTX claim that it was required to process local withdrawals. According to the statement, SCB did not require the exchange to allow withdrawals for users in the country.[124][125]
November 13 0:42 a.m. Dustin Moskovitz Tweet Impact on effective altruism Dustin Moskovitz posts a 15-tweet thread on the FTX crisis. The first tweet reads:
Two seemingly contradictory things I believe about the SBF situation:

a/ The Effective Altruism community will need to have a strong response/crucible moment

b/ The simplest explanation for his behavior does not imply utilitarianism means-justifying, as widely assumed.[123]

Moskovitz also states that, either effective altruism encouraged SBF's unethical behavior, or provided a convenient rationalization for such actions, and either is bad. He outlines the situation as infuriating, devastating, and incredibly humbling all at once.[123]
November 13 5:00 a.m. Hamish Doodles Effective Altruism Forum FTX collapse Hamish Doodles at the Effective Altruism Forum publishes a FAQ post on the FTX situation. Among the answered FAQs, it is estimated that FTX Future Fund contributed US$262 million, equivalent to the 35% of the total EA funds (741 million) in 2022.[76]
November 13 4:01 p.m. Molly Kovite Effective Altruism Forum Grantmaking An Open Philanthropy legal counsel publishes a highly upvoted and referenced post aiming to provide legal context on clawbacks from FTX Future Fund grantees to the FTX bankruptcy court. The post doesn't address ethical or other practical perspectives on the topic. The author warns that FTX grants made in the 90 days before bankruptcy are likely to be clawed back.[126] On November 23rd, Molly Kovite wouldpublish another post at the EA Forum, expressing her thoughts on legal concerns surrounding the FTX situation.[127]
November 13 4:06 a.m. Vitalik Buterin Tweet Industry peer reaction Russian-born Canadian Ethereum co-founder Vitalik Buterin tweets:
SBF the public figure deserves what it's getting and it's even healthy to have a good dunking session to reaffirm important community values.

Sam the human being deserves love, and I hope he has friends and family that can give it to him.[128]

November 13 circa 10:40 p.m. Sam Bankman-Fried Bankruptcy SBF penthouse in Nassau is put for sale with a price tag of US$39.5 million.[129]
November 13 6:02 p.m. Nonlinear Effective Altruism Forum Grantmaking Members of non-profit Nonlinear announce funding for Future Fund grantees affected by the FTX collapse, offering a small budget to help grantees cope with financial crisis.[130]
November 13 10:45 p.m. Scott Alexander Article Impact on effective altruism Scott Alexander at his Substack publication Astral Codex Ten publishes an open thread, discussing the collapse of FTX and its impact in effective altruism. The thread elaborates on the risk taken by utilitarians, like the St. Petersburg paradox, which involves the game of flipping a coin where the expected payoff of the theoretical lottery game approaches infinity but nevertheless seems to be worth only a very small amount to the participants. Alexander writes:
..if you St. Petersburg yourself a bunch of times and lose everything, it’s going to be really hard to pat yourself on the back for a job counterfactually well done and walk away. More likely you’re going to panic and start grasping for unethical schemes that let you escape doom. So real-world St. Petersburg isn’t “50% chance of doubling your money, 50% chance of zero”, it’s “50% chance of doubling your money, 50% chance of getting put in a psychologically toxic situation where you’ll face almost irresistible pressure to do crazy things that will have vast negative impact.”[131]
November 14 0:39 a.m. Effective Altruism Forum Impact on effective altruism A post on the Effective Altruism Forum addresses some lessons from the FTX situation that the author suspects are questionable in view of all that has happened. The author examines ambition, as well as the slogan "earning to give", also dicussing ethics and utilitarianism.[132]
November 14 3:01 a.m. Sam Bankman-Fried Tweet Notable comment SBF account starts posting mysterious tweets, in what some suspect a compromised account, which posts the word “What,” which would be followed by another tweet with the letter “H”. Within the day, someone would make a WHAT meme coin based on SBF’s tweet.[133][134]
November 14 6:39 a.m. Changpeng Zhao Tweet Industry peer reaction Changpeng Zhao tweets:
To reduce further cascading negative effects of FTX, Binance is forming an industry recovery fund, to help projects who are otherwise strong, but in a liquidity crisis. More details to come soon. In the meantime, please contact Binance Labs if you think you qualify.[135]
November 14 12:43 a.m. James Fodor Effective Altruism Forum Impact on effective altruism In light of the FTX crisis, James Fodor at the Effective Altruism Forum publishes a post arguing that aspects of good governance and robust institution building have not been very highly valued in the broader effective altruist community. The author questions weak norms of governance and calls for the need for better norms.[136]
November 14  ? Contract termination San Francisco-based NBA team Golden State Warriors terminates all FTX-related promotional deals, including global ambassador for FTX Stephen Curry, and FTX US and its NFT marketplace as the Warriors’ official cryptocurrency platform.[137][138]
November 14 1:41 p.m. Byrne Hobart Article FTX collapse An article at Substack newsletter The Diff! is published by Byrne Hobart, analizing the FTX crisis in relation to the concepts of money, credit, and trust.[139]
November 14 4:49 p.m. Travis Kling Tweet Impact on customers Travis Kling from crypto management firm Ikigai announces on Twitter having been caught up in the FTX collapse. With a large majority of the hedge fund’s total assets on FTX, Kling announces having been able to withdraw very little out. In the thread Kling writes:
It was entirely my fault and not anyone else’s. I lost my investors’ money after they put faith in me to manage risk and I am truly sorry for that. I have publicly endorsed FTX many times and I am truly sorry for that. I was wrong.[140]
November 14 6:09 p.m. Matt Levine Article FTX balance sheet Financial columnist Matt Levine at bloomberg.com publishes an article explaining the disastrous FTX balance sheet.[141][142]
November 14 6:46 p.m. Eric Neyman Effective Altruism Forum Impact on effective altruism Eric Neyman at the Effective Altruism Forum publishes a highly upvoted post suggesting higher standards for how to draw lessons from the FTX collapse. The author expresses that proposed answers to the question of what should members of the EA community have done differently, given the information they had at the time, would be considerably more useful if they address a number of criteria.[143]
November 14 9:07 p.m. Kari McMahon Article Team An article at The Block is published, focusing on FTX’s billionaire co-founder Gary Wang, who was also one of the top executives at the exchange. The article highlights his quiet personality, with coding being his only interest, according to sources.[144]
November 14 circa 11 p.m. Sam Bankman-Fried Interview FTX collapse SBF is interviewed by the New York Times. He confesses:
Had I been a bit more concentrated on what I was doing, I would have been able to be more thorough (..) That would have allowed me to catch what was going on on the risk side.[145]
The New York Times article focuses on the impact the FTX collapse has had on effective altruism.[146]
Novcember 15 9:58 a.m. PeckShield Tweet Security Security firm PeckShield tweets:
#PeckShieldAlert FTX Accounts Drainer has swapped 48.27M $DAI (~$48.36M) to 37.57k $ETH (~$47.69M) on Ethereum

Arbitrary loss: -$671,424.25 FTX Accounts Drainer currently holds 228,523.83 $ETH (~$288M) and makes the address become the 35th largest holder of ETH.[147]

November 15  ? Sam Harris Podcast Impact on effective altruism American philosopher Sam Harris publishes a podcast discussing SBF, the collapse of FTX, and its impact on Effective Altruism.[148][149]
November 15 1:24 p.m Jack Lewars Effective Altruism Forum Impact on effective altruism Jack Lewars at the Effective Altruism Forum publishes the first post adressing the impact the FTX collapse had on the EA funding ecosystem.[150]
November 15 5:49 Linda Kinstler Article Impact on effective altruism Linda Kinstler at The Economist publishes an article addressing the impact of the collapse of FTX has had on effective altruism. The author concludes that SBF's advocated longtermism is a stance in which prediction and speculation are often indistinguishable and obligations to a probabilistic future outweigh those to the material present. Kinstler describes effective altruism as ultimately a gamble, in which SBF placed his bet, and for now, he has lost.[151]
November 15 7:42 p.m. Shakeel Hashim Effective Altruism Forum Impact on effective altruism Shakeel Hashim from the Centre for Effective Altruism publishes a post addressing communication from EA organizations and their leaders, and the frustrating situation for all involved, as EA community members may not want to say things they’ll regret in the years to come. The author expects that in the short term there will be a lot less communication for a number of reasons, including legal risk. This is the first post talking about the EA org side of the situation.[152]
November 16 2:44 a.m. Sam Bankman-Fried Tweet SBF tweets as part of a days-long thread:
A few weeks ago, FTX was handling ~$10b/day of volume and billions of transfers.

But there was too much leverage--more than I realized. A run on the bank and market crash exhausted liquidity.

So what can I try to do? Raise liquidity, make customers whole, and restart.[134]

November 16 4:47 a.m. Eliezer Yudkowsky Effective Altruism Forum Impact on effective altruism Eliezer Yudkowsky at the Effective Altruism Forum publishes a post asking who's responsible for the FTX fiasco. The post is highly commented by important figures in the effective altruist community.[153]
November 16  ? 80,000 Hours Impact on effective altruism London-based nonprofit organization 80,000 Hours publishes their official statement regarding the collapse of FTX. Among the announcements, the org confirms it will start by removing instances on their website where SBF was highlighted as a positive example of someone pursuing a high-impact career.[154]
November 16 8:20 p.m. Kelsey Piper Interview FTX collapse Kelsey Piper, a writer at a Vox’s effective-altruism-inspired section, publishes an interview with SBF, who claims his firms FTX and Alameda Research have gambled with customer money without realizing that’s what they were doing. He also comments about regulators, about regretting his decision to declare bankruptcy, and about what he would have done differently with FTX and Alameda, which includes more careful accounting and offboarding Alameda from FTX once FTX "could live on its own".[155] FTX would publish an official response on Twitter regarding SBF comments, in a 3-tweet thread with John Ray stating that SBF has no ongoing role at FTX, FTX US, or Alameda Research, and does not speak on their behalf.[156] SBF revelations would also be commented in a Hacker News discussion,[157] and covered at Business Insider.[158]
November 16 5:10 a.m. Open Philanthropy Effective Altruism Forum Grantmaking Bastian Stern from Open Philanthropy publishes a post announcing Open Phil is seeking applications from FTX Future Fund grantees impacted by the FTX collapse.[159]
November 16 9:18 a.m. Scott Alexander Blog post Psychopharmacology A blog post at Astral Codex Ten discuses the use of drug stimulants in the FTX team and their possible contribution to the collapse of the Exchange. The author considers the probability of medication causing overspending and compulsive gambling as a side effect in SBF.[160]
November 16 11:18 a.m. Olúfẹ́mi O. Táíwò, Joshua Stein Article Impact on effective altruism Georgetown University fellows Olúfẹ́mi O. Táíwò and Joshua Stein publish an article on The Guardian criticizing the effective altruist movement, and points the FTX fraud scandal calling into question the “effective” part of effective altruism. A quote from the article reads:
If the movement doesn’t change course, then one of the most ambitious charitable fundraising drives in recent history will be used to pour money back into the pockets of wealthy donors who fancy themselves swashbuckling visionaries.
The authors suggest that proposed structural reforms and democratic control of philanthropic organizations by those who are impacted by the organizations’ endeavors seem to have been largely ignored in favor of a tech and capital-friendly research agenda, and a system controlled by a wealthy minority.[161] They also shortly criticize longtermism as a guise for tech billionnaires to develop pet projects.[162]
November 16  ? Legal The first class action lawsuit against SBF is filed, claiming that FTX violated Florida law and demanding $11 billion in damages on behalf of its customers.[163]
November 16  ? Impact on the industry Affected by the fallout of FTX's collapse, the lending division of cryptoasset manager Genesis suspends customer redemptions and new loan originations.[164]
November 17 7:15 a.m. Changpeng Zhao Speech Industry peer reaction Speaking at an event in the United Arab Emirates with economic think tank the Milken Institute, Changpeng Zhao calls SBF a “psychopath” for alluding in a tweet that Zhao was his “sparring partner” amid the FTX collapse.[165][166]
November 17 11:00 a.m. Matthew Yglesias Blog post Impact on effective altruism American blogger and journalist Matthew Yglesias at Substack newsletter Slow Boring publishes his thoughts on the FTX collapse, including implications for effective altruism, and for the linear utility theory.[167]
November 17 circa 1:00 p.m. John J. Ray III Court document Bankruptcy Lawyers for FTX file in Delaware, asking a federal judge to transfer to the state a competing bankruptcy case filed in New York by Bahamian liquidators.[168][169][170] In a court document John J. Ray III says:
Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here (...) From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.[171]
Aditionally, noting that he worked on Enron's bankruptcy, he states having still never seen such a "complete failure" and "absence of trustworthy financial information".[172] Also:
From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated, and potentially compromised individuals, this situation is unprecedented.[173]
November 17 1:26 p.m. Zvi Effective Altruism Forum FTX collapse A post on Effective Altruism Forum provides a very extensive and comprehensive coverage of the situation as of time.[57]
November 17 3:15 p.m. Elon Musk Tweet Impact on effective altruism Elon Musktweets:
SBF is ineffective altruism, but they thought he was saying he was in effective altruism. Easy misunderstanding.[174]
November 17 6:57 p.m. FTX Tweet Bankruptcy FTX Group announces having established Kroll as its claims agent, witl all official documents filed with the United States bankruptcy court available online.[175]
November 17 10:37 p.m. John Hyatt Article Impact on effective altruism John Hyatt at Forbes publishes an article addressing the groups associated with effective altruism, who are tied to millions of dollars that could be clawed back in bankruptcy proceedings, according to restructuring lawyers. Brooklyn Law School bankruptcy law professor Edward Janger is quoted saying:
To the extent that any FTX entities transferred funds to the foundation while insolvent, the creditors of those entities in the bankruptcy may be able to assert fraudulent conveyance claims to recover those funds.
and Yes, the charities should be worried. The article continues describing the upheaval the FTX scandal caused on the EA movement.[176]
November 18  ? Background Theranos CEO Elizabeth Holmes is sentenced to 11 years in prison.[177]
November 19 4:00 p.m. Alexander Osipovich, Caitlin Ostroff , Patricia Kowsmann , Angel Au-Yeung and Matt Grossman Article Team An article is published at The Wall Street Journal, describing the lives of the people who ran FTX. The article describes the firm as an unruly agglomeration of corporate entities, customer assets and SBF himself, with neither accounting nor functioning human-resources departments.[28]
November 21 1:47 a.m. Tyler Whitmer Effective Altruism Forum Impact on effective altruism Tyler Whitmer publishes a highly upvoted and commented post on the Effective Altruism Forum discussing the pros and cons of talking publicly about SBF/FTX for effective altruism. Whitmer suggests ther would be very few declarations about the FTX/SBF fiasco from any EA public figures or institutions, and suggests it would be best for effective altruists not to comment on the FTX/SBF situation, and not just for their own sake.[178]
November 22 10:33 p.m. Sam Bankman-Fried Letter Finance journalist Liz Hoffman tweets screenshots of a new letter that SBF shared with FTX employees on the same day, apologizing again and sharing a list of collateral and liabilities. His opening line states that he feels “deeply sorry about what happened.” He also says “maybe there still is a chance to save the company.”[179]
November 23 10:54 p.m. Rethink Priorities Effective Altruism Forum Impact on effective altruism Lead members of effective altruist organization Rethink Priorities publish a post expressing their statement on the FTX crisis, and its impact on the non-profit and the EA space.[180]
November 24 10:30 a.m. Rachel Louise Ensign, Ben Cohen Article Impact on effective altruism Rachel Louise Ensign and Ben Cohen at The Wall Street Journal publish an article on SBF pledge to donate billions to philanthropy.[181]

Numerical and visual data

The chart below shows FTX Token (FTT) to USD price, approximately between November 7th and November 10th. On November 8th, seen at the center of the chart, is when most of the collapse took place.[182]

FTX 7-10 nov.PNG


The chart below shows the chance of SBF being convicted of a felony before 2026, according to prediction platform Manifold Markets.[16]

SBF convicted of a felony before 2026 likelihood.PNG

Meta information on the timeline

How the timeline was built

The initial version of the timeline was written by Sebastian.

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

Meta:

Actual (please include multiple references to news sources discussing the tweets):

EA Forum posts

Suggested updates to key actors

Timeline update strategy

See also

Timelines related to FTX

Timelines related to the cryptocurrency space

External links

References

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