Crypto Currency: The FTX incident

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It's been a wild ride for crypto traders this week because of the FTX incident.
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BTC hits a 2-year low around $16K
ETH plunge almost 30% under $1200
Alameda-Backed Tokens FTT is now worth slightly more than $3
Since the incident is highly complicated, let's break the whole thing down and create a timeline.

Nov. 2- CoinDesk pointed out several concerns on quantitative trading firm Alameda research's balance sheet
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Nov. 6- The CEOs of Binance Changpeng Zhao (CZ) and CEOs of FTX Sam Bankman-Fried (SBF) got into a Twitter feud.
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Nov. 7- Binance to Sell Rest of FTX Token Holdings as Alameda CEO Defends Firm's Financial Condition
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Nov. 8- Binance CEO announces intent to acquire FTX to 'help cover the liquidity crunch'
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Nov. 10- Binance has walked away from a bailout deal of its smaller rival FTX
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Any thoughts on this？
Do you think it's a great opportunity to "buy the dip"? Or it's more like a trap that all traders should be aware of?

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Susan Bertolino

joined discussion · 11/11/2022 17:25

FTX Crash: What to do now?

Sure, all of you are aware of what happened. I don't have an account on FTX, but if you do,I guess the only recourse is to wait patiently, and if your capital is freed up, to take it off the exchange immediately.
Going forward, we should consider using decentralized exchanges such as Defi Swap and Uniswap where we do not give up custody of our cryptocurrency.
If FTX does go under, it would likely put a strain on the industry in the short term. However, in the long term,...

Crypto Currency: The FTX incident

Susan Bertolino

joined discussion · 12/09/2022 16:42

Crypto Exchange Coinbase Asks Users to Switch USDT for USDC

$Coinbase(COIN.US)$ is waiving the conversion fees for users that wish to switch to a "trusted stablecoin" in a new campaign that highlights the quality of reserves that back Circle-owned USD Coin (USDC).
"The events of the past few weeks have put some stablecoins to the test and we’ve seen a flight to safety," Coinbase said in blog post published Friday morning Asia time. "We believe that USD Coin (USDC) is a trusted and reputable stabl...

Crypto Currency: The FTX incident

Susan Bertolino

joined discussion · 11/24/2022 16:11

FTX Assets Missing, Stolen; This Fund Sees Bitcoin At $1 Million

FTX's bankruptcy team is struggling to track down all of the cryptocurrency exchange's assets after it collapsed and filed for Chapter 11 on Nov. 11. In a bankruptcy court hearing Tuesday, a FTX lawyer said a substantial amount of assets are either missing or stolen, the Wall Street Journal reported.
The company's new management is trying to chase down and retrieve at least some of the billions of dollars that passed through FTX and...

Crypto Currency: The FTX incident

Tyler Maltz

joined discussion · 12/06/2022 17:20

Jim Cramer urges investors to sell their crypto
Finally!! Now I'm bullish!
$Bitcoin(BTC.CC)$$Coinbase(COIN.US)$$FarmaTrust(FTT.CC)$$Dogecoin(DOGE.CC)$$Ethereum(ETH.CC)$

Crypto Currency: The FTX incident

Assama Mohammad

joined discussion · 11/14/2022 20:22

I’m pretty sure currencies are about to crash the stock market. I could very easily be wrong but the market is in the process of de-hedging because of a rumored FED pivot due to inflation coming down. The $CBOE Volatility S&P 500 Index(.VIX.US)$ and the $VVIX Index(.VVIX.US)$ (volatility indexes) are breaking down into bullish falling wedges. The market just had two of the craziest gains since 2008.

Reason why I think we will crash. FTX is a major grypto player who is going bankrupt as we spe...

Crypto Currency: The FTX incident

FED is GOD 经济

joined discussion · 11/10/2022 20:19

FTX/FTT

$Bitcoin(BTC.CC)$ Not sure if it True, Hope not
Heard, Temasek picking up this shit holes 🕳
If my Rip Ah.Gong know this , he will sure sack/fired all whoever Temarsek personal involved in this FTX/FTT saga.
Nov. 10 — Singapore's Temasek engages with FTX in liquidity crisis
In comments to Reuters, the sovereign wealth fund said it was "aware of the developments between FTX and Binance, and are engaging FTX in our capacity as shareholder," avoiding providing further details about the case...

Crypto Currency: The FTX incident

mesapsa

joined discussion · 11/23/2022 23:43

New FTX Developments:
1. SBF’s parents stole $120 million to buy real estate
2. Over $1 billion in funds still missing
3. $70 million in customer funds traced to political donations
4. FTX promoters face lawsuits
5. Over 1 million users impacted
This keeps getting worse.
$Bitcoin(BTC.CC)$$Coinbase(COIN.US)$$Robinhood(HOOD.US)$$Binance Coin(BNB.CC)$$FarmaTrust(FTT.CC)$

Crypto Currency: The FTX incident

Meltyy

joined discussion · 12/23/2022 11:43

FTX founder Sam Bankman-Fried to be released on $250 million bail, will live with his parents

FTX founder Sam Bankman-Fried will be released on $250 million bail, a federal judge ruled, while he awaits trial for eight federal criminal charges related to alleged fraud at his collapsed crypto empire.
Bankman-Fried was extradited from the Bahamas to Westchester County in New York on Wednesday night after days of chaotic court hearings.
Two of his top executives, Caroline Ellison and Gary Wang, plead...