Company profile
- Industry
- Cryptocurrency exchange
- Founded
- 2019
- Ownership
- In bankruptcy proceedings
Profiles are auto-generated and infrequently updated.
Decisions on record
One verified Decision Record on FTX, and the casebook each one belongs to.
| Fork date | Decision type | The story | Casebook |
|---|---|---|---|
| 2019 | The Fall | Read the story → | The Fall Casebook → |
Run one of these yourself
The decisions FTX faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
Decision ForksThe Road Not TakenWhat did the decision you did not take actually cost?See the pack →People & ControlThe Founder ControlWhat does holding control cost you, and what must it be worth?See the pack →Decision ForksThe ResidualHow much of your decline can the agreed explanation actually account for?See the pack →
The analyses
The Counterfactual · Decision Forks
FTX's Investors Skipped the Audited Financials and Called It Diligence
The story is that FTX ran a fraud so clever it fooled Sequoia, Temasek, and BlackRock. The real story is duller and worse: the venture funds skipped the audited financials, accepted numbers made up by the company they were funding, and called it diligence.
8 min
The Founder Doctrine · People & Control
FTX's $8 Billion Hole Was the Design — a Single Code Flag Gave SBF's Trading Firm Secret Credit
The 'math nerd in over his head' story is a defense, not a fact. SBF controlled the exchange, the trading firm, and a single flag in the code that gave that firm limitless secret credit. The $8 billion shortfall wasn't a glitch — it was the design.
8 min
The Fall · Crisis & Reinvention
FTX's Fraud Began in 2019 — the Nine-Day Collapse Just Made It Visible
FTX is remembered as the fastest collapse in finance: nine days from a single article to bankruptcy. The speed is the lie. The fraud started in 2019, and by the end FTX held 0.1% of the bitcoin customers thought they had.
8 min