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The Epic Collapse of Sam Bankman-Fried’s FTX Exchange: A Crypto Markets Timeline

Facebook iconLinkedin iconTwitter iconCDCROP: Annotated chart of the 162-asset CoinDesk Market Index (CMI) over the course of the FTX and Alameda saga. (CoinDesk Indices and Research/Sage D. Young)

Annotated chart of the 162-asset CoinDesk Market Index (CMI) over the course of the FTX and Alameda saga. (CoinDesk Indices and Research/Sage D. Young)

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After this week’s shocking (and still-unfolding) developments in the crypto industry, including the rapid unraveling of Sam Bankman-Fried’s FTX exchange and Alameda Research trading firm, analysts with CoinDesk Indices worked with CoinDesk journalists to put together an annotated chart of the movements in the 162-asset CoinDesk Market Index (CMI).

The chart (featured above) shows how digital-asset traders scrambled to keep up.

Here’s a timeline of the events:

Nov. 2: CoinDesk publishes exclusive revealing key balance-sheet details of Sam Bankman-Fried’s Alameda Research trading firm, showing it’s heavily invested in the FTX exchange’s FTT token.

Nov. 6: Binance CEO Changpeng “CZ” Zhao says he’s selling his remaining holdings of FTT tokens. (Minutes later, Caroline Ellis, CEO of Alameda Research, tweets that Alameda will buy Zhao’s FTT tokens for $22 each.

Nov. 8: The FTT token price falls below $22.

Nov. 8: Binance announces non-binding letter of intent to buy FTX, subject to due diligence, easing the industry panic.

Nov. 9: CoinDesk is first to report Binance is strongly leaning against buying FTX after just a few hours of checking its books and loans.

Nov. 9: Binance officially walks away from the FTX deal.

Nov. 9: Without details, Justin Sun drops hints at saving FTX.

Nov. 10: Bankman-Fried says Alameda Research, the trading firm at the center of the drama, is being wound down.

Nov. 10: FTX assets frozen by Bahamian regulator.

Nov. 11: FTX files for bankruptcy protection in U.S.

Trending1CDCROP: Rolled up paper (Unsplash modified by CoinDesk)BusinessBlockchain Company AltLayer Appoints Amrit Kumar as COONov 15, 20222Bitcoin's renewed soon has Morgan Stanley analysts focusing on support at $13,000. (Morgan Stanley)MarketsRenewed Bitcoin Market Swoon Has Put Price Support At $13K in Crosshairs: Technical AnalysisNov 15, 20223Matthew Graham via CoinDesk TVBusinessCrypto Fund Sino Global Regrets Its 'Misplaced Trust' in FTX, Reports 'Mid-Seven' Figure Losses Tied to Exchange Nov 15, 20224CDCROP: Sam Bankman-Fried, CEO, FTX and Christine Lee, Lead Anchor, CoinDesk at Consensus 2022 (Suzanne Cordiero/Shutterstock/CoinDesk)PolicyFTX's New Leadership Is in Touch With Regulators, May Have Over 1M Creditors, New Filings SayNov 15, 2022

Source coindesk.com

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