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+---
+title: FTX
+created: 2022-11-15
+---
+
+# FTX and the FTX Collapse
+
+FTX was a centralized crypto exchange founded in 2019 by [[Sam Bankman-Fried]] and headquartered in the Bahamas. There was also a US exchange FTX US. FTX and associated entities filed for bankruptcy on 11 Nov 2022. It had been one of the leading and more "blue-chip" crypto exchanges and played a leading role in bail-outs of other firms which had collapsed earlier in 2022.
+
+## FTX bankruptcy
+
+### FTX balance sheet at time of bankruptcy
+
+Source: https://www.ft.com/content/0c2a55b6-d34c-4685-8a8d-3c9628f1f185 with full details in https://www.ft.com/content/f05fe9f8-ca0a-48d5-8ef2-7a4d813af558
+
+![[../assets/Pasted image 20221115200036.png]]
+
+> The vast majority of FTX Trading’s recorded assets are either illiquid venture capital investments or crypto tokens that are not widely traded, according to the spreadsheet, which cautions that the figures “are rough values, and could be slightly off; there is also obviously a chance of typos etc. They also change a bit over time as trades happen.”
+>
+> The company’s biggest asset as of Thursday was $2.2bn worth of a cryptocurrency called Serum. Serum’s total market value was $88mn on Saturday, according to data provider CryptoCompare, suggesting FTX’s holdings would be worth far less if sold into the market. CryptoCompare’s figures take into account the coin’s liquidity.
+
+Deeper dive with comic comments in Levine, Matt. ‘FTX’s Balance Sheet Was Bad’. Bloomberg.Com, 14 November 2022. https://www.bloomberg.com/opinion/articles/2022-11-14/ftx-s-balance-sheet-was-bad
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 # Summary
 
-On November 11th 2022, crypto giant FTX collapsed into bankruptcy. In this episode, Stephen Diehl and Rufus Pollock dig into what happened and why. They look back on the past 6 months in the crypto industry, examining other prominent crashes and their contagion effects. 
+On November 11th 2022, crypto giant [[notes/ftx|FTX]] collapsed into bankruptcy. In this episode, Stephen Diehl and Rufus Pollock dig into what happened and why. They look back on the past 6 months in the crypto industry, examining other prominent crashes and their contagion effects. 
 
 Stephen and Rufus look at what remains of the crypto industry. What learnings can we take from the past 6 months? What’s next to fall?