ARTICLE · 29 NOVEMBER 2022

Preface: Ongoing Turbulence In Crypto Winter

Schoenherr (Schönherr Rechtsanwälte)

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Schoenherr (Schönherr Rechtsanwälte)

Schoenherr is a leading European full-service law firm with a strong footprint across Central and...

It's been a tough few weeks for crypto. While investors should not be easily rattled, the recent events surrounding the FTX crypto exchange have caught many offguard.

AustriaTechnology

Dominik Tyrybon

Clemens Pretscher

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It's been a tough few weeks for crypto. While investors should not be easily rattled, the recent events surrounding the FTX crypto exchange have caught many offguard.

What is FTX?

Until recently, Bahamas-based FTX was one of the largest crypto trading platforms in the world. It was founded in May 2019 by Sam Bankman-Fried, who was not yet 30 at the time and was backed by the venture capital unit of the largest crypto trading platform Binance, among other notable VC investors. Prior to FTX, Bankman-Fried had founded crypto trading firm Alameda Research, which started with Bitcoin arbitrage but gradually moved into riskier transactions.

The close financial ties between FTX and Alameda were ultimately the catalyst for FTX's subsequent implosion.

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Preface: Ongoing Turbulence In Crypto Winter

What is FTX?

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