The exchange’s creditors haven’t been made whole yet despite a judge approving a plan and sentencing for former executives is nearing an end.
On Nov. 11, 2022, then-FTX CEO Sam Bankman-Fried resigned, handing the company’s reins to John Ray, who filed for Chapter 11 bankruptcy protection in the United States. That day marked the beginning of the end for what was one of the world’s most prominent crypto exchanges.
US authorities charged Bankman-Fried and four of his associates with fraud. FTX users and creditors saw billions of dollars worth of funds locked out of their reach in an exchange they weren’t sure would ever be able to repay them. Ray reported that the firm represented an “utter failure of corporate controls at every level of an organization,” later comparing its operations to a “dumpster fire.”
In addition to FTX’s impact on millions of users and its employees, lawmakers and business leaders began using the crypto exchange as an example of the most egregious of illicit practices. The company declared bankruptcy amid a crypto market downturn that turned public opinion away from the industry as token prices crashed and companies filed for Chapter 11.
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