Tag Archives: FTX Exchange

A few months earlier, FTX CEO SBF said several “third-tier” crypto exchanges were insolvent but yet to be exposed. This was when several crypto lending platforms suffered massive financial contagion following Three Arrows Capital’s (3AC) fallout as a result of Terra’s spectacular collapse. His comments, obviously, did not age well now that his empire appears to be crumbling. Crypto Projects Fail, FTX Not an Exception Sam Bankman-Fried’s story of building his crypto empire...

Charles Hoskinson – Founder of the blockchain platform Cardano – thinks the turbulence around FTX and its native token – FTT – could be the last adverse event of the ongoing crypto winter. He finds it normal that the entire digital asset space was negatively affected by the news since Sam Bankman-Fried’s trading venue is among the leading entities in its field, and its crisis causes a “cascade through the cryptocurrency market.”  It’s Always Darkest Before the Dawn While 2022...

United States financial regulators have reportedly launched a probe into FTX – one of the world’s largest crypto exchanges that is now unable to process customer withdrawals.  The investigators intend to examine whether FTX properly managed customer deposits, alongside its relationship with CEO Sam Bankman-Fried’s other crypto projects.  Probed by SEC and CFTC As reported by Bloomberg, the probe was revealed by two people familiar with the matter, who asked not to be...

Coinbase CEO Brian Armstrong argued on Tuesday that his exchange isn’t vulnerable to the sort of fallout suffered by FTX this week.  He said the “event” surrounding FTX appears to stem from risky business practices that Coinbase does not engage in.  Coinbase’s Business Model Armstrong began by expressing sympathy for everyone involved in the FTX situation – particularly those customers who have potentially lost funds. Early on Tuesday, FTX appeared to have stopped processing...

Fears of a Terra-style debacle have seeped into the crypto market as the Binance-FTX drama continues. Binance CEO CZ made headlines by announcing plans to liquidate entire FTT holdings gradually to avoid any market impact. His crypto exchange had already exited from FTX equity last year. While CZ clarified that the move should not be taken as an attack on a competitor, this was enough to cause a slew of dumping in the market, and the FTT token shed over 20%. To minimize the...

Over $640 million in trades have been liquidated from crypto markets in the aftermath of FTX’s drama with Binance. Markets experienced a brief rally after Binance announced its intention to buy FTX, but have since retraced while FTX Token continues to dump. According to Coinglass, over $640 million in liquidations have taken place in the last 24 hours, with $182 million liquidated in the past hour alone.  The largest single liquidation took place on BitMEX on a Bitcoin / US...

Amid massive uncertainty surrounding FTX and its ability to process withdrawals, the exchange’s CEO Sam Bankman-Fried (SBF) has announced that the company is being sold to Binance.  Binance CEO Changpeng Zhao (CZ) has also confirmed the news, stating that Binance will help FTX navigate its current “liquidity crunch.” FTX Comes Full Circle In a tweet thread on Tuesday, SBF told followers that things had come “full circle,” and that Binance would go down as FTX’s first and last...

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Crypto exchange FTX is rapidly losing stablecoin liquidity after Binance CEO Changpeng Zhao (CZ) announced his company’s full exit from its FTT position on Sunday. ETH withdrawals from FTX have also tapped an all-time high, possibly signaling worry among depositors about the safety of their funds.  FTX Withdrawal Wave According to a tweet thread from CryptoQuant CEO Ki Young Ju,  FTX currently has $104.9 million worth of stablecoins in its on-chain reserves. Yesterday, he...

Sam Bankman-Fried, CEO of FTX, has come out to allay fears about the state of the crypto exchange’s finances. Bankman-Fried said the platform has excess cash and clients’ funds are safe while also calling on Binance CEO to collaborate with him to improve the ecosystem. In a recent tweet thread on Monday (November 7, 2022), Sam Bankman-Fried, also known as SBF, said the crypto exchange which he spearheads has sufficient funds to cover clients’ holdings. The CEO also doused...