A few days after the failure of the FTX crypto exchange, it is possible to begin a comprehensive and in-depth account of what happened.
FTX was by far one of the leading crypto exchanges in the world. It had grown very quickly, since it was only founded in 2019, and it had two different platforms.
The international version was on FTX.com, while FTX.US was the platform for the US market.
Indeed, it was a US exchange, founded by US citizens in Berkeley, California.
Its key figure was that of co-founder and CEO Sam Bankman-Fried (SBF), who himself had already co-founded in 2017 Alameda Research, also in Berkeley.
However, FTX’s headquarters had then been moved to Nassau, Bahamas, where the headquarters was also established from where to physically direct all operations. The company’s entire operating board, consisting of a dozen other millennials roughly SBF’s age (class of 1992), had moved to Nassau.
The underlying problem with the FTX crypto exchange: what happened?
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