What happened to FTX?

Its fall has rippled through the industry: Lenders such as BlockFi and Genesis have announced pauses in operations. The price of FTT, a native cryptocurrency token for FTX, has dropped more than 90 percent since Nov. 8. The price of Bitcoin is down about 19 percent this month, and the price of Ether is down about 24 percent.

What does FTX stand for?

FTX Trading Ltd., commonly known as FTX (short for "Futures Exchange"), is a bankrupt company that formerly operated a fraud-ridden cryptocurrency exchange and crypto hedge fund. The exchange was founded in 2019 by Sam Bankman-Fried and Gary Wang.

How did FTX get renamed?

Deals included the naming rights to the Miami Heat 's basketball stadium, renaming it FTX Arena, a partnership with Major League Baseball to place the FTX logo on the uniforms of umpires, and a deal with Mercedes-AMG Petronas F1 Team to add the FTX logo to their cars and merchandise.

What is FTX & 'Web3'?

Reports on the intersection of finance and technology, including cryptocurrencies, NFTs, virtual worlds and the money driving "Web3". For Lee Rees, 43, FTX was one of a handful of exchanges on which the London-based cryptocurrency trader earned a good living, profiting off fleeting price differences across the crypto market.