what was ftx

FTX was a cryptocurrency exchange and crypto hedge fund that was founded in 2019 by Sam Bankman-Fried and Gary Wang. It was incorporated in Antigua and Barbuda and headquartered in the Bahamas. FTX was a centralized cryptocurrency exchange that specialized in derivatives and leveraged products. It offered a range of trading products, including derivatives, options, volatility products, and leveraged tokens. At its peak in July 2021, FTX had over one million users and was the third-largest cryptocurrency exchange by volume. However, FTX filed for bankruptcy protection in the U.S. in November 2022. The collapse of FTX was due to various reasons, including fraud allegations against its founder and former CEO, Sam Bankman-Fried.