FTX Trading Ltd.
FTX collapsed in November 2022 and entered Chapter 11. The SEC charged the founder in December 2022 with defrauding investors, alleging undisclosed diversion of customer funds to Alameda ResearchS2. A jury convicted him on 2 November 2023S7, and on 28 March 2024 he was sentenced to 25 years and US$11 billion in forfeitureS1. DOJ said he told customers their deposits were safe and held in custody, and that this was falseS1. The Second Circuit affirmed on 12 June 2026S3S6. A Supreme Court petition filed on 10 September 2026 is pendingS6. The Recovery Trust reports cumulative distributions of 96% to 120% of allowed claims across customer classesS4, far from early forecasts of zeroS5.
- Also known as
- FTX, FTX.com, FTX Recovery Trust (post-bankruptcy successor for distributions)
- Headquarters
- Bahamas
- Records from
- United States
Scope. This record covers the FTX exchange group. It does not cover Alameda Research as a separate trading firm except where the records discuss transfers of customer funds, and it does not cover other crypto exchanges.
Claims assessed
3 claims. Scores grade the evidence for each claim, not the organization.- Contradicted96Before its collapse, FTX's founder told customers, investors and the public that FTX customer deposits were kept safe, held in custody and kept separate from company assets, according to DOJ.Regulator statement, 28 March 20243 records citedFraud
- Supported93FTX's founder was convicted of fraud and conspiracy charges and sentenced to 25 years in prison, and the conviction was upheld on appeal in June 2026.Press report, 12 June 20264 records citedFraud
- Outdated73A November 2022 CNN report said customers who trusted FTX may be left with nothing.Press report, 14 November 20223 records citedCorporate status
Cases and proceedings
- United States v. Samuel Bankman-FriedUS District Court for the Southern District of New York, US Court of Appeals for the Second Circuit and Supreme Court of the United States. Criminal. No. 24-961 (Second Circuit), No. 26-349 (Supreme Court).Stage: Conviction affirmed by the Second Circuit on 12 June 2026. Certiorari petition pendingS6.
- SEC v. Samuel Bankman-FriedUS Securities and Exchange Commission. Civil. Not published.Stage: Complaint filed. Later stage not checked.
- In re FTX Trading Ltd.US Bankruptcy Court. Insolvency. Not published.Stage: Plan in effect. Distributions continuing.
- Fourth distribution to creditorsS4
Revision history
- Profile and 3 assessments first published. Records checked to 25 October 2026.
Source records
- S6Tier A Docket No. 26-349, Samuel Bankman-Fried, Petitioner v. United StatesSupreme Court of the United States. Court judgment. 23 October 2026.Official docket. Gives the Second Circuit case number 24-961, its judgment date of 12 June 2026, and the pending certiorari petition. The date is when the page was generated.Link working, checked 25 October 2026
- S3Tier C Sam Bankman-Fried Loses Appeal of Conviction for FTX Fraud (1)Bloomberg Law (Bob Van Voris and Ava Benny-Morrison). Press report. 12 June 2026.Reports the Second Circuit panel ruling and possible further steps. The opinion itself was not read.Link working, checked 25 October 2026
- S4Tier B FTX Recovery Trust to Distribute Approximately $2.2 Billion to Creditors in Fourth Distribution on March 31, 2026FTX Trading Ltd. and FTX Recovery Trust, via PR Newswire. Company statement. 18 March 2026.Supports cumulative distribution percentages by class. Percentages are of allowed claims under the plan.
- S2Tier A SEC Charges Samuel Bankman-Fried with Defrauding Investors in Crypto Asset Trading Platform FTXUS Securities and Exchange Commission. Regulator press release. 13 December 2022.Sets out SEC allegations of diverted customer funds. A complaint is an allegation, not a finding.
- S7Tier A Statement Of U.S. Attorney Damian Williams On The Conviction Of Samuel Bankman-FriedUS Attorney's Office, Southern District of New York. Government press release. 2 November 2023.Prosecutor statement on the day of the jury verdict. Fixes the conviction date. It does not list the counts.Link working, checked 25 October 2026
- S1Tier A Samuel Bankman-Fried Sentenced to 25 Years for His Orchestration of Multiple Fraudulent SchemesUS Department of Justice, Office of Public Affairs. Regulator press release. 28 March 2024.Supports the counts of conviction, the sentence, forfeiture and the false statements on customer deposits.Link working, checked 25 October 2026
- S5Tier C Customers who trusted crypto giant FTX may be left with nothingCNN Business (Allison Morrow), via KVIA. Press report. 14 November 2022.Origin of the forecast of a zero recovery, based on expert comment at the time.Link working, checked 25 October 2026