Over the past two weeks, the crypto market has been rocked by the collapse of FTX empire. Let’s look at the main developments of the conflict between FTX and Binance.
For more information surrounding the collapse of FTX, you can read this article.
Coindesk Published Alameda’s Balance Sheet
The collapse of FTX was preceded on November 2, Alameda had $14.6 billion of assets as of June 30, according to a private document CoinDesk reviewed. $8 billion was borrowed with the largest collateral being FTT ($2.16 billion) and SOL.
CEO Of Binance Implicitly Denounces FTX As “Unfair Play” After Dumping 23 Million FTT
CZ has announced the liquidation of FTT holdings with total assets of $2.1 billion due to concerns about FTX liquidity issues. Next, after CZ confirmed to have transferred 22 million FTT to Binance. The sale of FTT has been acknowledged by the CEO of Binance, and this is only partial, implying that the sale will continue. To get more detailed information, you can read the article here:
Alameda CEO, SBF Speaks Up Drama Confirmation With Binance
Caroline Ellison, CEO of Alameda Research, stated on Sunday that the balance sheet information that was released only conveys a portion of the picture. CEO of Alameda offered to OTC buy Binance’s FTT for $22. To get more detailed information, you can read the article here:
FTX Sees A Soaring Withdrawal Amount
The effect of Binance withdrawing its investment from FTX has led to a community sell-off of the exchange’s token, FTT. The number of stablecoins flowing out of the exchange in the last 7 days reached more than $300 million, making the balance $261 million. Besides, CEO Sam Bankman-Fried reassured that the exchange situation is still good.
FTX Detected Stop Processing Withdrawal Orders
According to reports, on November 8, FTX suspended withdrawals due to the impact of severe liquidity drop and conflict with CZ. According to statistics from Etherscan, the latest outbound transaction from FTX on the Ethereum blockchain occurred at 11:37 a.m. UTC. The situation is the same on the Tron and Solana blockchains as well.
FTX Is Coming To An Agreement To Be Acquired By Binance
CZ has agreed to buy FTX amid panic that has raised concerns that Sam Bankman-Fried’s crypto exchange is slowly collapsing. Two exchange industry titans signed a non-binding letter of intent. To get more detailed information, you can read the article here:
SBF Apologized To Investors
Following the event that CZ and FTX had come to an agreement to buy back, Sam Bankman-Fried (SBF) apologized to investors and clarified the exchange’s order of priority when the incident occurred. SBF stated that the company’s priority is protecting “customers and the industry.”
Binance Canceled The FTX Acquisition Agreement
CZ canceled offer to buy FTX after deeming it to be out of control. This is the result of the appraisal process plus the information that this exchange abused customers’ funds and was investigated by the US.
Binance Adds $1 Billion SAFU Insurance Fund
In order to strengthen users’ confidence in the recent volatile market situation, Binance announced that it had added $1 billion to the Secure Asset Fund for Users (SAFU).
FTX Opens Bankruptcy Procedure, SBF Resigned CEO
According to an announcement posted on the evening of November 11, cryptocurrency exchange FTX has filed for bankruptcy in the US court, mark the collapse of FTX, Sam Bankman-Fried has also announced his resignation as CEO, and John Ray is the name appointed to replace it.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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