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// HALL OF FLAME · STARTUP AUTOPSY
Founded2019
Closed2022
CountryUSA
SectorWeb3
Total raised$1.8B
FounderSam Bankman-Fried

FTX

"The crypto exchange that used customer funds as a personal ATM."

—
RAISED
—
EMPLOYEES
36
MONTHS
fraud

Key Events Timeline

2021-07
FUNDING
Raises $900M at $18B valuation. SBF becomes the face of crypto.
2022-11
FRAUD EXPOSURE
CoinDesk reveals Alameda balance sheet. FTX and Alameda are effectively the same entity.
2022-11
LAYOFF
$6B bank run in 72 hours. Binance walks away from rescue deal.
2022-11
SHUTDOWN
FTX files Chapter 11. $8B customer funds missing. SBF arrested in December.
🔥 Hall of Flame 95%🏆 Hall of Fame 5%

FTX collapsed in November 2022 when CoinDesk revealed that Alameda Research held most assets in FTT token.

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More Web3 →More from USA →More fraud failures →Raised: $1.8B
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// THE WEB3 GRAVEYARD DOESN'T END HERE

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