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Is FTX(FTT) dead?

 

By Nerly Shammah Nov 08, 2022

 

FTX Death

 

 

Following a report on Coindesk, the cryptocurrency exchange FTX has become a hot topic amongst cryptocurrency traders and investors, and in the last 24hrs alone, the FTX token FTT has dropped over 70% in price leaving the investors in a pretty uncomfortable situation. 

 

At Glance

 

● Coindesk published a troubling coverage detailing inside data regarding FTX's financial activities sending lots of questions into the air. 

 

● Binance, via CZ the CEO, announced the selling of its FTT holdings, and opinions on the situation surprisingly caused hate to be born between the two exchanges. 

 

● After days of a series of public expressions, SBF officially seeks Binance assistance to curb the liquidity crunch at FTX. 

 

● Binance, via CZ, publicly announced its non-binding contract to acquire FTX - stating that the exchange can decide to back down on the deal at any time. 

 

● FTX token FTT dumps uncontrollably sending investors over 70% in red. 

 

 

In entirety, 

 

Prominent crypto reports publisher, Coindesk, published a coverage detailing its findings on a reviewed document presenting disturbing information on FTX financial relations with Alameda, a reported sister company that has been depending largely on FTT, the FTX token for its trading activities. 

 

This report and a whale alert as stated by CZ in a tweet led to Binance's move to sell its FTT holdings. 

 

The billionaire CEO publicly shared the reasons for his move, stating how rather surprising it was that the competition and the cryptocurrency industry took Binance's response to the event to be a "fight", adding that he rather spend his time building than fighting. 

 

Hours later, the official announcement of a non-binding contract between Binance and FTX fell through, leaving the entire cryptocurrency space in shock, considering the series of hate speeches that circulated quickly from the billionaire CEO SBF of FTX towards CZ following his tweet to dump the company's FTT holdings. 

 

In a tweet CZ stated:

 

"

 

This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-binding LOI, intending to fully acquire FTX.com and help cover the liquidity crunch. We will be conducting a full DD in the coming days.

"

 

He added that they are a lot to be covered and it's expected that the FTX token FTT will be extremely volatile in the coming days. As if CZ was a psychic, the FTT token took a beating hours on leading to over 79% losses in the last 24hrs.

 

Is FTX(FTT) DEAD? 

 

It appears that if Binance sees fit, then FTX may not be dead after all, SBF stated that FTX.US is however not affected by the liquidity crisis. 

 

Notwithstanding, the FTX token FTT has lost quite a value in a very short time span and might continue leading to an inevitable deathbed. The reality remains to be seen and reported.

 

 

 

STAY INFORMED

 
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