The FTX drama has been the pervasive news in the crypto space this week. The native token FTT lost most of its value, leading to other cryptos being heavily affected as well. Let’s take a close look at how it all started, what all went down, and what is the current situation.
The whole thing started when reports emerged that most of Alameda Research’s funds were held in FTT, the token created by its sister concern, the FTX Exchange.
Responding to these reports about Alameda Research’s balance sheet, Binance CEO Changpeng Zhao (CZ) announced that Binance would sell the remaining FTT tokens held on its books.
Soon after, FTX and Alameda founder Sam Bankman-Fried extended an olive branch toward CZ, tweeting that he would love it if the two of them could “work together for the ecosystem.”
The FTX exchange, on the other hand, experienced a surge of outflows as more and more users withdrew their funds, resulting in a drop in its stablecoin reserves.
The fall of the SBF empi
We współpracy z: https://cryptodaily.co.uk/2022/11/crypto-roundup-weekly-the-ftx-drama
