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Nov 2022 The FTX collapse
In November 2022, FTX, one of the largest crypto exchanges, collapsed within days and filed for bankruptcy on November 11.
- Date
- Nov 11, 2022
- Event
- Chapter 11 filing
- BTC low
- < $16,000
What happened
A report on the finances of the sister firm Alameda Research triggered a run on the exchange. A rescue deal with Binance fell through, and FTX filed for Chapter 11 bankruptcy protection on November 11, 2022.
Bitcoin fell below $16,000 in the days after. The episode ended the 2021 bull market’s final illusions and, for many people, was the second big lesson after Mt. Gox on the risk of leaving coins on an exchange.
Why it mattered
FTX marked the bottom of the 2022 bear market, and the recovery that followed is covered in Bitcoin in 2023.
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