FTX Exchange was a centralized cryptocurrency exchange that dealt with derivatives and leveraged products. The exchange was established by Sam Bankman-Fried and provided various trading products, including derivatives, options, volatility products, and leveraged tokens. However, FTX filed for Chapter 11 bankruptcy protection on Nov. 11, 2022, leading to Bankman-Fried's resignation. The bankruptcy filing revealed that the exchange had $8 billion in liabilities it could not fulfill.
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