What does FTX stand for?

FTX stands for "Futures Exchange." FTX was a cryptocurrency exchange that promoted the liquidity and transacting of coins and tokens. FTX allows users to connect their wallets, place trades, exchange digital currencies, enter into derivative contracts, or buy/sell NFTs.

Is FTX a regulated crypto exchange?

Murphy’s law that anything that can go wrong will go wrong holds true for the unregulated crypto space. FTX was a thriving crypto exchange, their logo stamped on a Mercedes F1 car, lauded as an ICC Cricket Worldcup sponsor, and even the namesake of the FTX arena in Miami. But as the year came to an end, so did FTX.

When did FTX start?

Until late 2022, FTX was one of these trading platforms. Sam Bankman-Fried started FTX in 2019. Customers began opening accounts on FTX to trade and buy cryptocurrency, and top venture capital investors started pouring in. By January 2022, the company was worth $32 billion. However, that came to an end in November 2022.

Is FTX a scam?

FTX appeared to stay strong -- until news broke of an elaborate scam. The popularity of cryptocurrency exchange platform FTX rose rapidly after it was launched in 2019. However, FTX came crashing down in November 2022. Cryptocurrency has become popular for investments and sending payments to other people and merchants.