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The FTX Collapse, Explained - WSJ What Went WrongLeading 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. FTX Trading Ltd., commonly known as FTX (short for "Futures Exchange"), is a bankrupt company that formerly operated a fraud-ridden cryptocurrency exchange. K Followers, 32 Following, Posts - See Instagram photos and videos from FTX (@ftx_official).