• Bankrupt technology: How FTX crushed $40 billion to bits


    Brian Livingston

    By Brian Livingston

    The world’s fifth-largest cryptocurrency exchange, FTX, was valued by investors at $40 billion in early 2022 but wound up in bankruptcy last month and is now almost worthless.

    FTX, short for “Futures Exchange,” launched its service in 2019 and minted its own digital token with the ticker symbol FTT. With almost 250 million FTT units available to the public, FTX’s CEO and majority owner, Sam Bankman-Fried (SBF, as he’s known) had a net worth of $26 billion in early 2022.

    Read the full story in our Plus Newsletter (19.49.0, 2022-12-05).