This FAQ provides a comprehensive overview of the FTX Crypto Cup, a series of cryptocurrency trading competitions organized by the now-defunct FTX exchange. It covers what the cup was, how it worked, its winners, its impact on the crypto community, and the lessons learned after FTX's collapse. Whether you're a trader, investor, or simply curious about crypto competitions, this guide offers clear and factual answers.

What is the FTX Crypto Cup?

The FTX Crypto Cup was a series of trading competitions hosted by the cryptocurrency exchange FTX, where participants traded digital assets to win prizes and recognition. These competitions were designed to showcase trading skills, attract new users to the platform, and build community engagement. The events typically involved a leaderboard where traders competed over a set period, with top performers receiving cash prizes, NFTs, and other rewards. The cup was part of FTX's broader marketing strategy to establish itself as a major player in the crypto derivatives space.

The competitions were notable for their high stakes and professional participation, often drawing in both retail and institutional traders. However, the FTX Crypto Cup ceased to exist after the exchange's dramatic collapse in November 2022, which led to bankruptcy and the loss of user funds.

When did the FTX Crypto Cup take place?

The FTX Crypto Cup was held during 2021 and 2022, with multiple editions occurring as FTX ramped up its marketing efforts. The first major edition was the FTX Crypto Cup in 2021, which featured a $5 million prize pool and attracted thousands of traders. Subsequent events, such as the FTX Crypto Cup 2022, continued the trend, offering even larger prizes and more elaborate formats. However, all events ceased after FTX's collapse in November 2022, as the exchange filed for Chapter 11 bankruptcy and the competitions were discontinued.

Exact dates for each competition are not all publicly archived, but the most prominent events were tied to FTX's aggressive growth phase and partnerships with sports teams and celebrities.

How did the FTX Crypto Cup work?

The FTX Crypto Cup was a trading competition where participants traded on FTX's platform using futures, perpetuals, and spot markets, aiming for the highest percentage returns over a specified period. Each event had specific rules, including eligibility criteria, trading minimums, and the use of certain products. Participants were ranked on a leaderboard based on their profit and loss (P&L) percentage, with the top traders winning prizes.

  • Eligibility: Typically open to all FTX users who met certain verification requirements and signed up for the competition.
  • Scoring: Based on realized and unrealized P&L, usually calculated as a percentage of starting equity.
  • Prizes: Ranged from cash to NFTs and exclusive merchandise, with the grand prize often being a significant cash award.

The competitions were designed to be accessible yet challenging, encouraging both new and experienced traders to participate.

Who won the FTX Crypto Cup?

The winners of the FTX Crypto Cup varied by edition, but the most notable winner was a trader known as "SBF_Alameda" in the 2021 edition, who reportedly won a $5 million prize. However, due to the opaque nature of the competition and the subsequent collapse of FTX, the full list of winners is not comprehensively documented. Many winners were pseudonymous traders who may have used the platform under aliases. The FTX Crypto Cup 2022 edition had a $10 million prize pool, but the results were never officially announced because FTX went bankrupt before the conclusion.

It's important to note that some reports suggest that the competitions were partly rigged or manipulated by insiders, but no concrete evidence has been publicly verified.

Why did the FTX Crypto Cup gain so much attention?

The FTX Crypto Cup gained significant attention due to its massive prize pools, celebrity endorsements, and the growing popularity of crypto trading competitions. FTX leveraged high-profile partnerships, such as with the Miami Heat and Mercedes-AMG Petronas Formula One team, to promote the events. Additionally, the cup was seen as a way for traders to showcase their skills and potentially make a name for themselves in the crypto community. The allure of life-changing prizes and the competitive nature of trading drew in thousands of participants and viewers alike.

Furthermore, the cup coincided with the bull market of 2021, when interest in crypto was at an all-time high, amplifying its reach.

What happened to the FTX Crypto Cup after FTX collapsed?

After FTX filed for bankruptcy in November 2022, the FTX Crypto Cup was immediately discontinued, and all unfulfilled prize payments were likely lost. The exchange's assets were frozen, and users were unable to withdraw funds, let alone receive competition rewards. The collapse also raised questions about the legitimacy of the competitions, as FTX's sister company Alameda Research was involved in the exchange's operations, leading to suspicions of market manipulation.

Currently, no official FTX Crypto Cup events are ongoing, and the future of the brand is uncertain as bankruptcy proceedings continue.

What are the pros and cons of participating in crypto trading competitions like the FTX Crypto Cup?

Participating in crypto trading competitions can be exciting and potentially lucrative, but it also carries significant risks.

  • Pros: High reward potential, networking opportunities, skill development, and exposure to professional trading strategies.
  • Cons: High risk of losing funds, potential for market manipulation, and the possibility of platform failure (as seen with FTX).

It's essential to approach such competitions with caution, only invest what you can afford to lose, and thoroughly research the platform's credibility. In the wake of FTX, many traders have become more skeptical of centralized exchanges and their competitions.

How does the FTX Crypto Cup compare to other crypto trading competitions?

Compared to other crypto trading competitions, such as those on Binance or Bybit, the FTX Crypto Cup stood out for its enormous prize pools and celebrity backing. However, the collapse of FTX has cast a shadow over its legacy, making it a cautionary tale rather than a benchmark. Other platforms continue to host similar events, but they often emphasize transparency and security to attract users. For example, Binance’s trading competitions are ongoing and offer various prizes, while Bybit has its own World Series of Trading.

The key differentiator now is trust: after FTX, traders are more likely to participate in competitions on regulated or well-audited exchanges.

Is the FTX Crypto Cup still active in 2026?

No, the FTX Crypto Cup is no longer active as of 2026. FTX's bankruptcy and subsequent legal issues have prevented any continuation of the competition. While there have been efforts to revive FTX under new management, these have not resulted in the return of the Crypto Cup. The brand is essentially defunct, and the crypto community has moved on to other competitions and events. If any new entity were to revive the cup, it would require significant restructuring and regulatory clearance, which seems unlikely in the near future.