What happened
Reports about Alameda Research and FTT collateral triggered a run. The often-cited customer shortfall was about $8 billion.
What failed
Customer funds were not safely segregated in the way many users had been led to expect.
Current status
The original FTX exchange is not an operating retail venue in its pre-collapse form.
What users should do
- Use only official FTX bankruptcy or claims channels.
Lessons
- Withdrawal delays are a reason to stop depositing.