TIMELINE-Rise and fall of crypto exchange FTX

Here is a history of FTX since its foundation in 2019: 2019: May - Former Wall Street trader Sam Bankman-Fried and ex-Google employee Gary Wang founded FTX, the owner and operator of FTX.COM cryptocurrency exchange. 2020: August - FTX acquired mobile portfolio tracking application, Blockfolio for $150 million. 2021: July - A $900 million funding round valued FTX at $18 billion. September - FTX signed a sponsorship deal with Mercedes' Formula 1 team.

Cryptocurrency exchange FTX stood on the brink of failure on Thursday after a bailout from larger rival Binance collapsed. Chief executive Sam Bankman-Fried said he was exploring all options for his firm. Here is a history of FTX since its foundation in 2019:

2019: May - Former Wall Street trader Sam Bankman-Fried and ex-Google employee Gary Wang founded FTX, the owner and operator of FTX.COM cryptocurrency exchange.

2020: August - FTX acquired mobile portfolio tracking application, Blockfolio for $150 million.

2021: July - A $900 million funding round valued FTX at $18 billion.

September - FTX signed a sponsorship deal with Mercedes' Formula 1 team. October - FTX raised capital at a valuation of $25 billion from investors including Singapore's Temasek and Tiger Global.

2022: Jan. 27 - FTX's U.S. arm said it was valued at $8 billion after raising $400 million in its first funding round from investors including SoftBank and Temasek.

Jan. 31 - FTX raised $400 million from investors including SoftBank at a valuation of $32 billion. June 4 - FTX signed a reportedly $135 million sponsorship deal for naming rights of the Miami Heat's home court.

July 1 - FTX signed a deal with an option to buy embattled crypto lender BlockFi for up to $240 million. July 22 - FTX offered a partial bailout of bankrupt crypto lender Voyager Digital. Voyager called it a "low-ball bid".

July 29 - FTX said it won full approval to operate its exchange and clearing house in Dubai. Aug. 19 - A U.S. bank regulator ordered crypto exchange FTX to halt "false and misleading" claims it had made about whether funds at the company are insured by the government.

Sept. 9 - FTX's venture capital fund said it would buy a 30% stake in SkyBridge Capital. Nov. 2 - Crypto news website CoinDesk reported a leaked balance sheet that showed Alameda Research, Bankman-Fried's crypto trading firm, was heavily dependent on FTX's native token, FTT. Reuters was unable to verify the report.

Nov. 6 - Binance CEO Changpeng Zhao said his firm would liquidate its holdings of FTT due to unspecified "recent revelations". Nov. 7 - Bankman-Fried said "FTX is fine. Assets are fine".

Nov. 8 - FTT collapses by 72% as clients swamp the exchange with withdrawal requests. Nov. 9 - Binance decided against pursuing a nonbinding agreement to bail out FTX. 

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)