How the crypto exchange FTX collapsed in a week

Process map by Brian. 13 steps, 1 layer. Tags: crypto, finance, news, business.

1. FTX exchange: Customers deposit money to trade crypto
2. Alameda trading firm: A trading firm owned by the same founder borrows customer money
3. Alameda trading firm: Its biggest asset is a token FTX created, valued by FTX itself
4. Journalists: A news article shows the trading firm's books
5. A rival exchange: The rival exchange announces it will sell all its tokens
6. Customers: Customers rush to withdraw their money
7. FTX exchange: Does FTX have the money to pay everyone?
8. FTX exchange: Withdrawals are frozen
9. A rival exchange: Rescue deal is offered and then withdrawn
10. FTX exchange: Files for bankruptcy within days
11. Courts: The founder is arrested and convicted of fraud
12. Customers: Customers wait years to recover part of their money
13. Customers: The panic fades

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