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Quiet · latest Thu 10 Sep 2026

FTX: the collapse and after

6 developmentssince 2 Nov 20224 outlets covered this story · 10 articlesevery development checked by a person

The story so far · 6 developments since 2 Nov 2022

From a report on Alameda Research's balance sheet on 2 November 2022, through FTX's Chapter 11 filing nine days later, to Sam Bankman-Fried's September 2026 petition asking the US Supreme Court to review his fraud conviction.

The full timeline

How we got here: each step is a development; the space between them shows the time between.

  1. 10 Sep 2026
    Sam Bankman-Fried asks the US Supreme Court to review his fraud conviction and $11 billion forfeiture · 2 articles

    On Thursday 10 September 2026 Sam Bankman-Fried filed a petition for a writ of certiorari asking the US Supreme Court to review his seven-count fraud conviction and the $11 billion forfeiture order, Unchained reported, citing CNN. CoinDesk, quoting the filing, reported it argues the trial court let prosecutors show customers lost money while barring the defence from showing there were assets to repay them, and that the forfeiture is an excessive fine. Unchained reported a Second Circuit panel had rejected the same arguments on 12 June.

    Courts and legal · 2 outlets

  2. 11 Nov 2022
    FTX, FTX US, Alameda Research and about 130 affiliated companies file for Chapter 11 bankruptcy; Bankman-Fried resigns · 3 articles

    On Friday 11 November 2022 FTX Trading, FTX US, Alameda Research and approximately 130 affiliated companies began Chapter 11 bankruptcy proceedings in the District of Delaware, according to a press release the company published. Sam Bankman-Fried resigned as chief executive, saying he would "remain to assist in an orderly transition", and was succeeded by John J. Ray III, who had previously overseen the Enron bankruptcy. Bankruptcy filings attributed to FTX US and Alameda Research each estimated between $10 billion and $50 billion in liabilities and a similar range in assets.

    Courts and legal · 3 outlets

  3. 9 Nov 2022
    Binance says it will not pursue the acquisition of FTX.com · 1 article

    On 9 November 2022 a Binance spokesperson told CoinDesk that the company had scrapped its letter of intent to buy FTX.com, saying that "as a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged U.S. agency investigations, we have decided that we will not pursue the potential acquisition of FTX.com". The spokesperson said the issues were "beyond our control or ability to help".

    Companies and institutions · 1 outlet

  4. 8 Nov 2022
    Binance signs a non-binding letter of intent to acquire FTX.com · 2 articles

    On 8 November 2022 Binance chief executive Changpeng Zhao said FTX had asked Binance for help that afternoon, describing "a significant liquidity crunch", and that Binance had signed a non-binding letter of intent intending to fully acquire FTX.com. Zhao said the transaction remained subject to due diligence and cautioned that FTT prices would stay volatile. FTT and BNB prices rose following the announcement.

    Companies and institutions · 2 outlets

  5. 6 Nov 2022
    Binance's CEO says the firm will liquidate its remaining FTT holdings · 1 article

    Responding to CoinDesk's report on Alameda Research's balance sheet, Binance chief executive Changpeng Zhao said on Sunday 6 November 2022 that Binance would liquidate the remaining FTT on its books, tokens it had received when it exited its FTX equity position the previous year as part of roughly $2.1 billion in BUSD and FTT. Zhao said the sale would be carried out so as to "minimize market impact". Alameda chief executive Caroline Ellison said the firm's financial condition was stronger than the balance sheet indicated and offered to buy Binance's FTT holdings at $22 each.

    Companies and institutions · 1 outlet

  6. 2 Nov 2022
    CoinDesk reports that Alameda Research's balance sheet rests largely on FTX's own FTT token · 1 article

    CoinDesk reported, citing a private financial document it had reviewed, that as of 30 June 2022 Alameda Research held $14.6 billion in assets, and that its largest single entry was $3.66 billion of "unlocked FTT" — the token issued by its sister company FTX — alongside $2.16 billion of "FTT collateral" and $292 million of "locked FTT" among $8 billion of liabilities. CoinDesk noted the document might represent only part of Alameda.

    Companies and institutions · 1 outlet

Latest development · 10 Sep 2026

Courts and legal

Sam Bankman-Fried asks the US Supreme Court to review his fraud conviction and $11 billion forfeiture

On Thursday 10 September 2026 Sam Bankman-Fried filed a petition for a writ of certiorari asking the US Supreme Court to review his seven-count fraud conviction and the $11 billion forfeiture order, Unchained reported, citing CNN. CoinDesk, quoting the filing, reported it argues the trial court let prosecutors show customers lost money while barring the defence from showing there were assets to repay them, and that the forfeiture is an excessive fine. Unchained reported a Second Circuit panel had rejected the same arguments on 12 June.

2 outlets reported it

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