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Size, scope of FTX failure gets clearer as users fear worst

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NEW YORK (AP) — Just days after cryptocurrency’s third-largest exchange collapsed, the public is starting to get an idea of how messy FTX’s bankruptcy case could be. Other crypto firms are failing as a result of FTX’s unraveling, events reminiscent of the domino-like meltdowns of the 2008 financial crisis.

Users remained frustratingly in the dark Tuesday about when they might get their funds back, if at all, directing much of their anger toward FTX’s founder and CEO, Sam Bankman-Fried.

In a court filing, FTX’s lawyers said there were already more than 100,000 claims against the company and estimated that figure could grow to more than 1 million, most of them customers, once the case is complete. The court ordered FTX to provide at least a list of the company’s 50 biggest creditors by Nov. 18.

The lawyers said the company is in contact with the Department of Justice, the Securities and Exchange Commission, the Commodity Futures Trading Commission as well as dozens of other state, federal and international authorities, confirming earlier reports that the U.S. government is probing the possibility that Bankman-Fried and his lieutenants violated U.S. securities law.

FTX filed for bankruptcy protection Friday, sending tsunami-like waves through the cryptocurrency industry, which has seen a fair share of volatility and turmoil this year, including a sharp decline in price for bitcoin and other digital assets. For some, the events are reminiscent of the failures of Wall Street firms during the 2008 financial crisis, particularly now that supposedly healthy firms like FTX are failing.

The Wall Street Journal reported that BlockFi, which had halted withdrawals over the weekend following FTX’s bankruptcy, is now actively considering bankruptcy and plans to lay off its staff. In previous public comments, BlockFi’s management made it clear that FTX’s failure had pushed the company towards being out of business. FTX had provided financial aid to BlockFi this summer, including a $400 million credit facility backed by its own balance sheet.

“We are shocked and dismayed by the news regarding FTX and Alameda,” BlockFi said Saturday, referring to FTX and Bankman-Fried’s hedge fund Alameda Research. “Given the lack of clarity on the status of FTX.com, FTX US and Alameda, we are not able to operate business as usual.”

Another crypto firm, crypto lending firm SALT Blockchain, also appeared to be on the verge of failure. The company Bnk to the Future pulled out of its agreement to buy SALT, citing its exposure to FTX. In tweets, SALT’s CEO Shawn Oren said he is “fully committed still to recover from the damages as victims.”

In a sign of how fearful investors are that the cascading effects could do long-term damage, cryptocurrency exchange Binance proposed the creation of a rescue fund that would save otherwise healthy crypto companies from failure. Binance’s founder and CEO Changpeng Zhao effectively laid out the possibility of a crypto-like central bank or deposit-insurance pool to be a lender of last resort to keep healthy firms from failing.

Meanwhile, FTX’s users bemoaned their losses in Telegram chat groups for traders who used the FTX exchange, writing that they’d lost access to amounts ranging from thousands to millions of dollars.

Some pleaded for information. Others speculated on the likelihood of getting back their funds, while others counseled that they should accept that their investments were gone.

Moderators for one group posted intermittently, saying things like, “No death threats please.” They wrote that they had no information about the whereabouts of Bankman-Fried or what would happen to his companies.

“No news,” posted one moderator.

Many of FTX’s users pointed to Bankman-Fried as responsible, making puns on his name like “Sam Bankrun-Fried” and calling for him to be prosecuted.

On Tuesday, a support account for FTX US was responding on Twitter to posts from people asking about their funds and directing them to send messages to the Twitter account to get assistance.

Mohit Sorout, 30, said he has lost access to 95% of the value of his cryptocurrency holdings when FTX halted its services last week, posting on Twitter, “The pain is f(asterisk)(asterisk)(asterisk)ing real.”

An electrical engineer based between New Delhi and Dubai, he started trading in 2017 and quit his job in 2018 to work full time trading cryptocurrencies. Along with a business partner, he built a custom algorithm, and grew an investment of a couple thousand dollars into a sum many times that size, though he didn’t want to disclose the value of his holdings when he lost access to them.

It’s not clear what will happen to the funds of retail investors like Sorout, which are locked within the FTX ecosystem. His requests to withdraw the funds were not honored last week and now he can’t even log onto the exchange, he said on Monday.

Sorout didn’t intend to keep all of his investments on a single platform, he said, but the tools that FTX had built for traders like himself were very effective and his algorithm worked well there. He also trusted Bankman-Fried in part because of his high profile.

“The problem was the founder, who is donating eight figures in presidential campaigns, he’s meeting with the top bureaucrats, he is sponsoring chess tournaments, he’s out there sponsoring stadiums,” Sorout said. “You don’t really expect such a huge business, especially the CEO of that business, to defraud its customers, you know?”

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NASA Rolls Out Massive SLS Rocket Stage for Artemis III Mission to Kennedy Space Center

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Pictured above is the top four-fifths of the SLS (Space Launch System) core stage – the section containing the liquid hydrogen tank, liquid oxygen tank, intertank, and forward skirt. NASA will roll the largest section of the agency’s SLS rocket that will launch the second crewed Artemis mission under the Artemis III mission out of NASA’s Michoud Assembly Facility on Monday, April 20. Credit: NASA

NEW ORLEANS (FNN) — NASA will roll out the largest section of its Space Launch System rocket on Monday, April 20, marking a major milestone for the Artemis III mission.

The section, representing the top four-fifths of the SLS core stage, is being moved from NASA’s Michoud Assembly Facility in New Orleans. It includes the liquid hydrogen tank, liquid oxygen tank, intertank and forward skirt. The structure will be loaded onto NASA’s Pegasus barge for transport to Kennedy Space Center in Florida.

CORE STAGE DELIVERY AND INTEGRATION

Once the core stage arrives at Kennedy Space Center, teams will complete final outfitting and vertical integration. The hardware will then be transferred to NASA’s Exploration Ground Systems Program for stacking and launch preparation.

The Artemis III engine section and boat-tail, which protects the engines during launch, were previously moved to the Vehicle Assembly Building in July 2025. The four RS-25 engines are scheduled to arrive from Stennis Space Center in Mississippi no later than July 2026 for integration.

POWERING THE ARTEMIS III MISSION

Equipped with four RS-25 engines, the SLS core stage will generate more than 2 million pounds of thrust, enabling the launch of astronauts aboard the Orion spacecraft.

Artemis III is currently targeted for launch in 2027, following the successful Artemis II mission, which completed a crewed flight around the Moon on April 10.

NASA’S MOON-TO-MARS STRATEGY

The Artemis III mission is part of NASA’s broader Artemis program, aimed at returning astronauts to the Moon and establishing a sustained human presence.

The mission will test critical capabilities, including rendezvous and docking between the Orion spacecraft and commercial systems needed for future lunar landings, currently planned for 2028.

NASA is working in partnership with Boeing, the SLS core stage lead contractor, and L3Harris Technologies, the lead contractor for the RS-25 engines. The core stage remains the backbone of the SLS rocket and is manufactured at the Michoud Assembly Facilit

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NASA’s Artemis II Astronauts Begin Historic Journey Around the Moon After Key Orion Engine Burn

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Earth's crescent is seen from a solar array camera on the Orion spacecraft on the first flight day of the Artemis II mission. Credit: NASA

CAPE CANAVERAL, Fla. (FNN) — For the first time in more than 50 years, astronauts on a NASA mission are headed around the Moon after successfully completing a critical burn of the Orion spacecraft’s main engine.

The approximately six-minute firing of Orion’s service module engine Thursday — known as the translunar injection burn — accelerated the spacecraft and its crew beyond Earth’s orbit, placing them on a trajectory toward the Moon.

Aboard the spacecraft are NASA astronauts Reid Wiseman, Victor Glover and Christina Koch, along with Canadian Space Agency astronaut Jeremy Hansen.

“Today, for the first time since Apollo 17 in 1972, humans have departed Earth orbit,” said Dr. Lori Glaze, acting associate administrator for NASA’s Exploration Systems Development Mission Directorate. “Reid, Victor, Christina and Jeremy now are on a precise trajectory toward the Moon. Orion is operating with crew for the first time in space, and we are gathering critical data and learning from each step.”

NASA’s Space Launch System rocket and Orion spacecraft lifted off from Launch Pad 39B at Kennedy Space Center at 6:35 p.m. EDT on April 1, beginning a planned 10-day test mission around the Moon and back.

Successful Launch and Spacecraft Activation

Shortly after reaching space, Orion deployed its four solar array wings, allowing the spacecraft to generate power from the Sun. The crew and mission controllers then began transitioning the spacecraft from launch to normal flight operations while checking critical onboard systems.

About 49 minutes into the flight, the rocket’s upper stage fired to place Orion into an elliptical orbit around Earth. A second burn propelled the spacecraft — named “Integrity” by the crew — into a high Earth orbit extending roughly 46,000 miles above the planet for nearly 24 hours of system testing.

Following the maneuver, Orion separated from the upper stage and began flying independently.

System Tests and Crew Operations in Space

During the early phase of the mission, the astronauts conducted a manual piloting demonstration to evaluate Orion’s handling capabilities using the Interim Cryogenic Propulsion Stage as a docking target.

After the test, Orion executed an automated departure burn to safely move away from the stage. The propulsion stage later performed a disposal burn before re-entering Earth’s atmosphere over a remote area of the Pacific Ocean.

Before its re-entry, four small CubeSats were deployed from the rocket’s Orion stage adapter to conduct separate scientific missions.

Mission teams also transitioned communications to NASA’s Deep Space Network while the crew adjusted to the space environment. Astronauts completed their first rest periods, performed onboard exercise routines, restored the spacecraft’s toilet to normal operations and prepared the spacecraft for the translunar injection burn.

Lunar Flyby and Artemis Program Goals

The crew is scheduled to conduct a lunar flyby Monday, April 6, when astronauts will capture high-resolution images and make observations of the Moon’s surface — including portions of the lunar far side rarely seen directly by humans.

Although the far side will only be partially illuminated during the flyby, the lighting conditions are expected to cast long shadows across the terrain, highlighting ridges, slopes and crater rims that are difficult to observe under full sunlight.

After completing the flyby, the astronauts will return to Earth and splash down in the Pacific Ocean off the coast of San Diego.

The mission marks a major milestone for NASA’s Artemis program, which aims to send astronauts on increasingly ambitious missions to explore the Moon, advance scientific discovery, stimulate economic growth and prepare for the first crewed missions to Mars.

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VIDEO: NASA Artemis II Mission Sends Astronauts Around the Moon in First Crewed Test Since Apollo

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The Artemis II crewed lunar mission launches from Kennedy Space Center on April 1, 2026. Four astronauts blasted off aboard a massive NASA rocket on a long-anticipated journey around the Moon—marking the first crewed lunar flyby in more than 50 years. Photo by Nickolas Wolf / Florida National News.
CAPE CANAVERAL, Fla. (FNN) — NASA is preparing to launch the crew of Artemis II on a historic journey around the Moon, marking the first time astronauts will travel beyond low-Earth orbit since the era of Apollo Program.
The mission will lift off from Kennedy Space Center aboard the Space Launch System, carrying astronauts in the Orion spacecraft on a multi-day flight that will orbit the Moon before returning safely to Earth.

The Artemis II crewed lunar mission launches from Kennedy Space Center on April 1, 2026. Four astronauts blasted off aboard a massive NASA rocket on a long-anticipated journey around the Moon—marking the first crewed lunar flyby in more than 50 years. Photo by Nickolas Wolf / Florida National News.

 

Historic Return to Deep Space Artemis II is the first crewed mission in NASA’s Artemis program, designed to return humans to the Moon and eventually establish a sustainable presence there. The flight follows the successful uncrewed test mission, Artemis I, which demonstrated the Orion spacecraft’s ability to travel to lunar orbit and return to Earth. The Artemis program represents NASA’s long-term strategy to explore deep space, including preparing astronauts for future missions to Mars. Astronaut Crew to Circle the Moon

The Artemis II crew includes four astronauts selected to test Orion’s life-support systems and navigation capabilities during the mission.

The Artemis II crewed lunar mission launches from Kennedy Space Center on April 1, 2026. Four astronauts blasted off aboard a massive NASA rocket on a long-anticipated journey around the Moon—marking the first crewed lunar flyby in more than 50 years.
Photo by Nickolas Wolf / Florida National News.

 

Their journey will take them thousands of miles beyond the Moon before returning to Earth. The mission will also demonstrate critical technologies needed for future lunar landings planned under upcoming Artemis missions.

Florida’s Space Coast in the Global Spotlight The launch is expected to draw thousands of spectators to Florida’s Space Coast, including viewers gathering along beaches in Cocoa Beach and nearby communities to witness the historic liftoff.

Local officials and tourism leaders say the Artemis program continues to reinforce Florida’s role as the nation’s gateway to space exploration.

 

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