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The Epic Collapse of Sam Bankman-Fried's FTX Exchange: A Crypto Markets Timeline
Tracing the CoinDesk Market Index (CMI) through key news developments in the swift unraveling of billionaire Sam Bankman-Fried's crypto empire shows just how quickly the speculation kept shifting.
After this week's shocking (and still-unfolding) developments in the crypto industry, including the rapid unraveling of Sam Bankman-Fried's FTX exchange and Alameda Research trading firm, analysts with CoinDesk Indices worked with CoinDesk journalists to put together an annotated chart of the movements in the 162-asset CoinDesk Market Index (CMI).
The chart (featured above) shows how digital-asset traders scrambled to keep up.
STORY CONTINUES BELOW
Here's a timeline of the events:
Nov. 2: CoinDesk publishes exclusive revealing key balance-sheet details of Sam Bankman-Fried's Alameda Research trading firm, showing it's heavily invested in the FTX exchange's FTT token.
Nov. 6: Binance CEO Changpeng "CZ" Zhao says he's selling his remaining holdings of FTT tokens. (Minutes later, Caroline Ellison, CEO of Alameda Research, tweets that Alameda will buy Zhao's FTT tokens for $22 each.
Nov. 8: The FTT token price falls below $22.
Nov. 8: Binance announces non-binding letter of intent to buy FTX, subject to due diligence, easing the industry panic.
Nov. 9: CoinDesk is first to report Binance is strongly leaning against buying FTX after just a few hours of checking its books and loans.
Nov. 9: Binance officially walks away from the FTX deal.
Nov. 9: Without details, Justin Sun drops hints at saving FTX.
Nov. 10: Bankman-Fried says Alameda Research, the trading firm at the center of the drama, is being wound down.
Nov. 10: FTX assets frozen by Bahamian regulator.
Sage D. Young
Sage D. Young was a tech protocol reporter at CoinDesk. He cares for the Solarpunk Movement and is a recent graduate from Claremont McKenna College, who dual-majored in Economics and Philosophy with a Sequence in Data Science. He owns a few NFTs, gold and silver, as well as BTC, ETH, LINK, AAVE, ARB, PEOPLE, DOGE, OS, and HTR.
Bradley Keoun
Bradley Keoun is CoinDesk's managing editor of tech & protocols, where he oversees a team of reporters covering blockchain technology, and previously ran the global crypto markets team. A two-time Loeb Awards finalist, he previously was chief global finance and economic correspondent for TheStreet and before that worked as an editor and reporter for Bloomberg News in New York and Mexico City, reporting on Wall Street, emerging markets and the energy industry. He started out as a police-beat reporter for the Gainesville Sun in Florida and later worked as a general-assignment reporter for the Chicago Tribune. Originally from Fort Wayne, Indiana, he double-majored in electrical engineering and classical studies as an undergraduate at Duke University and later obtained a master's in journalism from the University of Florida. He is currently based in Austin, Texas, and in his spare time plays guitar, sings in a choir and hikes in the Texas Hill Country. He owns less than $1,000 each of several cryptocurrencies.
