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FTX

Crypto exchangeBahamas/USA
💀 Dead / Bankrupt
Peak $32 BillionToday
~-100%
from peak
  1. 🦄
    Became a unicorn
    2021
  2. 📈
    Peak valuation
    $32 Billion ’22
  3. 💔
    Became a Unitard
    Nov 2022
  4. 💸
    Last valuation
    ~$0
Current status
Chapter 11 (Nov 2022); fraud conviction

How it happened

FTX was a major cryptocurrency exchange that peaked at a ~$32B valuation in early 2022. It collapsed in November 2022 after revelations that customer funds had been misused via affiliated trading firm Alameda Research, triggering a liquidity crisis and Chapter 11 bankruptcy. Founder Sam Bankman-Fried was later convicted of fraud, and the valuation went to essentially zero.

Source: Cleary Gottlieb/Harvard