YOUTUBE FTX is the magic Johnson of The crypto industry AdminDecember 23, 2023029 views FTX (formerly known as Alameda Research) is a cryptocurrency derivatives exchange founded in May 2019 by Sam Bankman-Fried and Gary ****. The exchange was created to provide institutional-grade cryptocurrency derivatives trading services. In October 2020, FTX was embroiled in a scandal involving its CEO, Sam Bankman-Fried. According to reports, Bankman-Fried had been using his personal funds to manipulate the price of certain tokens on the exchange. Bankman-Fried admitted to the allegations and apologized, stating that he had acted in a way that was not consistent with FTX’s values. In response, FTX took steps to ensure that similar behavior would not occur in the future. source