What is FTX & how does it work?

FTX is a cryptocurrency exchange based in the Bahamas. It was founded by Sam Bankman-Fried in 2019 and lets users buy, sell, hold, and trade cryptocurrency (although those functions aren’t available right now due to the firm’s collapse). In its prime, FTX spent its money on a number of sponsorship deals.

How did FTX perform in the second quarter of 2022?

The company brought in $270 million in revenue in the first quarter of 2022, and was on track to do roughly $1.1 billion in revenue in 2022, according to an investor deck shared with CNBC. But it’s unclear how FTX held up in the second quarter as crypto prices plunged during the recent so-called “ Crypto Winter .”

Is FTX the second largest creditor?

In the company’s bankruptcy filing, it lists FTX as its second-largest creditor at $275 million. In a bid to reassure investors, some exchanges have committed to publishing proof of reserves to show users that they aren’t using their money to fund risky bets.

Is FTX the'most regulated' crypto exchange?

Nov 18 (Reuters) - Before it collapsed this month, FTX stood apart from many rivals in the largely unsupervised crypto industry by boasting it was the "most regulated" exchange on the planet and inviting closer scrutiny from authorities.