FTX, four years later: A look back at the three days that precipitated bankruptcy
Four years after the bankruptcy of FTX, return on the 6 billion dollars withdrawn in 72 hours and the reimbursements calculated at the prices of November 2022.
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On November 2, 2022, CoinDesk reveals that a significant portion of Alameda Research's assets are tied to FTT. The trading company thus depends in part on the value of a token issued by FTX, a company controlled by the same founder. On November 6, Changpeng Zhao announced that Binance would liquidate its remaining FTTs. Distrust is accelerating and requests for withdrawal are increasing.
On November 8, Binance signed a non-binding letter of intent to buy FTX.com, then withdrew the next day. On November 11, FTX, Alameda and numerous affiliated entities open bankruptcy proceedings in the United States. Sam Bankman-Fried steps down as director and John J. Ray III takes his place. The criminal trial will then establish that billions of dollars of customer funds were misappropriated, notably for the benefit of Alameda.
Distributions began in February 2025. For customers who had left cryptocurrencies on FTX, the amount of the claim is based on their dollar value on the date of the bankruptcy filing. At the time, bitcoin was worth less than $17,000. The announced repayment percentages apply to this reference value, with interest for certain categories of creditors.
On the criminal side, a jury convicted Sam Bankman-Fried on seven counts in November 2023. In March 2024, a federal judge sentenced him to 25 years in prison. The bankruptcy process follows a separate timetable, with installment payments as assets are liquidated and debts are processed.
Four years after the fall of FTX, the balance sheet of reimbursements therefore depends on the reference point. A client can receive more than 100% of his debt in dollars while recovering less than the value that the cryptocurrencies he had entrusted to the platform would have today.
An editorial article. Le Journal du Coin, the first French-speaking news media on cryptocurrency, Bitcoin, and blockchain protocols.
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- Journal du Coin12 Nov, 12:00
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