FTX was a cryptocurrency exchange that allowed users to buy, sell, and enter into derivative contracts for coins and tokens. It was founded in 2019 by Sam Bankman-Fried and Gary Wang and was one of the largest digital currency exchange platforms for buying and selling cryptocurrencies. FTX offered a range of trading products, including derivatives, options, volatility products, and leveraged tokens. The platform offered a comprehensive range of order types, from basic market orders to more complex trailing stop orders. FTX was based in the Bahamas and was run by Mr. Bankman-Fried.

However, FTX filed for bankruptcy protection in the US in November 2022. The collapse was due to rumors of unethical and fraudulent inter-company transfers of client funds, and the scandal has not only hit the cryptocurrency and venture capital world but also Washington, DC, where Bankman-Fried lobbied “members of Congress and other. FTX was also accused of secretly funding Alameda Research, a cryptocurrency hedge fund founded by Bankman-Fried in 2017, with billions of dollars diverted from FTX customers as well as FTX’s “overvalued” token, FTT.

In summary, FTX was a cryptocurrency exchange that allowed users to buy, sell, and enter into derivative contracts for coins and tokens. It was founded in 2019 by Sam Bankman-Fried and Gary Wang and was one of the largest digital currency exchange platforms for buying and selling cryptocurrencies. However, it filed for bankruptcy protection in the US in November 2022 due to rumors of unethical and fraudulent inter-company transfers of client funds and secret funding of Alameda Research.