Short answers, pulled from the story.
The FTX bankruptcy was triggered by a CoinDesk article on the 2nd of November 2022 revealing that 40% of Alameda Research's $14.6 billion in assets consisted of FTX's own exchange token, FTT. The article sparked $6 billion in customer withdrawals within a day of Binance announcing it would sell its FTT holdings. An $8 billion hole in FTX's accounts was exposed when the exchange could not meet withdrawal demand.
FTX was founded by Sam Bankman-Fried in 2019. He had previously cofounded Alameda Research, a cryptocurrency trading firm, in 2017, and he launched FTX to generate revenue that would fund Alameda's trading activities.
Sam Bankman-Fried was convicted on all charges on the 2nd of November 2023. He had pleaded not guilty on the 3rd of January 2023, and his trial began in October 2023. Former colleagues Caroline Ellison, Gary Wang, and Nishad Singh each pleaded guilty and testified that Bankman-Fried had directed the fraud.
John J. Ray III replaced Bankman-Fried as CEO when FTX filed for bankruptcy on the 11th of November 2022. Ray was a corporate restructuring specialist who had previously overseen the liquidation of Enron.
Sequoia Capital wrote down its FTX stake to zero on the 9th of November 2022, disclosing a loss of approximately $214 million. The firm publicly stated the investment represented a small portion of its overall portfolio.
BlockFi filed for Chapter 11 bankruptcy on the 28th of November 2022, and Genesis halted withdrawals on the 16th of November 2022. Silvergate Bank announced it would liquidate on the 9th of March 2023, and Signature Bank was shut down on the 12th of March 2023, becoming the third-largest bank failure in United States history.