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FTX

FTX
FTX
The world’s second-largest cryptocurrency exchange collapsed in November 2022, putting its leaders, including 30-year-old founder Sam Bankman-Fried, into the headlines and under the legal spotlight.
last updated:
14 August, 2024
Former FTX executive Gary Wang attends his sentencing on fraud charges in New York on Wednesday. Photo: Reuters
United States

Sam Bankman-Fried’s ex-deputy Gary Wang spared prison time over FTX fraud

Wang cooperated with the prosecution and testified in the trial that led to Bankman-Fried’s conviction on fraud and other charges.

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Blockchain

FTX sues Binance and former CEO ‘CZ’ for US$1.8 billion

Blockchain

Hong Kong blockchain gaming firm Animoca sets sights on recovery after listless 2023

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Blockchain

Crypto exchange Bybit surges by scooping up former FTX users

‘When FTX collapsed, we saw the opportunity,’ says Ben Zhou, co-founder and CEO of Bybit.

Bybit is currently the world’s second-largest crypto exchange by trading volume. Photo: Shutterstock
United States

FTX says most customers will be fully repaid, less than 2 years after collapse

FTX said in a court filing it owes about US$11.2 billion to its creditors. The exchange estimates it has between US$14.5 billion and US$16.3 billion to distribute to them.

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United States

Bankman-Fried sentenced to 25 years for multibillion-dollar FTX fraud

US District Judge Lewis Kaplan handed down the sentence after rejecting Bankman-Fried’s claim that FTX customers did not actually lose money and accusing him of lying during his trial testimony.

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Bitcoin

Chinese social media all agog as bitcoin prices continue to surge

The increased interest in bitcoin reflects how a community of cryptocurrency enthusiasts on the mainland continues to thrive, despite a sweeping government ban.

Chinese social media’s increased interest in bitcoin reflects how a community of cryptocurrency enthusiasts on the mainland continues to thrive, despite a sweeping government ban. Photo: Shutterstock
Digital currencies

Hong Kong must step up spot crypto ETF approvals after US launch, insiders say

The successful US launch of spot bitcoin exchange-traded funds is expected to help move Hong Kong regulators closer to authorising similar cryptocurrency funds to operate in the city.

Digital currencies

US regulator SEC authorises spot bitcoin ETFs in cryptocurrency breakthrough

US regulators for the first time approved ETFs that invest directly in bitcoin, a move heralded as a landmark event for the roughly US$1.7 trillion digital-asset sector.

Digital currencies

Hong Kong joins many governments in beefing up crypto rules: report

In 2023, 17 jurisdictions including Hong Kong, the EU, South Korea, Singapore, and the US, tightened cryptocurrency regulations, according to a report by TRM Labs.

In 2023, 17 jurisdictions including Hong Kong, the EU, South Korea, Singapore, and the US, tightened cryptocurrency regulations. Photo: Shutterstock
Financial regulation

Hong Kong to push retail access to spot cryptocurrency exchange-traded funds

This initiative shows Hong Kong policymakers’ determination to rebuild investor confidence in virtual assets, following a number of major financial scandals involving cryptocurrencies.

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Spot cryptocurrency exchange-traded funds enable investors to gain exposure to virtual assets without directly buying any crypto tokens. Photo: Shutterstock
Fintech

Hong Kong virtual insurer OneDegree on track to turn a profit in 2024: CEO

Fintech start-up OneDegree’s optimistic projection stems from the positive performance of the company’s household pet and digital-asset insurance operations.

Crime

Sam Bankman-Fried convicted of multibillion dollar FTX fraud

The former crypto tycoon was found guilty by a New York jury on all seven counts of fraud, embezzlement and criminal conspiracy. He faces decades in prison.

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Crime

Sam Bankman-Fried ‘thought hedge fund could cover US$8 billion debt to FTX’

The FTX founder, testifying in his own defence at his fraud trial in New York, said he was surprised but not alarmed that his Alameda Research hedge fund had borrowed US$8 billion from FTX customer deposits.

Former FTX chief executive Sam Bankman-Fried. Photo: AFP
Digital currencies

Opinion | Hong Kong’s cryptocurrency retail investors must be better protected

The Securities and Futures Commission has put up guard rails but Hong Kong still lacks a cohesive education and protection ecosystem to underpin the regulation, as JPEX fraud case shows.

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A cryptocurrency exchange office in Hong Kong on May 27. Photo: AFP
Digital currencies

FTX co-founder testifies against Sam Bankman-Fried at his fraud trial

Cryptocurrency exchange FTX co-founder Gary Wang Zixiao said in court that former partner Sam Bankman-Fried knowingly used clients’ funds without permission to invest through his personal hedge fund, Alameda Research.

Singapore

‘We are disappointed’: Singapore’s Temasek cuts pay for staff over FTX fiasco

The city state’s sovereign wealth fund said its senior management and investment team were ‘ultimately responsible’ for investing in the now-bankrupt cryptocurrency exchange, which resulted in a US$275 million writedown.

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United States

FTX founder pleads not guilty to China bribery, campaign finance charges

Bankman-Fried had earlier pleaded not guilty to 8 counts of fraud and conspiracy for allegedly stealing billions in FTX customer funds.

Former FTX Chief Executive Sam Bankman-Fried faces fraud charges over the collapse of the bankrupt cryptocurrency exchange. Photo: Reuters
Banking & finance

Opinion | After FTX collapse, here’s how cryptocurrency regulators can rebuild trust

Hong Kong is legalising retail cryptocurrency trading just as the FTX scandal has shaken investor confidence, underscoring the need for industry regulation. Among the measures needed is the separation of funds from transactions, and this is where technology can help create transparency and rebuild trust.

Digital currencies

Exclusive | Cryptocurrency firm Amber scrambles to slash costs to survive: source

Source says Amber Group is cutting costs and jobs across the board amid ongoing crypocurrency market turmoil from last year’s FTX collapse.

United States

FTX founder Sam Bankman-Fried pleads not guilty to fraud

The ex-cryptocurrency boss, who is accused of cheating investors and looting customer deposits, will face trial in October.

Cryptocurrency entrepreneur Sam Bankman-Fried (centre) arrives for a plea hearing in New York on Tuesday. Photo: EPA-EFE
Digital currencies

Alameda lent Sam Bankman-Fried US$546 million for Robinhood stake

FTX founder Sam Bankman-Fried and former executive Gary Wang borrowed more than US$546 million from Alameda Research to buy a nearly 8 per cent stake in Robinhood Markets, according to court papers.

The logo of Alameda Research on digital devices in an arranged photo taken on November 22, 2022. Photo: Bloomberg
Digital currencies

US investigates missing US$372 million in hack after FTX bankruptcy

The Justice Department investigation into the stolen assets is separate from a fraud case against FTX co-founder Sam Bankman-Fried, a report said.

Digital currencies

Ellison and SBF misled FTX lenders, Alameda’s ex-CEO says

The statements by Ellison and Wang undermine Sam Bankman-Fried’s repeated claims that he was “unaware” of what went on at Alameda, the trading unit of FTX.

Hong Kong police

Hong Kong police arrest 2 in alleged US$30 million cryptocurrency fraud

More than 330 alleged victims have contacted the force’s commercial crime bureau over Atom Asset Exchange.

hooded hacker stealing or scamming crypto currency Shutterstock ID: 2175912727 Photo: Shutterstock
Bitcoin

Binance puts up a brave face as investors pulled US$6 billion in 3 days

The statement was the first acknowledgement by Binance in the face of mass withdrawals following the November 11 bankruptcy of its smaller rival FTX.

An advertisement for the largest cryptocurrency bitcoin on display in Hong Kong on Feb. 17, 2022. Photo: AP
Digital currencies

FTX’s Sam Bankman-Fried released on US$250 million bond

The cryptocurrency entrepreneur can live in his parent’s home, while awaiting trial on charges that he swindled investors and looted customer funds, judge says.

Digital currencies

Wang, Ellison plead guilty to US fraud charges in FTX’s collapse

The charges on Wang and Ellison widened the dragnet over FTX’s November 11 bankruptcy under US$3 billion of debt, which had previously focused on the role played by SBF, the public face of the exchange.

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