The 50 Most Interesting Companies In Bitcoin's History: 45/50
FTX
The Idea: A crypto derivatives exchange with advanced trading products, leverage, and tokenized stocks. SBF left Jane Street Capital to found Alameda Research. Later, SBF launched FTX out of his trading firm Alameda Research in 2019.
Early Traction: SBF became the face of crypto. Magazine covers, congressional testimony, celebrity endorsements (Tom Brady, Larry David), naming rights to the Miami Heat arena ($135M), and massive political donations. Alameda was positioned as the 'smartest traders in the room.'
Peak Stats: FTX reached a $32B valuation. Celebrity endorsers. Miami arena naming rights. SBF's net worth peaked at ~$26B. Alameda managed billions in assets and was one of the largest trading firms in crypto.
Status Today: Failed. Filed for bankruptcy November 11, 2022 alongside Alameda Research and 100+ affiliated entities. Up to $9B in customer deposits were missing, secretly funneled to Alameda. SBF arrested December 2022, convicted of wire fraud, conspiracy, and money laundering, sentenced to 25 years in prison.
Why It Matters:
The fact that Sequoia, Softbank, and dozens of institutional investors were fooled underscores how thin due diligence was during the 2021 bubble.