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Not Just FTX: One Skeptic�s Take on Why Crypto Is a Scam - Ep. 446When crypto exchange FTX collapsed, it left behind a hole in the market. From Backpack to OPNX, faces new and old are vying to fill it. FTX Trading Ltd., commonly known as FTX, is a bankrupt company that formerly operated a fraud-ridden cryptocurrency exchange and crypto hedge fund. The exchange was founded in by Sam Bankman-Fried and Gary Wang. Leading cryptocurrency exchange FTX was once valued at $32 billion, but it collapsed in a matter of days in November Find out how it fell apart.