FTX is a bankrupt cryptocurrency founded by Sam Bankman-Fried and Gary Wang in 2019. At its peak in July 2021, it had more than a million users and was one of the top three crypto exchanges in the world. However, in November 2022, the exchange experienced massive withdrawals amid reports of insolvency and suspicious connections with its sister company Alameda Research. The exchange filed for Chapter 11 bankruptcy after failing to raise enough capital or find a buyer.