Sam Bankman-Fried, the founding father of failed FTX cryptocurrency trade, has been arrested in The Bahamas after being criminally charged by United States prosecutors.
FTX filed for Chapter 11 chapter safety within the US in November following its spectacular collapse that despatched shivers by way of the business.
Here is a historical past of FTX since its basis in 2019:
2019:
May – Former Wall Street dealer Sam Bankman-Fried and ex-Google worker Gary Wang based FTX, the proprietor and operator of FTX.COM cryptocurrency trade.
2021:
July – A $US900 million ($A1.3 billion) funding spherical valued FTX at $US18 ($A27) billion.
September – FTX signed a sponsorship take care of Mercedes’ Formula 1 workforce.
October – FTX raised capital at a valuation of $US25 billion ($A37 billion) from traders together with Singapore’s Temasek and Tiger Global.
2022:
January 27 – FTX’s US arm stated it was valued at $US8 billion ($A12 billion) after elevating $US400 million ($A594 million) in its first funding spherical from traders together with SoftBank Group and Temasek.
January 31 – FTX raised $US400 million ($A594 million) from traders together with SoftBank at a valuation of $US32 billion ($A47 billion).
June 4 – FTX signed a reportedly $US135 million ($A200 million) sponsorship deal for naming rights of the Miami Heat’s residence court docket.
July 1 – FTX signed a take care of an possibility to purchase embattled crypto lender BlockFi for as much as $US240 million ($A356 million).
July 22 – FTX supplied a partial bailout of bankrupt crypto lender Voyager Digital. Voyager referred to as it a “low-ball bid”.
August 19 – A US financial institution regulator ordered FTX to halt “false and misleading” claims it had made about whether or not funds on the firm are insured by the federal government.
November 2 – Crypto news web site CoinDesk reported a leaked stability sheet that confirmed Alameda Research, Bankman-Fried’s crypto buying and selling agency, was closely depending on FTX’s native token, FTT. Reuters was unable to confirm the report.
November 6 – Binance CEO Changpeng Zhao stated his agency would liquidate its holdings of FTT attributable to unspecified “recent revelations”.
November 7 – Bankman-Fried stated “FTX is fine. Assets are fine”.
November 8 – Binance stated it was planning a deal to amass FTX.
November 9 – Binance determined towards pursuing a non-binding settlement to bail out FTX.
November 10 – FTX suspended on-boarding of recent purchasers in addition to withdrawals till additional discover.
November 10 – Bankman-Fried informed employees in a memo that he was searching for a capital elevating and had held talks with Justin Sun, founding father of the crypto token Tron.
November 10 – Reuters reported that Bankman-Fried was searching for to place collectively a rescue bundle of as much as $US9.4 billion ($A13.9 billion) for FTX.
November 11 – FTX began voluntary Chapter 11 proceedings within the US together with its US unit, crypto buying and selling agency Alameda Research and nearly 130 different associates. Bankman-Fried resigns as CEO.
November 12 – Reuters reported at the least $US1 billion ($A1.5 billion) of buyer funds have vanished from FTX.
November 12 – FTX stated it had detected unauthorised transactions. Blockchain analytics corporations estimated outflows between $473 million and $659 million in “suspicious circumstances”.
November 13 – Bahamas securities regulator launched a probe over collapse of FTX.
November 14 – Reuters reported that US prosecutors in New York had been probing FTX’s collapse.
November 15 – Financial regulators within the Bahamas appointed liquidators to run FTX’s unit within the nation.
November 16 – FTX outlined a “severe liquidity crisis” in US chapter filings, which confirmed the group might have a couple of million collectors.
November 16 – A court docket submitting confirmed FTX’s Bahamas unit, FTX Digital Markets, was searching for safety from collectors within the U.S. below Chapter 15 of the US Bankruptcy Code.
November 16 – Bankman-Fried was sued in a US court docket by traders alleging the corporate’s yield-bearing crypto accounts violated Florida regulation.
November 16 – Liquidators for FTX Digital Markets “reject the validity” of FTX’s US chapter proceedings.
November 16 – Major crypto participant Genesis Global Capital suspended buyer redemptions in its lending business, citing the sudden failure of FTX.
November 17 – The US House Financial Services Committee stated it deliberate to carry a listening to in December to analyze the collapse of FTX.
November 30 – Bankman-Fried stated in an interview on the New York Times’ Dealbook Summit that “he didn’t ever try to commit fraud”.
December 12 – Police arrest Bankman-Fried in The Bahamas.
FTX INVESTORS SINCE 2019, AS PER PITCHBOOK:
2019: Tiger Global Management, Insight Partners, SoftBank Inves Investment Advisors, Temasek, Telstra Ventures, tors 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, Inves Exnetwork Capital, Genblock Capital, Insignius, tors Capital, Pantera Capital.
2021: BlackRock, Tom Brady, Gisele Bundchen, Samsung NEXT Inves Ventures, Sequoia Capital, Coinbase Ventures, Base10 tors 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 Inves Pension Plan, K5 Global, MiH Ventures, Mint Ventures, tors 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.
