{"id":6432,"date":"2023-11-02T16:29:28","date_gmt":"2023-11-02T16:29:28","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=6432"},"modified":"2023-11-02T16:29:28","modified_gmt":"2023-11-02T16:29:28","slug":"collapse-of-ftx-exchange-1-year-ago-today","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/collapse-of-ftx-exchange-1-year-ago-today\/","title":{"rendered":"Collapse of the FTX Exchange: 1 Year Ago Today"},"content":{"rendered":"<p>A year ago, on a Thursday, the first step towards the collapse of <strong>Sam Bankman-Fried&#8217;s<\/strong> crypto empire, the <strong>FTX<\/strong> exchange, was taken.<\/p>\n<p>On November 2, 2022, it was announced in an award-winning news story that <strong>Bankman-Fried&#8217;s<\/strong> trading firm, <strong>Alameda Research<\/strong>, was mysteriously overflowing with <strong>FTT<\/strong> tokens issued by the <strong>FTX<\/strong> exchange. This was the first sign that <strong>Alameda<\/strong> and <strong>FTX<\/strong> were in closer cooperation without <strong>Bankman-Fried\u2019s<\/strong> approval and were financially at risk. It later became known that Alameda and Bankman-Fried, according to allegations being investigated by prosecutors, used FTX customers&#8217; money without authorization.<\/p>\n<h1>FTX and Alameda<\/h1>\n<p>Nine days later, <strong>FTX<\/strong> and <strong>Alameda<\/strong> filed for bankruptcy. <strong>Bankman-Fried<\/strong> was arrested shortly thereafter and his trial for fraud and conspiracy charges is still ongoing. Also, the bankruptcy court process is ongoing. A crypto financial services company called <strong>Matrixport<\/strong> estimated that the company&#8217;s restructuring would return an average of 37% to creditors. This estimate seems like a high rate of return, considering the company was in freefall a year ago, struggling to save customers&#8217; money and suffered a bad attack just hours after the company&#8217;s Chapter 11 filing.<\/p>\n<hr \/>\n<blockquote><p>You might like: <a href=\"https:\/\/coinengineer.net\/blog\/300-million-dollar-crypto-fraud-in-china\/\"><em><strong>300 Million Dollar Crypto Fraud in China!<\/strong><\/em><\/a><\/p><\/blockquote>\n<hr \/>\n<p>This recovery estimate can probably be considered quite conservative. Especially, the native token \u2019SOL\u2019 of the Solana blockchain, a cryptocurrency and project supported by <strong>Bankman-Fried<\/strong>, has increased the value of the bankruptcy estate by approximately 1 billion dollars in the last two weeks.<\/p>\n<p>FTX currently holds approximately 55.8 million SOL tokens, but the majority of these (42.2 million) are under lock and cannot be immediately bought and sold on the market.<\/p>\n<p>Last month, reports emerged evaluating the market value of <strong>SOL<\/strong> assets held by <strong>FTX<\/strong> as an official debtor investment portfolio and set this value at 1.16 billion dollars. However, since that date, the value of the <strong>SOL<\/strong> token has risen to about $40 from about $20 per token.<\/p>\n<hr \/>\n<p><em>You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our <a href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Telegram<\/strong>,<\/a>\u00a0<a href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>YouTube<\/strong><\/a>\u00a0and\u00a0<a href=\"https:\/\/twitter.com\/coinengineers\"><strong>Twitter<\/strong><\/a>\u00a0channels for the latest news and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A year ago, on a Thursday, the first step towards the collapse of Sam Bankman-Fried&#8217;s crypto empire, the FTX exchange, was taken. On November 2, 2022, it was announced in an award-winning news story that Bankman-Fried&#8217;s trading firm, Alameda Research, was mysteriously overflowing with FTT tokens issued by the FTX exchange. This was the first<\/p>\n","protected":false},"author":2,"featured_media":6431,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[1857,496,2162,1395,1282,319],"class_list":["post-6432","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exchange-news","tag-alameda-research","tag-ftx","tag-ftx-exchange","tag-sam-bankman-fried","tag-sbf","tag-solana"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Collapse of the FTX Exchange: 1 Year Ago Today - Coin Engineer<\/title>\n<meta name=\"description\" content=\"A year ago, on a Thursday, the first step towards the collapse of Sam Bankman-Fried&#039;s crypto empire, the FTX exchange, was taken.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/collapse-of-ftx-exchange-1-year-ago-today\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Collapse of the FTX Exchange: 1 Year Ago Today - 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