FTX
FTX was a leading centralized cryptocurrency exchange founded in 2019 by Sam Bankman-Fried, offering advanced derivatives trading including futures, options, and tokenized stocks, achieving a peak valuation of $32 billion. Despite its Bahamas headquarters, FTX maintained strong Miami and South Florida ties through the founder's presence and a high-profile naming rights deal for the downtown Miami arena. The exchange collapsed in November 2022 amid fraud revelations and an $8 billion customer funds shortfall, but its bankruptcy estate has recovered over $16 billion, enabling 98% creditor repayments at 119% of claims by late 2024.
Miami Connection
FTX founder Sam Bankman-Fried, a frequent Miami visitor, secured naming rights for the Kaseya Center arena in Miami, linking the exchange prominently to South Florida's vibrant tech and finance scene. The Bahamas' proximity to Miami—just a one-hour flight—facilitated close operational and business ties between the regions. This Miami association amplified FTX's visibility in U.S. crypto markets despite its offshore base.
Key People
Quick Facts
- Industry
- Cryptocurrency Exchange
- Headquarters
- Nassau, Bahamas
- Founded
- 2019