FTX Token (FTT) is the ecosystem’s exchange token. FTX is a Bahamian cryptocurrency trader. FTX is integrated in Antigua and Barbuda. As of July 2021, the exchange averages $10 billion of daily trading volume and has over 1,000,000 customers. FTX operates FTX.US, a separate exchange available to US citizens.
MIT graduates Sam Bankman-Fried and Gary Wang based FTX in May 2019. Before founding FTX, Bankman-Fried traded worldwide ETFs at Jane Street Capital, a proprietary trading company, and he was established at Alameda research, a quantitative trading organization. In August 2020, FTX received Blockfolio, a cryptocurrency portfolio tracking app, for $150 million. In July 2021, FTX raised $900 million at an $18 billion valuation from over 60 buyers, such as Softbank, Sequoia Capital, third point management, Paul Tudor Jones, and Alan Howard. Binance, a competitor which invested in the organization in 2020, divested its percentage in 2021. In September 2021, FTX moved its headquarters from Hong Kong to The Bahamas. On January 14, 2022, FTX introduced a $2 billion project fund named FTX Ventures.
In January 2022, FTX raised $400 million in series C investment at a $32 billion valuation.
On February 11, 2022, FTX.US announced that the enterprise might soon start providing stock trading to its US users.
In February 2022, it was stated that FTX was reportedly developing a gaming department to assist video game developers in offering blockchain-based technology like cryptocurrency and NFTs into video games.
After the November of 8th REPORT
More than $600 million in cryptocurrency left the wallets of bankrupt crypto company FTX late Friday (11 NOV) with no clear explanation as to why.
As a stream of users began reporting balances suddenly dropping to $0, and analysts began tracking millions of dollars leaving the exchange, FTX General Counsel Ryan Miller posted a statement on the company’s Telegram channel.
FTX is hacked, and the chat is open. Do not go to the FTX site, as you may download trojans. Note that some funds have been withdrawn.
Miller also released a statement on Twitter: “We are investigating anomalies with wallet movements related to the consolidation of FTX balances on various exchanges […] We will share more information as soon as we have it.”
On Twitter, members of the cryptocurrency community immediately speculated that the funds had been siphoned off as part of an attack, pointing to the fact that some of the transactions appeared to include notes containing obscene jokes and insults directed at FTX founder Sam Bankman-Fried.
Others have speculated that the leak may have been coordinated by a member of Bankman-Fried’s inner circle, pointing out that the simultaneous and complex hacking attacks on FTX and FTX US indicate a potential inside job.
So far, blockchain analyst ZachXBT has pegged the amount of cryptocurrency in circZachXBT also said that stablecoin issuer Tether has blocked portions of USDT associated with the address involved in the transfers, which Etherscan has already labeled as an “FTX Accounts Drainer.”
FTX also informs its users that all its applications are infected with malware.
Users who have ventured into the potentially infected web page say it is impossible to do so anyway.