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The Guardian - UK
The Guardian - UK
Technology
Dan Milmo Global technology editor

How Binance played a key role as FTX collapse unfolded

FTX Binance Changpeng Zhao Sam Bankman-Fried Crypto FTT Alameda FTXCOM Twitter Inc. AFPGetty Images
Binance co-founder and CEO Changpeng Zhao delivers a speech at the Web Summit in Lisbon
Binance co-founder and CEO Changpeng Zhao was a headline speaker at the Web Summit on 2 November. Photograph: Patrícia de Melo Moreira/AFP/Getty Images

One of the world’s largest cryptocurrency exchanges, FTX, has collapsed, with what is reported to be an $8bn (£6.8bn) black hole on its balance sheet. Of its 1 million users, many are now unable withdraw their funds. On Friday, the FTX group, run from offices in America but headquartered in the Bahamas, filed for bankruptcy protection in the US.

FTX’s rival, Binance, has played a key role in the saga. Here is a step by step account of how the disaster unfolded.

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