What FTX is
FTX was a crypto derivatives exchange founded in 2019 by Sam Bankman-Fried and Gary Wang, with its final headquarters in the Bahamas: in 2021-2022 it was among the world's largest by volume, with the FTT token and a barrage of sports sponsorships. It collapsed in a week in November 2022, when it emerged that customer funds had been used by the connected fund Alameda Research: the Chapter 11 filing is dated 11 November 2022. Today FTX is not a trading platform but a proceeding: the FTX Recovery Trust, led by John J. Ray III, liquidates the assets and distributes repayments. (Verified: September 2026)
Regulation and licences
- FTX no longer operates and holds no active licences: any website today offering trading under the FTX name is a fraudulent clone. (Verified: September 2026)
- MiCA: not applicable — the exchange ceased before the regulation came into application.
- The European subsidiary FTX EU (MiFID II licence via CySEC, Cyprus) was sold in January 2025 to Backpack for 32.7 million dollars: Backpack handled the repayments of European customers over the course of 2025 and then launched its own regulated derivatives exchange in Europe. (Verified: September 2026)
- Recovery Trust repayments: the reorganisation plan has been effective since January 2025; distributions in February 2025 (~$1.2bn), May 2025 (more than $5bn), September 2025 (~$1.6bn), March 2026 and July 2026 (~$0.9bn), for a total close to 10-11 billion dollars. The "convenience" class has reached 120% cumulatively, the main classes have exceeded 100%. Note: the percentages are calculated on the dollar value of claims at November 2022 prices, not on crypto at current prices — which is why many creditors still consider themselves out of pocket. (Verified: September 2026)
Security
The FTX case is not a hack but an internal fraud: customer deposits were funding Alameda Research's positions. Full judicial outcome: Sam Bankman-Fried convicted on 7 counts (November 2023) and sentenced to 25 years (March 2024); Caroline Ellison to 2 years; Gary Wang and Nishad Singh, who cooperated with the prosecution, to sentences without additional prison time (November 2024). On the night of the collapse, moreover, the exchange also suffered a drain of funds worth hundreds of millions of dollars. The operational lesson cited across the industry: since then the main exchanges publish proof of reserves. (Verified: September 2026)
Alternatives
For those who were looking for crypto derivatives, the operators active today:
- Bybit — derivatives, with a MiCA licence via Austria
- Deribit — options and futures
- Kraken — full MiCA licence via Ireland, derivatives too
FAQ
- Will FTX reopen? No. The relaunch attempts ("FTX 2.0") were abandoned: the approved plan provides only for liquidation of the assets and repayments through the FTX Recovery Trust. (Verified: September 2026)
- Have FTX customers been repaid? Largely yes, in dollars: between 2025 and 2026 the Trust distributed around 10-11 billion, with recoveries from 100% to 120% of the admitted claim — calculated, however, at November 2022 crypto prices. European customers of FTX EU were repaid through Backpack. (Verified: September 2026)
- What happened to Sam Bankman-Fried? He is in a federal prison in the United States: on 12 June 2026 the Second Circuit Court of Appeals rejected his appeal in full, confirming the conviction and the 25-year sentence; he cannot be released before 2044. (Verified: September 2026)
Verified sources
- https://www.courthousenews.com/second-circuit-denies-sam-bankman-frieds-bid-to-overturn-ft
- https://www.cnbc.com/2024/11/20/ftx-co-founder-gary-wang-avoids-prison-time-for-role-in-cr
- https://finance.yahoo.com/markets/crypto/articles/ftx-creditors-near-10bn-total-160502187.
- https://www.coindesk.com/business/2025/01/07/ftx-eu-sold-to-backpack-exchange-plans-regula
TEAM MEMBERS
LEADERSHIP
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