
The Metropolitan Museum of Art in New York City cited ethical concerns surrounding the cryptocurrency exchange’s operations while has announcion its decision to return $550,000 in donations received from FTX.
FTX Exchange is a cryptocurrency exchange company that develops a mobile trading platform.
FTX Trading Ltd., commonly known as FTX (short for “Futures Exchange”) is a bankrupt company that formerly operated a cryptocurrency exchange and crypto hedge fund. The exchange was founded in 2019 and, at its peak in July 2021, had over one million users and was the third-largest cryptocurrency exchange by volume. FTX is incorporated in Antigua and Barbuda and headquartered in the Bahamas. FTX is closely associated with FTX.US, a separate exchange available to US residents.
Since 11 November 2022, FTX has been in Chapter 11 bankruptcy proceedings in the US court system. Public concern began when a November 2022 CoinDesk article stated that FTX’s partner firm Alameda Research held a significant portion of its assets in FTX’s native token (FTT). Following this revelation, rival exchange Binance‘s CEO Changpeng Zhao announced that Binance would sell its holdings of the token, which was quickly followed by a spike in customer withdrawals from FTX. FTX was unable to meet the demand for customer withdrawals. Binance signed a letter of intent to acquire the firm, with due diligence to follow, to ensure that customers could recover their assets from FTX in a timely manner, but Binance withdrew its offer the next day, citing reports of mishandled customer funds and US agency investigations. On December 12, 2022, Bankman-Fried was arrested by the Bahamian authorities for financial offences, at the request of the US government.
The Metropolitan Museum of Art in New York City cited ethical concerns surrounding the cryptocurrency exchange’s operations while has announcion its decision to return $550,000 in donations received from FTX.
USDT has become the most traded stablecoin, especially after the de-pegging of Circle’s USD Coin (USDC) earlier this year.
Lawyers representing SBF say that these documents from the former FTX law firm contain information that could absolve the former CEO.