Lessons from FTX and Full Tilt Poker: A Decade of Deception

The collapse of FTX sent shockwaves through the blockchain community during the last few weeks of 2022. Poker players logged into Full Tilt Poker on April 15, 2011, and saw that the site domain had been claimed by the US Department of Justice.

Full Tilt Poker did not have enough liquidity to return all of the player’s balances after directors siphoned off tens of millions of dollars into their own pockets. The Daily Mail reported that Full Tilt Poker took hundreds of millions of dollars from members' accounts to pay out hefty salaries to executives.

FTX’s terms of service states that cryptocurrency present in the customer’s accounts is 'not the property of FTX, and shall not be used in FTX trading.' Sam Bankman-Fried has just been arrested at his Bahamas home following an extradition request.