FTX, founded in 2019 by Sam Bankman-Fried, quickly gained popularity due to its unique offerings for traders and institutional clients. The platform provided tools for trading cryptocurrency derivatives, futures, and tokenized assets, attracting the attention of major investors. FTX also actively partnered with global sports brands, including esports teams and other organizations.
However, in November 2022, the company found itself at the center of the largest cryptocurrency crisis. FTX declared bankruptcy, accusing its founder of financial fraud, which resulted in the loss of billions of dollars. This scandal shook the industry and served as a stark reminder of the risks associated with the cryptocurrency market. In response to the crisis, regulators began actively developing new approaches to cryptocurrency regulation to prevent similar incidents in the future.
Following FTX's bankruptcy and the investigations into its activities, the industry is now focusing on increasing transparency and security in the cryptocurrency space. These events highlighted the importance of adhering to stringent regulatory standards and the current rules in the rapidly developing blockchain space.
