The Epic Collapse of Sam Bankman-Fried’s FTX Change: A Crypto Markets Timeline

After this week’s stunning (and still-unfolding) developments within the crypto trade, together with the fast unraveling of Sam Bankman-Fried’s FTX trade and Alameda Analysis buying and selling agency, analysts with CoinDesk Indices labored with CoinDesk journalists to place collectively an annotated chart of the actions within the 162-asset CoinDesk Market Index (CMI).

The chart (featured above) exhibits how digital-asset merchants scrambled to maintain up.

This is a timeline of the occasions:

Nov. 2: CoinDesk publishes unique revealing key balance-sheet particulars of Sam Bankman-Fried’s Alameda Analysis buying and selling agency, exhibiting it is closely invested within the FTX trade’s FTT token.

Nov. 6: Binance CEO Changpeng “CZ” Zhao says he is promoting his remaining holdings of FTT tokens. (Minutes later, Caroline Ellis, CEO of Alameda Analysis, tweets that Alameda will purchase Zhao’s FTT tokens for $22 every.

Nov. 8: The FTT token value falls beneath $22.

Nov. 8: Binance declares non-binding letter of intent to purchase FTX, topic to due diligence, easing the trade panic.

Nov. 9: CoinDesk is first to report Binance is strongly leaning towards shopping for FTX after just some hours of checking its books and loans.

Nov. 9: Binance formally walks away from the FTX deal.

Nov. 9: With out particulars, Justin Solar drops hints at saving FTX.

Nov. 10: Bankman-Fried says Alameda Analysis, the buying and selling agency on the middle of the drama, is being wound down.

Nov. 10: FTX belongings frozen by Bahamian regulator.

Nov. 11: FTX recordsdata for chapter safety in U.S.