The story between cryptocurrency exchanges Binance and FTX has quickly unfolded and caused havoc in the crypto market, here’s a breakdown of where it began and where it is now.
According to reports, FTX CEO Sam Bankman-Fried asked investors for emergency funding to cover an $8 billion shortfall during a Nov. 9 investors call.
Neither FTX CEO Sam Bankman-Fried nor any FTX official has provided its users with clarity as to why FTX’s website was taken down.
Cryptocurrencies understood to have exposure to Sam Bankman-Fried, FTX, and Alameda Research appear to have been impacted the most.
BTC and altcoins collapse following news that Binance declined to purchase FTX. Analysts share their perspectives on what’s next for the market.
Similar protocols are used by Kraken, Bitmex, Gate.io, and many other exchanges, but were not used by FTX.
“With a global MiCA, the FTX crash would not have happened,” said European Parliament economics committee member Stefan Berger.
The firm pushed Maple Finance to halt Alameda’s dedicated borrower pool earlier this year.
Binance cited allegations of the mishandling of consumer funds and an investigation from regulators as reasons for exiting the agreement.
Pages for the quantitative trading firm and the venture capital arm have been taken offline and made private.
Binance faces far less competition in the aftermath of FTX’s fall, but it still may not win a surge in new users.
South Korea’s central bank has tested purchasing NFTs with their central bank digital currency (CBDC).
Political newcomer and Bitcoin holder J.D. Vance will take Rob Portman’s U.S. Senate seat in Ohio, but majority control of both chambers of Congress has yet to be decided.
The largest franchise in the world, Subway, is testing out the Lightning Network layer-2 Bitcoin payments solution and receiving encouraging results in Berlin, Germany.
Temasek invested in a series of FTX’s round findings that led to its $32 billion valuation in January.
BTC and altcoins continue to sell-off, hitting new yearly lows as the collapse of FTX begins to drastically impact investors across the entire crypto market.
The firm withdrew its remaining balance from FTX at the 11th hour and topped weekly fund outflows from the troubled exchange.
The exposure amounts represents a small fraction of the firm’s $1.5 billion in liquidity.
“People now think we are the biggest and will attack us more,” said Changpeng Zhao in a letter updating staff on the situation with FTX.
Further losses come in step with confusion over the future of FTX under Binance, while CPI data looms on the horizon.
Swedish researcher Eric Wall highlighted StarkNet’s influence on Ethereum’s scalability as he joins the board of the newly formed StarkNet Foundation.
There are at least four countries that have either scrapped or halted CBDC plans so far, and each central bank has its own reasoning for not launching one.
Fractional NFTs enable users to divide an NFT into multiple fractions, reducing the barrier to entry for investing in real-world assets.
Bitcoin integration is not on the immediate roadmap for blockchain bridge support via MetaMask Bridges, a MetaMask executive said.
Private equity firm Thoma Bravo led the expansion round, bringing the total amount raised to $130 million.
The Facebook parent company announced it will let go of approx. 13% of its current workforce in the first mass layoff in the company’s history.
Cryptocurrencies exposed to Sam Bankman-Fried and his companies, Alameda Research and FTX, have dropped by an average of 40% this week.
The company is building payment rails that could make crypto purchases as ubiquitous as Paypal transactions.
A Twitter user argued that the FTX crisis was only a black swan event that only its executives and a few others could have seen coming.
According to on-chain data, FTT token supply increased by 124.3% on September 8 when 173 million FTT tokens were created by a 2019 ICO contract, and Alameda was the recipient.