Advertisement

Advertisement

TOPIC

/ company

FTX

FTX

The world’s second-largest cryptocurrency exchange collapsed in November 2022, putting its leaders, including 30-year-old founder Sam Bankman-Fried, into the headlines and under the legal spotlight.

Illustration by Lau Ka-kuen

Has Hong Kong laid the groundwork to become a world-leading crypto hub?

With its regulatory clarity and superconnector edge, the city is drawing global crypto firms as it emerges as a premier Web3 hub.

14 minutes agovideocam

US cryptocurrency exchange Coinbase sees worst quarter since FTX collapse

1 Apr 2025 - 6:17PM

Trump plans to make cryptocurrency a national priority, sources say

17 Jan 2025 - 1:30PM

Do Kwon pleads not guilty to US fraud charges in US$40 billion crypto collapse

Fallen cryptocurrency mogul makes his first US court appearance after being extradited from Montenegro.

3 Jan 2025 - 11:37AM

Montenegrin police escort South Korean cryptocurrency entrepreneur Do Kwon, centre. Photo: AFP

Sam Bankman-Fried’s ex-deputy Gary Wang spared prison time over FTX fraud

Wang cooperated with the prosecution and testified in the trial that led to Bankman-Fried’s conviction on fraud and other charges.

21 Nov 2024 - 1:48AMvideocam

FTX sues Binance and former CEO ‘CZ’ for US$1.8 billion

The lawsuit relates to Binance’s sale of its stake in FTX, the rival exchange founded by the now-imprisoned Sam Bankman-Fried.

12 Nov 2024 - 11:00AM

Advertisement

Advertisement

Advertisement

Hong Kong blockchain gaming firm Animoca sets sights on recovery after listless 2023

Animoca’s ability to weather last year’s storm in its industry has bolstered the company’s confidence in the digital-asset market’s recovery.

11 Jul 2024 - 7:00PMvideocam

Cyberport-based Animoca Brands is weighing its options for a potential public listing in 2025. Photo: Shutterstock

Crypto exchange Bybit surges by scooping up former FTX users

‘When FTX collapsed, we saw the opportunity,’ says Ben Zhou, co-founder and CEO of Bybit.

28 Jun 2024 - 10:15AM

FTX says most customers will be fully repaid, less than 2 years after collapse

FTX said in a court filing it owes about US$11.2 billion to its creditors. The exchange estimates it has between US$14.5 billion and US$16.3 billion to distribute to them.

8 May 2024 - 10:38PMvideocam

Bankman-Fried sentenced to 25 years for multibillion-dollar FTX fraud

US District Judge Lewis Kaplan handed down the sentence after rejecting Bankman-Fried’s claim that FTX customers did not actually lose money and accusing him of lying during his trial testimony.

29 Mar 2024 - 12:32AMvideocam

Former FTX CEO Sam Bankman-Fried was sentenced on Thursday following his conviction in one of the biggest financial fraud cases in history. Photo: TNS

Chinese social media all agog as bitcoin prices continue to surge

The increased interest in bitcoin reflects how a community of cryptocurrency enthusiasts on the mainland continues to thrive, despite a sweeping government ban.

29 Feb 2024 - 7:00AM

Chinese social media’s increased interest in bitcoin reflects how a community of cryptocurrency enthusiasts on the mainland continues to thrive, despite a sweeping government ban. Photo: Shutterstock

Hong Kong must step up spot crypto ETF approvals after US launch, insiders say

The successful US launch of spot bitcoin exchange-traded funds is expected to help move Hong Kong regulators closer to authorising similar cryptocurrency funds to operate in the city.

14 Jan 2024 - 10:36AM

US regulator SEC authorises spot bitcoin ETFs in cryptocurrency breakthrough

US regulators for the first time approved ETFs that invest directly in bitcoin, a move heralded as a landmark event for the roughly US$1.7 trillion digital-asset sector.

14 Jan 2024 - 10:44AM

Hong Kong joins many governments in beefing up crypto rules: report

In 2023, 17 jurisdictions including Hong Kong, the EU, South Korea, Singapore, and the US, tightened cryptocurrency regulations, according to a report by TRM Labs.

9 Jan 2024 - 9:34AM

In 2023, 17 jurisdictions including Hong Kong, the EU, South Korea, Singapore, and the US, tightened cryptocurrency regulations. Photo: Shutterstock

Financial regulation

Hong Kong to push retail access to spot cryptocurrency exchange-traded funds

This initiative shows Hong Kong policymakers’ determination to rebuild investor confidence in virtual assets, following a number of major financial scandals involving cryptocurrencies.

26 Dec 2023 - 8:00PMvideocam

Spot cryptocurrency exchange-traded funds enable investors to gain exposure to virtual assets without directly buying any crypto tokens. Photo: Shutterstock

Hong Kong virtual insurer OneDegree on track to turn a profit in 2024: CEO

Fintech start-up OneDegree’s optimistic projection stems from the positive performance of the company’s household pet and digital-asset insurance operations.

9 Nov 2023 - 8:00AM

Sam Bankman-Fried convicted of multibillion dollar FTX fraud

The former crypto tycoon was found guilty by a New York jury on all seven counts of fraud, embezzlement and criminal conspiracy. He faces decades in prison.

3 Nov 2023 - 3:56PMvideocam

Advertisement

Advertisement

Advertisement

Sam Bankman-Fried ‘thought hedge fund could cover US$8 billion debt to FTX’

The FTX founder, testifying in his own defence at his fraud trial in New York, said he was surprised but not alarmed that his Alameda Research hedge fund had borrowed US$8 billion from FTX customer deposits.

1 Nov 2023 - 7:49AM

Former FTX chief executive Sam Bankman-Fried. Photo: AFP

Opinion | Hong Kong’s cryptocurrency retail investors must be better protected

The Securities and Futures Commission has put up guard rails but Hong Kong still lacks a cohesive education and protection ecosystem to underpin the regulation, as JPEX fraud case shows.

22 Oct 2023 - 5:30AMvideocam

FTX co-founder testifies against Sam Bankman-Fried at his fraud trial

Cryptocurrency exchange FTX co-founder Gary Wang Zixiao said in court that former partner Sam Bankman-Fried knowingly used clients’ funds without permission to invest through his personal hedge fund, Alameda Research.

7 Oct 2023 - 2:00PM

‘We are disappointed’: Singapore’s Temasek cuts pay for staff over FTX fiasco

The city state’s sovereign wealth fund said its senior management and investment team were ‘ultimately responsible’ for investing in the now-bankrupt cryptocurrency exchange, which resulted in a US$275 million writedown.

29 May 2023 - 8:57AM

FTX’s other backers such as Japanese investment company SoftBank Group Corp’s Vision Fund also marked down their investment to zero after FTX filed for bankruptcy protection in the US last year. Photo: Reuters

FTX founder pleads not guilty to China bribery, campaign finance charges

Bankman-Fried had earlier pleaded not guilty to 8 counts of fraud and conspiracy for allegedly stealing billions in FTX customer funds.

31 Mar 2023 - 1:22AM

Former FTX Chief Executive Sam Bankman-Fried faces fraud charges over the collapse of the bankrupt cryptocurrency exchange. Photo: Reuters

Banking & finance

Opinion | After FTX collapse, here’s how cryptocurrency regulators can rebuild trust

Hong Kong is legalising retail cryptocurrency trading just as the FTX scandal has shaken investor confidence, underscoring the need for industry regulation. Among the measures needed is the separation of funds from transactions, and this is where technology can help create transparency and rebuild trust.

19 Jan 2023 - 2:30PM

Exclusive | Cryptocurrency firm Amber scrambles to slash costs to survive: source

Source says Amber Group is cutting costs and jobs across the board amid ongoing crypocurrency market turmoil from last year’s FTX collapse.

18 Jan 2023 - 6:22PM

FTX founder Sam Bankman-Fried pleads not guilty to fraud

The ex-cryptocurrency boss, who is accused of cheating investors and looting customer deposits, will face trial in October.

4 Jan 2023 - 8:33AM

Cryptocurrency entrepreneur Sam Bankman-Fried (centre) arrives for a plea hearing in New York on Tuesday. Photo: EPA-EFE

Alameda lent Sam Bankman-Fried US$546 million for Robinhood stake

FTX founder Sam Bankman-Fried and former executive Gary Wang borrowed more than US$546 million from Alameda Research to buy a nearly 8 per cent stake in Robinhood Markets, according to court papers.

28 Dec 2022 - 11:16PM

US investigates missing US$372 million in hack after FTX bankruptcy

The Justice Department investigation into the stolen assets is separate from a fraud case against FTX co-founder Sam Bankman-Fried, a report said.

28 Dec 2022 - 11:50PM

Ellison and SBF misled FTX lenders, Alameda’s ex-CEO says

The statements by Ellison and Wang undermine Sam Bankman-Fried’s repeated claims that he was “unaware” of what went on at Alameda, the trading unit of FTX.

25 Dec 2022 - 6:29PM

Advertisement

Advertisement

Advertisement

Help preserve 120 years of quality journalism.

Advertisement

Advertisement

Advertisement

Advertisement

Advertisement

Advertisement

Advertisement

Advertisement

Advertisement

Advertisement

Advertisement

Advertisement