FTX was a once-prominent #cryptocurrency exchange founded in 2019 by Sam Bankman-Fried. It offered a platform for trading various digital assets, including derivatives and leveraged tokens, and was known for its innovative products and rapid growth. However, FTX collapsed spectacularly in late 2022 due to a liquidity crisis and allegations of fraud, ultimately filing for bankruptcy. The downfall of FTX sent shockwaves through the cryptocurrency industry, highlighting the risks associated with centralized exchanges and the need for greater transparency and regulation.