← FTXreviewed 2026-09-07 · 43 claims checked
Fact-check findings
What an automated fact-checker found when it re-read FTX against the sources the page cites. Only the most recent review is shown.
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These findings are produced by an automated reviewer, and its results vary between runs: the same page, checked three times on the same day, came back with 15%, 20% and 34% of its claims disputed, mostly because each run extracted a different number of claims. Treat what follows as leads, not rulings.
“Disputed” means the reviewer could not reconcile the claim with the evidence it cited. It does not mean the claim is false. “Unverifiable” means no reachable source settled it either way.
Nothing here changes the page on its own. A proposed correction is applied only after a human moderator approves it; until then the page reads as it did when reviewed.
disputed
5 claimsThe reviewer could not reconcile the claim with the evidence it cited. This is a lead, not a ruling that the claim is false.
- #5[disputed][awaiting moderator]in the timeline
“2021-10”
reviewerFTX bought back Binance's equity stake for ~$2.1 billion in BUSD/FTT in October 2021.Multiple sources place the Binance-FTX share buyback agreements at July 15, 2021 (before the July 20, 2021 $900M raise and the September 2021 HQ move already in the timeline), not October 2021. The timeline's dated field is out of sequence with its own neighboring entries.Proposed correction (not yet applied)2021-07 - #7[disputed][awaiting moderator]in the timeline
“2022-01-14”
reviewerFTX raised $400 million in Series C funding at a $32 billion valuation, announced January 14, 2022.The dollar amount and valuation are correct; the stored timeline date is off by roughly two weeks.Proposed correction (not yet applied)2022-01-31 - #10[disputed][awaiting moderator]in section: The Collapse — November 2022
“The balance sheet showed $9 billion in liabilities against a severely illiquid asset base.”
reviewerAlameda's balance sheet (per the CoinDesk report) showed $9 billion in liabilities against an illiquid asset base.The cited report itself gives $8 billion, not $9 billion, in liabilities. This also creates internal inconsistency with the page's own repeated '$8 billion shortfall' figure elsewhere.Proposed correction (not yet applied)The balance sheet showed $8 billion in liabilities against a severely illiquid asset base. - #33[disputed][awaiting moderator]in section: Regulatory Actions
“the Senate Banking Committee held a hearing titled 'Crypto Crash: Why the FTX Bubble Burst and the Harm to Consumers' on December 13, 2022”
reviewerThe Senate Banking Committee held its 'Crypto Crash' hearing on December 13, 2022.The page's own cited source (Senate Banking Committee website) contradicts the date stated in the prose.Proposed correction (not yet applied)the Senate Banking Committee held a hearing titled 'Crypto Crash: Why the FTX Bubble Burst and the Harm to Consumers' on December 14, 2022 - #39[disputed][awaiting moderator]in section: Recovery Efforts and Bankruptcy Proceedings
“By late 2025 and early 2026, the estate had distributed approximately $10 billion across three payout rounds: $454 million in February 2025, $5 billion in May 2025, $1.6 billion in September 2025, and $2.2 billion beginning March 2026.”
reviewerBy late 2025/early 2026 the estate had distributed approximately $10 billion across three payout rounds: $454M (Feb 2025), $5B (May 2025), $1.6B (Sept 2025), and $2.2B (March 2026).The four dollar amounts and dates listed are individually accurate and each is independently confirmed, but the sentence's summary count ('three payout rounds') is internally inconsistent with the four distributions it enumerates.Proposed correction (not yet applied)By late 2025 and early 2026, the estate had distributed approximately $10 billion across four payout rounds: $454 million in February 2025, $5 billion in May 2025, $1.6 billion in September 2025, and $2.2 billion beginning March 2026.
unverifiable
1 claimNo source the reviewer could reach confirms or contradicts the claim.
- #31[unverifiable][awaiting moderator]in section: Campaign Finance Violations
“Singh made approximately $9.7 million in donations to Democratic candidates and causes at Bankman-Fried's direction.”
reviewerNishad Singh made approximately $9.7 million in donations to Democratic candidates and causes at Bankman-Fried's direction.A credible source gives a materially close but different figure ($9.3M vs. $9.7M); this could reflect different reporting cutoffs or later-disclosed totals, so it is flagged as unverifiable rather than confidently disputed.
stale
1 claimThe claim was accurate when written but events since have overtaken it.
- #24[stale][awaiting moderator]in section: Fraud and Criminal Charges
“Bankman-Fried filed an appeal in April 2024 and sought a new trial in September 2024 alleging judicial bias; both efforts remained pending as of mid-2026.”
reviewerBankman-Fried's April 2024 appeal and September 2024 new-trial motion (alleging judicial bias) both remained pending as of mid-2026.Both the appeal and new-trial motion were resolved before or at the point 'mid-2026' would be read as referring to; describing them as still pending is now stale/inaccurate.Proposed correction (not yet applied)Bankman-Fried filed an appeal in April 2024 and sought a new trial in September 2024 alleging judicial bias; he withdrew the new trial motion in April 2026 after Judge Kaplan indicated he would deny it, and the Second Circuit Court of Appeals rejected his direct appeal on June 12, 2026, upholding his conviction and sentence.
partially supported
1 claimThe cited evidence supports part of the claim but not all of it.
- #4[partially supported][awaiting moderator]in section: Background and History
“Binance CEO Changpeng Zhao ('CZ') purchased a roughly 20% equity stake for approximately $100 million within months of launch, a stake later bought back by FTX in 2021 for approximately $2.1 billion in BUSD and FTT tokens.”
reviewerBinance's CZ purchased a roughly 20% equity stake in FTX for approximately $100 million shortly after launch, later bought back for ~$2.1 billion.The $2.1 billion buyback figure is well confirmed (CZ's own tweet, multiple outlets). The original ~20%/$100 million investment figure, however, was undisclosed at the time and is a retrospective approximation repeated by secondary sources rather than a figure confirmed in primary 2019 reporting.
confirmed
35 claimsThe cited evidence supports the claim as written.
- #1[confirmed][no action needed]in the summary
“FTX was a Bahamas-headquartered cryptocurrency exchange founded in May 2019 by Sam Bankman-Fried and Gary Wang that grew to a peak valuation of $32 billion before collapsing in November 2022 amid revelations that customer funds had been systematically misappropriated and funneled to affiliated trading firm Alameda Research.”
reviewerFTX was founded in May 2019 by Sam Bankman-Fried and Gary Wang and grew to a peak $32B valuation before collapsing in November 2022 amid misappropriation of customer funds to Alameda Research.Founding date, founders, peak valuation, and collapse cause are consistently and credibly reported across sources. - #2[confirmed][no action needed]in the timeline
“Sam Bankman-Fried and colleagues from Jane Street found Alameda Research, a crypto quantitative trading firm, in Berkeley, California.”
reviewerAlameda Research was founded in 2017 in Berkeley, California by Bankman-Fried and Jane Street colleagues.Well-established fact consistent with all major retrospectives. - #3[confirmed][no action needed]in section: Background and History
“FTX's initial headquarters were in Hong Kong; the company relocated to Nassau, The Bahamas in September 2021, a jurisdiction chosen in part for its regulatory environment.”
reviewerFTX relocated its headquarters from Hong Kong to Nassau, Bahamas in September 2021.Confirmed by multiple contemporaneous reports. - #6[confirmed][no action needed]in section: Background and History
“In July 2021, FTX raised $900 million at an $18 billion valuation from more than 60 investors including SoftBank and Sequoia Capital.”
reviewerIn July 2021, FTX raised $900 million at an $18 billion valuation from more than 60 investors including SoftBank and Sequoia Capital.Matches contemporaneous coverage of FTX's July 2021 raise. - #8[confirmed][no action needed]in section: Background and History
“In January 2022 it raised a further $400 million in Series C funding at a $32 billion valuation.”
reviewerIn January 2022, FTX raised $400 million in Series C funding at a $32 billion valuation.Prose is accurate at month-level granularity; only the timeline's day-level date field is wrong (see separate finding). - #9[confirmed][no action needed]in section: The Collapse — November 2022
“On November 2, 2022, CoinDesk published a report revealing that Alameda Research held approximately $3.66 billion in FTT tokens — FTX's own exchange token — as a primary balance sheet asset, alongside roughly $2.16 billion in 'FTT collateral.'”
reviewerCoinDesk's November 2, 2022 report revealed Alameda held ~$3.66B in FTT and ~$2.16B in FTT collateral.Figures match the original CoinDesk story precisely. - #11[confirmed][no action needed]in section: The Collapse — November 2022
“On November 6, Binance CEO Changpeng Zhao announced via Twitter that Binance would liquidate its remaining FTT holdings — approximately 23 million tokens worth roughly $529 million — citing 'recent revelations.'”
reviewerOn November 6, 2022, CZ announced Binance would liquidate ~23 million FTT tokens worth ~$529 million.Figures match independent contemporaneous reporting and on-chain tracking. - #12[confirmed][no action needed]in section: The Collapse — November 2022
“On November 8, Zhao briefly announced a non-binding letter of intent for Binance to acquire FTX; within 24 hours, after reviewing FTX's books, Binance withdrew from the deal.”
reviewerOn November 8, Binance signed a non-binding LOI to acquire FTX and withdrew within 24 hours after reviewing FTX's books.Well-documented sequence of events, consistent with contemporaneous reporting. - #13[confirmed][no action needed]in section: The Collapse — November 2022
“FTT's price fell approximately 80%, wiping more than $2 billion in market value within a single day.”
reviewerFTT's price fell approximately 80%, wiping more than $2 billion in market value within a single day.Directly supported by cited CNBC source. - #14[confirmed][no action needed]in section: The Collapse — November 2022
“On November 11, 2022, FTX Trading Ltd., FTX US, Alameda Research, and approximately 130 affiliated entities filed for Chapter 11 bankruptcy protection in the United States, simultaneously with Bankman-Fried's resignation as CEO.”
reviewerOn November 11, 2022, FTX Trading Ltd., FTX US, Alameda Research, and ~130 affiliated entities filed for Chapter 11 bankruptcy, and Bankman-Fried resigned as CEO.Well-documented and undisputed. - #15[confirmed][no action needed]in section: The Collapse — November 2022
“The bankruptcy filing exposed an $8 billion shortfall in customer funds.”
reviewerThe bankruptcy filing exposed an $8 billion shortfall in customer funds.Widely and consistently reported figure. - #16[confirmed][no action needed]in section: Alameda Research Connection and Misuse of Customer Funds
“FTX's codebase contained a feature known internally as 'Allow Negative,' which permitted Alameda's accounts to carry a negative balance of up to $65 billion, effectively giving Alameda an unlimited line of credit funded by FTX customer deposits.”
reviewerFTX's 'Allow Negative' code feature permitted Alameda's accounts to carry a negative balance of up to $65 billion.The $65 billion figure is well corroborated across multiple outlets citing court filings. - #17[confirmed][no action needed]in section: Alameda Research Connection and Misuse of Customer Funds
“In spring 2022, a team of engineers at FTX subsidiary LedgerX discovered the backdoor code while evaluating whether FTX's international exchange codebase could be applied to a U.S.-regulated entity.”
reviewerIn spring 2022, LedgerX engineers discovered the Alameda backdoor code; the escalating engineer was later fired.Consistent with WSJ-sourced reporting. - #18[confirmed][no action needed]in section: Regulatory Actions
“In August 2024, a federal court entered a consent order requiring FTX and Alameda to pay $12.7 billion in combined monetary relief — $8.7 billion in restitution and $4 billion in disgorgement.”
reviewerIn August 2024, a federal court entered a consent order requiring FTX and Alameda to pay $12.7 billion — $8.7 billion restitution and $4 billion disgorgement.Directly confirmed by primary regulator source. - #19[confirmed][no action needed]in section: Fraud and Criminal Charges
“On December 12, 2022, the U.S. Department of Justice charged Sam Bankman-Fried with wire fraud, conspiracy to commit wire fraud, securities fraud, commodities fraud, money laundering, and campaign finance violations.”
reviewerOn December 12, 2022, DOJ charged Bankman-Fried with wire fraud, securities fraud, commodities fraud, money laundering, and campaign finance violations, and he was arrested in Nassau the same day.Confirmed by primary DOJ source. - #20[confirmed][no action needed]in section: Fraud and Criminal Charges
“After a ten-day detention at Fox Hill Prison in Nassau, Bankman-Fried consented to extradition and was transferred to U.S. custody on December 21, 2022.”
reviewerBankman-Fried was transferred to U.S. custody on December 21, 2022 after consenting to extradition.Widely reported and undisputed. - #21[confirmed][no action needed]in section: Fraud and Criminal Charges
“His trial began October 3, 2023 in the Southern District of New York before Judge Lewis Kaplan.”
reviewerBankman-Fried's trial began October 3, 2023 in SDNY before Judge Lewis Kaplan.Undisputed public record. - #22[confirmed][no action needed]in section: Fraud and Criminal Charges
“On November 2, 2023, a jury found Bankman-Fried guilty on all seven criminal counts.”
reviewerOn November 2, 2023, a jury found Bankman-Fried guilty on all seven criminal counts.Directly confirmed by cited source. - #23[confirmed][no action needed]in section: Fraud and Criminal Charges
“On March 28, 2024, he was sentenced to 25 years in federal prison and ordered to forfeit $11.02 billion.”
reviewerOn March 28, 2024, Bankman-Fried was sentenced to 25 years and ordered to forfeit $11.02 billion.Precisely matches multiple contemporaneous reports. - #25[confirmed][no action needed]in section: Fraud and Criminal Charges
“Ryan Salame, FTX's co-CEO of Digital Markets, pleaded guilty in September 2023 to conspiracy to make unlawful political contributions and conspiracy to operate an unlicensed money transmitting business.”
reviewerRyan Salame, FTX's co-CEO of Digital Markets, pleaded guilty in September 2023 to conspiracy to make unlawful political contributions and to operate an unlicensed money transmitting business.Confirmed via DOJ press release and corroborating reporting. - #26[confirmed][no action needed]in section: Co-Conspirator Plea Deals
“Gary Wang, FTX co-founder and CTO, pleaded guilty in December 2022 to conspiracy to commit wire fraud, wire fraud, conspiracy to commit commodities fraud, and conspiracy to commit securities fraud.”
reviewerGary Wang pleaded guilty in December 2022 to multiple fraud conspiracy counts and received no prison time.Confirmed; the page does not assert a specific sentencing date for Wang, so no date-accuracy issue arises. - #27[confirmed][no action needed]in section: Co-Conspirator Plea Deals
“She was sentenced on September 24, 2024 to two years in federal prison and ordered to forfeit $11 billion.”
reviewerCaroline Ellison was sentenced on September 24, 2024 to two years in prison and ordered to forfeit $11 billion.Directly confirmed by cited source. - #28[confirmed][no action needed]in section: Co-Conspirator Plea Deals
“She served approximately 14 months and was released in January 2026.”
reviewerCaroline Ellison served approximately 14 months and was released in January 2026.Confirmed by recent (January 2026) reporting. - #29[confirmed][no action needed]in section: Co-Conspirator Plea Deals
“Nishad Singh, FTX's Director of Engineering, pleaded guilty in February 2023 to fraud and campaign finance violations.”
reviewerNishad Singh, FTX's Director of Engineering, pleaded guilty in February 2023 to fraud and campaign finance violations and received no prison time.Widely reported and undisputed. - #30[confirmed][no action needed]in section: Co-Conspirator Plea Deals
“The SEC additionally filed parallel civil charges against all three individuals.”
reviewerThe SEC filed parallel civil charges against Ellison, Wang, and Singh.Confirmed by primary SEC source, which remains live. - #32[confirmed][no action needed]in section: Campaign Finance Violations
“According to CBS News, Bankman-Fried donated more than $40 million in the 2022 election cycle, making him one of the most significant donors in those midterms.”
reviewerAccording to CBS News, Bankman-Fried donated more than $40 million in the 2022 election cycle.Attribution to CBS News is accurate and the figure is consistent with independent tallies. - #34[confirmed][no action needed]in the timeline
“U.S. Senate Agriculture Committee holds a hearing, 'Why Congress Needs to Act: Lessons Learned From the FTX Collapse,' featuring CFTC Chairman Rostin Behnam.”
reviewerThe Senate Agriculture Committee held a parallel hearing on the FTX collapse on December 1, 2022.Hearing title and date consistent with committee's public hearing record. - #35[confirmed][no action needed]in the timeline
“John J. Ray III testifies before the U.S. House Financial Services Committee, describing 'a complete failure of corporate controls' at FTX.”
reviewerJohn J. Ray III testified before the House Financial Services Committee on December 13, 2022, describing 'a complete failure of corporate controls.'Ray's 'complete failure of corporate controls' remark is a well-documented quote from this testimony. - #36[confirmed][no action needed]in section: Recovery Efforts and Bankruptcy Proceedings
“When his team arrived, the exchange had only 105 Bitcoin remaining in its coffers, compared with nearly 100,000 Bitcoin owed to customers.”
reviewerWhen Ray's team arrived, FTX had only 105 Bitcoin remaining, versus nearly 100,000 owed to customers.Directly supported by cited source. - #37[confirmed][no action needed]in section: Recovery Efforts and Bankruptcy Proceedings
“In October 2024, the Delaware bankruptcy court approved FTX's reorganization plan, calling the proceedings a 'model case' for a complex Chapter 11 bankruptcy.”
reviewerIn October 2024, the Delaware bankruptcy court approved FTX's reorganization plan, calling it a 'model case.'Month-level prose claim is accurate; matching timeline[28].date of 2024-10-07 is also correct. - #38[confirmed][no action needed]in section: Recovery Efforts and Bankruptcy Proceedings
“The plan provides 98% of creditors with 119% of their allowed November 2022 claim values plus interest of up to 9% per annum.”
reviewerThe plan provides 98% of creditors with 119% of their allowed November 2022 claim values plus interest of up to 9% per annum.Confirmed by cited source and corroborated elsewhere. - #40[confirmed][no action needed]in section: Recovery Efforts and Bankruptcy Proceedings
“Ray and his consulting firm Owl Hill Advisory LLC were approved for up to $41 million in fees including a $38 million incentive payment.”
reviewerRay and Owl Hill Advisory LLC were approved for up to $41 million in fees including a $38 million incentive payment.Confirmed by cited Bloomberg reporting. - #41[confirmed][no action needed]in section: Victim Impact and Customer Losses
“The top 50 creditors alone were owed approximately $3.1 billion.”
reviewerThe top 50 creditors alone were owed approximately $3.1 billion.Directly confirmed by contemporaneous court-filing coverage. - #42[confirmed][no action needed]in section: Victim Impact and Customer Losses
“At the time of bankruptcy, FTX owed funds to more than one million customers and counterparties.”
reviewerAt the time of bankruptcy, FTX owed funds to more than one million customers and counterparties.Confirmed by cited source and corroborating reporting of over 1 million creditors. - #43[confirmed][no action needed]in section: Red Flags and Warning Signs
“Fourth, according to Time Magazine, effective altruism leaders were warned about Bankman-Fried's management ethics and alleged dishonesty as early as 2018 and 2019 by multiple Alameda employees who had left the firm; these concerns were not acted upon.”
reviewerAccording to Time Magazine, effective altruism leaders were warned about Bankman-Fried's management ethics and alleged dishonesty as early as 2018 and 2019 by former Alameda employees.Consistent with the cited Time Magazine investigation.
How this fits together. The reviewer reads the published page and its cited sources and records one finding per claim. A human moderator decides whether each proposed correction is applied; those decisions, and the score changes they cause, appear in the audit log. Earlier review runs are not shown here; only the latest reflects the page as it stands.