FTX: Blockfolio App Rebrands to FTX (2024)

FAQs

What happened to the FTX Blockfolio app? ›

Over several weeks the Blockfolio app was rebranded as the FTX app which now had its own exchange. It also had a new set of Know Your Customer rules, Anti-Money Laundering policies, a new Terms of Service, as well as its own custodial wallet held by FTX, we assumed.

However, FTX came crashing down in November 2022. Cryptocurrency has become popular for investments and sending payments to other people and merchants.

The platform was considered a convenient, user-friendly solution for investors who wanted to track the value of the cryptocurrency they held on multiple wallets and exchanges. In 2020, FTX acquired a majority stake in Blockfolio. After the FTX bankruptcy, Blockfolio is no longer available for users.

NEW YORK — FTX says that nearly all of its customers will receive the money back that they are owed, two years after the cryptocurrency exchange imploded, and some will get more than that. FTX said in a court filing late Tuesday that it owes about $11.2 billion to its creditors.

Around 94% of the $84 million FTX paid for its majority stake in Blockfolio was in the FTT token it invented.

FTX apps are malware. Delete them.

According to a news release filed Tuesday by FTX, which is going through reorganization, 98% of FTX creditors, including individual investors, who had $50,000 or less with the company will receive the funds they lost, in cash, within 60 days of a reorganization plan going into effect.

Attempt closing the app and reopening it, or conduct a hard reboot on your device to address the problem.

"The rebrand of FTX: Blockfolio to FTX puts the final cap on our acquisition of Blockfolio, doubling down on our commitment to being the number one crypto trading platform for both retail and institutional users,” Bankman-Fried said in a press release.

What is the Blockfolio app? ›

The app offers trading of crypto assets as well as tokenized stocks listed on derivatives exchange FTX.

FTX is an abbreviation of "Futures Exchange". Changpeng Zhao of Binance purchased a 20% stake in FTX for approximately $100 million, six months after Bankman-Fried and Wang started the firm. In August 2020, FTX acquired Blockfolio, a cryptocurrency portfolio tracking app, for $150 million.

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CoinMarketCap is the most popular crypto price-tracker resource. It also offers free PC, iOS, and Android crypto portfolio tracking apps. You can add your crypto holdings manually or import them from a wallet by inserting your address.

Blockfolio: Blockfolio is a popular mobile app that allows users to track their cryptocurrency portfolios, including Bitcoin wallets. It provides real-time price updates, portfolio performance tracking, and news aggregation.

FTX, the bankrupt cryptocurrency exchange, used a token it invented to fund its takeover of trading platform Blockfolio, according to financial statements obtained by Bloomberg News. FTX paid roughly $84 million in 2020 to take a majority stake in Blockfolio, in what was then among the largest crypto acquisitions.

In November 2022, $477 million was stolen from FTX by an unidentified hacker, just as the exchange collapsed into bankruptcy. The thief lost $94 million in the days following the hack as they rushed to launder the funds through decentralized exchanges (DEXs), cross-chain bridges and mixers.