FTX collapse: customer deposits secretly used by Alameda Research
Reported: FTX (Exchange)
Compiled by ScamMarketCap from public recordsHappened Nov 11, 2022Bahamas
- $8B
- Customer funds misappropriated, per US prosecutors
- 1M
- People on record
- 0
- Joined here
- 0
- Open to a lawyer
FTX, once one of the world's largest cryptocurrency exchanges, filed for bankruptcy on 11 November 2022 after a rush of withdrawals revealed it could not repay customers. US prosecutors showed that customer deposits had been secretly moved to Alameda Research, a trading firm controlled by founder Sam Bankman-Fried, and spent on investments, political donations and property.
In November 2023 a federal jury in New York convicted Bankman-Fried on all seven counts of fraud and conspiracy. In March 2024 he was sentenced to 25 years in prison.
The FTX bankruptcy estate began repaying creditors in 2025. Claims are valued at November 2022 crypto prices, which many creditors have disputed because those prices were far below later market values.
Sources
This case file is compiled from public records and established reporting. Status as of the last update, Nov 1, 2026.
Case files summarize court records, regulator actions and established reporting.
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