2022-11-10 19:30:25
Roadmap of the FTX storyFTX generated approximately
$1B in revenue and more than
$250M in operating income, as was going public in August 2022.
• On November 2, a report from
Alameda Research leaked to the network, according to which a significant part of the assets companies was in the native token of the
FTX exchange.
$3.66B $FTT on balance and
$2.16B in collateral.
• On November 5,
Whale Alert recorded the movement of about 23M FTT worth about
$584M on
Binance. At that moment, this amount was 17% of the circulating volume of the token.
• On November 6,
Binance CEO CZ tweeted that he would sell his FTT assets worth about
$2.1B due to the November 2 report. Later on November 6,
Alameda CEO Carolina Ellison offered to buy his FTT from CZ for $22 per token.
• On November 7, a significant outflow of users from the FTX platform began and the exchange suspended withdrawals.
SBF released a series of tweets saying that competitors are trying to target FTX with false rumors that the exchange has
$1B in cash and urging CZ to “work together on the ecosystem.” Moreover, on November 7th, CZ refused to sell its FTT tokens at $22, as previously proposed by CEO of Alameda.
• On November 8, the FTT price felt by 30% from $22 to $15.4 in a matter of hours. FTX is having liquidity problems. SBF announces it has reached a strategic agreement with Binance to address these issues. "
All assets will be covered 1:1" writes the SBF. CZ, in turn, talks about a possible
takeover of FTX, in case of successful due diligence.
• Nov 9th SBF deletes his tweet that FTX assets are fine. FTX Ventures and Alameda sites are down. Binance, after just 48 hours of verification, announces its refusal to purchase FTX. This day the market experiences a fall. The price of BTC falls to
$15,600, renewing the annual minimum. The SBF is urgently seeking an
$8B investment to address a liquidity problem created by the massive withdrawal of funds from the exchange. Conclusion is closed.
• On November 10,
Sequoia announces that the value of its investment in FTX is 0.
Justin Sun talks about looking for opportunities to solve the FTX problem. US regulators have launched an investigation into the FTX case. FTX limits withdrawals to $1,000.
What will happen next? Share your thoughts in the
chat.
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