FTX collapsed in Manhattan, leading to Bankman-Fried using FTX to cover Alameda losses and seeking a pardon from Donald Trump.
Steady: 1 in the last 7 days
Updated thursday
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How it started
AI-generated analysis. Brind wrote this summary from the reports listed below. It can be wrong. Each section says how much you can rely on it, and the sources are linked so you can check.
What happened
FTX collapsed in Manhattan, leading to Bankman-Fried using FTX to cover Alameda losses and seeking a pardon from Donald Trump.
Who's involved
What this event is mainly aboutHow it developed
Newest first. Tap a step to see who reported it.- Caroline Ellison and Gary Wang are implicated in the FTX fraud, with Wang writing code to drain funds and Ellison running Alameda Research.Sub-event
- Government seized assets from FTX and Alameda Research, transferring them to Coinbase, while Trump issued an executive order restricting sales.Sub-event
- A court ruling in Manhattan addressed trading losses related to FTX and Alameda Research involving Sam Bankman-Fried.Sub-event
- Bankman-Fried founded FTX and a federal appeals court ruling took place in Manhattan.Sub-event
- Kaplan oversaw the trial of Sam Bankman-Fried, the former CEO of FTX.Sub-event
- Sam Bankman-Fried was found guilty in Manhattan for stealing FTX funds to cover Alameda Research losses.Sub-event
Bankman-Fried seeks a pardon from Donald Trump following the FTX collapse.1 source
SBF founded FTX as a Bahamian exchange and used its funds to cover Alameda losses.1 source
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FTX funds used to cover Alameda losses; Bankman-Fried seeks pardon from Trump.1 source
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The entities involved
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FTX
Bahamian digital asset exchange company
- The article reports on the initial collapse of FTX, detailing that founder Sam Bankman-Fried was responsible for the exchange's operations, used stolen customer funds to prop up the fund, and the creditor status was reported by the New York Times on February 6, 2023.
- FTX collapse diverted customer deposits to Alameda Research.
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Alameda Research
quantitative cryptocurrency trading firm
Nothing else this week.
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Donald Trump
American businessman and politician (born 1946), President of the United States (2017–2021; since 2025)