The Downfall of Sam Bankman-Fried’s FTX: The Industry Reacts Source
The Downfall of Sam Bankman-Fried’s FTX: The Industry Reacts
Tag: FTX
Alameda Research and FTX Ventures websites go dark
Websites linked to the crypto exchange FTX have been taken down on Nov. 9, following a liquidity crisis and a pending acquisition of the company by its rival Binance. Websites for Alameda Research and the company’s venture capital arm FTX ventures were offline and made private, while both FTX’s main site and FTX US’s website remain accessible. Cointelegraph reached out to Alameda on Nov. 9, but has not heard back as of publication time. The latest developments include unconfirmed reports about most of FTX’s legal and compliance staff quitting on Tuesday…
Binance’s victory over FTX means more users moving away from centralized exchanges
Based on the joint statements on Twitter this week from Binance CEO Changpeng “CZ” Zhao and FTX CEO Sam “SBF” Bankman-Fried, it seems clear that FTX has serious solvency problems — so dire that few in the market are willing to save it. As a result, FTX is turning to CZ as a prospective buyer. After CZ exposed FTX’s problems earlier in the week by announcing his plan to dump $500 million of its FTX Token (FTT) on the market, the companies said on Nov. 8 that they had entered…
Binance Walks Away From Deal to Acquire FTX
A spokesperson for the crypto exchange said FTX’s issues “are beyond our control or ability to help.” Source
Solana Blockchain Hit by FTX Tremors as Nearly $800M SOL Tokens Set to Be Unstaked
“A reduction in the amount of SOL staked might indicate that investors are looking to sell all or part of their position,” Sean Farrell, head of digital asset strategy at research firm FundStrat wrote in a note on Tuesday evening following the bailout news. “Due to these factors, we think it is wise to reduce exposure to Solana (SOL) in the immediate term.” Source link
FTX and Alameda Contagion Fears Tank NFT Markets
Rumors of Alameda liquidating its Solana holdings are sending SOL’s price into free-fall; both Solana and Ethereum-based NFT markets are getting hit hard by the news. Source
Hostaged FTX Funds Sold for Pennies on the Dollar in OTC Trades Among Customers
Telegram chats facilitating small over-the-counter (OTC) markets viewed by CoinDesk reveal buyers are bidding about 10 cents to 15 cents on the dollar for the locked-up funds, while sellers are generally looking to offload their balances at around 20 cents to 33 cents. Source
FTX Legal Department Jumps Ship, Binance Deal Fizzles Out
The FTX drama continues as the deal with its competitor Binance falls apart. According to several reports, employees at the platform are fleeing amid growing concerns about a massive $6 billion hole on the company’s balance sheet. A report from Semafor indicates that FTX’s legal and compliance staff left en masse as the company announced its deal with Binance. The report cites people familiar with the matter speculating on the company’s hurdles to completing any agreement without a legal staff. FTX’s Team Goes Silence, Employees Keep Faith In CEO Across…
Who Still Has Exposure to FTX?
“While we have significantly reduced our exposure over the course of the week, we still have withdrawals that have yet to be processed,” wrote the firm, noting that the stuck assets represent less than 10 percent of Amber Group’s total trading capital and doesn’t “pose a threat to our business operations or liquidity.” Source
Alameda Research, FTX Ventures Websites Go Dark
Two websites tied to the Bahamas-based crypto exchange FTX have gone dark in the wake of the latter’s liquidity crisis and the subsequent news that it plans to be acquired by rival exchange Binance. Source