FTX was a popular cryptocurrency exchange that allowed users to trade a variety of digital assets, including cryptocurrencies and derivatives. Founded in 2019 by Sam Bankman-Fried and Gary Wang, it quickly gained a reputation for offering advanced trading features and innovative products.Users could buy, sell, and hold various cryptocurrencies, as well as engage in leveraged trading to amplify their potential profits. FTX also provided services like futures contracts, options trading, and tokenized stocks.However, in November 2022, FTX faced a major liquidity crisis and ultimately filed for bankruptcy. This collapse revealed significant financial mismanagement and raised concerns about customer fund protection. The fallout affected many users, as well as the broader cryptocurrency market.The FTX incident serves as a cautionary tale highlighting the risks associated with trading platforms in this space. It prompted calls for stricter regulations and greater transparency in the industry.