Cryptocurrency

Timeline of Cryptocurrency Exchange FTX’s Epic Collapse

FTX announced on Jan. 31, 2022, that it had raised $400 million from major investors such as Softbank, Temasek, Tiger Global and others. 

The funding propelled its valuation to $32 billion, more than many long-established companies. As TheStreet wrote at the time, it was a big jump of $7 billion in valuation in just three months.

Ten months later, the platform, which allows you to buy and sell cryptocurrencies like bitcoin (BTC) and ether (ETH), would be bankrupt.

The shock caused by the overnight implosion of one of the firms considered to be the most financially solid in the cryptocurrency industry, is enormous.

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