NEW YORK - In a spectacular collapse that sent shivers through the industry, crypto exchange said on Friday that it was commencing bankruptcy proceedings in the United States and its chief executive officer Sam Bankman-Fried has resigned.

Here is a history of FTX since its foundation in 2019:

2019

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

2021

July: A US$900 million (S$1.24 billion) funding round valued FTX at US$18 billion.

September: FTX signs a sponsorship deal with Mercedes’ Formula 1 team.

October: FTX raises capital at a valuation of US$25 billion from investors, including Singapore’s Temasek and Tiger Global.

2022

Jan 27: FTX’s US arm says it was valued at US$8 billion after raising US$400 million in its first funding round from investors, including SoftBank and Temasek.

Jan 31: FTX raised US$400 million from investors, including SoftBank, at a valuation of US$32 billion.

June 4: FTX signs a reportedly US$135 million sponsorship deal for naming rights of American professional basketball team Miami Heat’s home court, a multipurpose arena.

July 1: FTX signs a deal with an option to buy embattled crypto lender BlockFi for up to US$240 million.

July 22: FTX offers a partial bailout of bankrupt crypto lender Voyager Digital. Voyager calls it a “low-ball bid”.

Aug 19: A US bank regulator orders FTX to halt “false and misleading” claims it had made about whether funds at the company are insured by the government.

Nov 2: Crypto news website CoinDesk reports a leaked balance sheet that showed Alameda Research, Mr 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 chief executive officer Changpeng Zhao says his firm will liquidate its holdings of FTT due to unspecified “recent revelations”.

Nov 7: Mr Bankman-Fried says “FTX is fine. Assets are fine”.

Nov 8: Binance says it is planning a deal to acquire FTX.

Nov 9: Binance decides against pursuing a non-binding agreement to bail out FTX.

Nov 10: FTX suspends on-boarding of new clients as well as withdrawals until further notice.

Nov 10: Mr Bankman-Fried tells staff in a memo that he is seeking a capital raising and had held talks with Mr Justin Sun, founder of the crypto token Tron.

Nov 10: Reuters reports that Mr Bankman-Fried is seeking to put together a rescue package of up to US$9.4 billion for FTX.

Nov 11: FTX starts voluntary Chapter 11 proceedings in the United States, along with its American unit, Alameda Research, and nearly 130 other affiliates. Mr Bankman-Fried resigns as chief executive officer. REUTERS