The world’s third-largest cryptocurrency exchange, FTX, started the year with a $400 million Series C funding round, taking its valuation to over $32 billion. Ten months later, the crypto exchange is staring down the possibility of bankruptcy after its bid to be acquired by Binance failed.
FTX was seen as one of the largest global crypto players as it established itself with multiple mainstream brand and sponsorship partnerships and billions in fundraising. The crypto exchange’s finances were never in question, given it bailed out multiple lending firms during the crypto contagion in the second quarter of 2022. However, things took a wild turn in the second week of November.
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