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FTX is a cryptocurrency derivatives exchange platform. FTX offers products including derivatives, options, volatility products, and leveraged tokens. Note that the question concerns FTX and not FTX.US.

Counterparty risk is a risk that a counterparty will not pay as obligated by a bond, derivative, insurance policy, or other contracts.

In the cryptocurrency sphere, counterparty risk is discussed in relation to

  • Centralized exchanges. They control users' private keys and may get hacked, lose users’ assets, or face other issues that would lead to the exchange defaulting on their obligations to users.
  • DeFi applications relying on the use of oracles (e.g. stablecoins and decentralized betting protocols). These oracles, which let the blockchain know about the BTC/USD exchange rate or the outcome of the US presidential election, could be hacked or corrupted.