FTX, once among the largest cryptocurrency exchanges in the world, said this week that nearly all of its customers will receive the money back that they are owed, two years after its monumental collapse.
FTX said in a court filing late Tuesday that it owes about $11.2 billion to its creditors. The exchange estimates that it has between $14.5 billion and $16.3 billion to distribute to them.
Here is a timeline of what led up to this week’s announcement after an implosion at FTX kicked off what many had expected to become a “crypto winter.”
Nov. 2: Coindesk reports Alameda Reseach, Bankman-Fried’s cryptocurrency trading firm, holds a large amount of FTT, a token issued by FTX, suggesting the finances of the two are intertwined and Alameda faces a cash crunch. The report spooks participants in the crypto market.
Nov. 6: Rival cryptocurrency exchange Binance announces that the firm plans to sell all its holdings in FTT. The price of FTT tanks.
Is THIS Britain's most expensive pastry? Kensington bakery is selling super
Following the patterns of history
2 mln private vehicles pass through Hong Kong
Two Chinese sports films awarded Guirlande d'Honneur at 2023 FICTS Fest
Former Daytona 500 winner McDowell will leave Front Row Motorsports for Spire in 2025
Chinese online literature starts new chapter overseas
Following the patterns of history
Color system, core graphics, sports pictograms unveiled for 9th Asian Winter Games
Father's grief after boy, 14, with 'no concept of danger' is found dead in river after vanishing
Moment Meghan Markle asks woman not to pose next to Prince Harry for Polo prizegiving photo
Hong Kong court bans 'Glory to Hong Kong' song
Middle school students participate in Model UN conference in Qingdao