Bitcoin Forum

Well last week was Gala, and today FTT.. What's next? #Bitcoin is the best

Only these events have a slightly different meaning. Gala hack did not cause any damage to the whole market, most crypto users did not even notice another hack of one more token. FTT event has much more serious consequences, last time such consequences were after the collapse of LUNA and its stablecoin UST. So it is not quite correct to compare the hacking of some token by some hacker and the collapse of an entire ecosystem, which has obviously been accumulating these problems for a long time.

Binance will acquire FTX after their talks so I don’t think this will be like LUNA because they are doing an early prevention strategy. I don’t know what Binance did here after announcing that they will liquidate their holdings and now they are buying the whole project, it looks like a manipulation but we will see. Lucky to those who are able to short with FTT, now let’s see if BNB will pump after this.

I also don't think the case of Luna is the same with FTX. I didn't expect the heavy crash to be honest but it is what it is. Crazy to think that they would be outdone like this. Many users went to FTX so they could get away from Binance only to find out CZ's team would acquire it too.

Both are two different situations and comparing luna crash with FTX's own situations is like comparing two opposite elements and we may not arrive at any good conclusion in discussing both situations comparably.

But in all Bitcoin is the best for long-term investment and it is high time we become more conscious of what is happening in the altcoin market.

Or, the second Mt. Gox?  ???

The FUD is real, although I hope it won't go that bad...

The different is Mt. Gox was hacked, while FTX wasn't.

The Issues about Binance and FTX alongside their CEOs is a result of fight for power over who will be the top dog in crypto, greed for more money and manipulation. This centralized exchanges and their shitcoins are really becoming very toxic to the crypto atmosphere, and I hope people wake and realize the reason bitcoin was created by Satoshi over a decade ago.

that is true. they have different situations here. ftx is already established company but for some reasons, they could not cope up with the competition and decided to sell it to their one of the largest competitors. people got their surprise with this ftx move, but life goes on in crypto. it is not the last time that we will hear an established company giving up their market share.

 Might be true but this is not the same like MTgox caused by FTX doesn't have liquidity and that's why it was halting withdrawal. I have 20 dollars there on my FTX account and can't withdraw it.  ;D talked with admin and they says up to 24 hours but since that announcement was coming and i see no chance to take my small amounts of money on FTX.
 It doesn't even FUD at all as it's all the fact. SBF decide to sell FTX to the binance. So, all of what people called FUD was actually the fact that happened with FTX. It was not only FTX but all of projects heavily invested by FTX may be dead too.
FTX is known as exchange site that was heavily spreading the money into the various projects.
Alameda will got liquidated very soon.  :D it's down 75% now.

Oh well, I doubt Luna has the same problem. The crypto community is undoubtedly shaken, though, as this is a significant concern. First, because of all the negative news items that happened this past year, many individuals lost faith in cryptocurrencies. Recently, FTX bought the failed cryptocurrency business Voyager but afterward ran into liquidity issues. Second, even if Binance's purchase of FTX is genuinely intended to benefit FTX and its consumers, it appears as though Binance will grow following the transaction. Decentralization seems to have lost its definition in the crypto sphere. What do you believe the dynamic will be now that Binance has purchased FTX, a company that is known as a rival to Binance? I don't want to think about negative things happening, and I'm hoping for the best. But, we can't close our eyes too.

Maybe, but I think not yet.

FTT price drop because CZ dump most of their token, while FTX aka the exchange is still good since they offer cheap fees that attract many people. But since they're increase the fees in order to not let their customers to withdraw, this could make the customers wouldn't feel confidence to use FTX again and this could make FTX lose many customers.

Any centralized exchange will be end like Mt.Gox, they're just waiting their turn until there's a hacker can rob all of their hot wallet and they don't have any money left to cover the operational cost and to refund their customers.

bitcoin is indeed the best for investment but because ftx bitcoin is also affected, because ftx sold its assets to cover losses from ftt
and hopefully ftt can fix this case as soon as possible so that the market does not deteriorate because of that incident

the news sentiment that this is a tragedy of war between the two giants Changpeng Zhao (Binance) and Sam Bankman Fried (FTX) makes other crypto asset holders panic, including BITCOIN holders, causing blood to rain in the market if this FTT catches up with LUNA, the impact will be making traders, holders and investors distrustful of crypto as a future asset, of course, this will be very dangerous for crypto trading in the future if that happens. and maybe if that happens it will make the trauma market long considering what happened before with Luna and Terra USD.
I hope this doesn't last long and find the best solution for FTX and Binance to take a middle ground.

You mean FTT, right? The token of FTX?

Anyway, it's not comparable, knowing that history is not the same and the cause is different from what happened. The solution, Luna, is to create another token. FTT would be another case for sure. FTX has probably helped many crypto ventures. Helping them now is giving it back, and that's where Binance comes in. It's timing alright, but it's necessary for what is happening now.

No, I don't think so.

What happened to LUNA was a loophole to their system thus, the value of the LUNA token lost by around 99.99%. FTT has a different situation, but the good thing (I guess) is CZ acquired it. What will happen to FTX? That's the thing that I will wait. I'm not using FTX TBH but seeing a very popular exchange being acquired by another popular exchange is the thing that I didn't see ever.

Because of these events, the crypto market lost a huge amount of market cap and most of the top coins (stablecoins excluded) are now down double digit. Bitcoin from around ~$21,000 is now sitting at ~$18,000 and Ethereum is at the ~$1300 price. Good time to buy again :D. We're given another opportunity to accumulate Bitcoin and other altcoins.

Absolutely brilliant what CZ did. He bought leverage on FTX via FTT tokens early on, then used that leverage to start a bank run (liquidity crunch) on FTX via a Tweet, then stopped up FTX for pennies on the dollar.

Now FTT token is down 90% in the last 24 hours and yes some are calling it the next Luna.

From 21,000$ to 17600$ in 24,hrs? I don't remember luna crash this bad or am I wrong? It shows that if CZ haven't decide to take over FTX the result will be more disastrous, this can cause the greatest crypto bubble in the entire crypto history.

At this point some people are still expecting more downside for FTT token but I still believe that the bottom is finally in, the fear and greed index just shows that we might be heading into another extreme fear but it's also a good opportunity to.

Remember, be greedy when others are fearful.

The competition between exchanges in the crypto world will increasingly be seen that great power can change things that originally had trust into no longer valuable in the eyes of others. The case of Ceo FTX and CZ is the same, I don't really care. Because in the end, it will have an impact on the price of crypto in the market. It was evident when the interval of a few tweets BNB increased in an instant. Remember that altcoin price manipulation is real and not just meme coin. Moreover, they have the limelight like CZ with a sizeable possession.

The price of the FTT coin may still decrease several times from the current price. And only CZ can stop this decline, for which it will be enough to publish one tweet that the FTT coin will remain the main exchange coin on the FTX exchange in the future. But if CZ says that FTT will no longer be used on the FTX exchange as an exchange coin, which will be replaced by BNB, then the price of the FTT coin will reach zero within a few minutes.

Indeed in fact all Gala Ftt and Luna is not because people hacked

---

Luna collapse because their stablecoin UST and backed by Luna token
Gala was not hacked at all its because there is third party app that doing pegged everything and Gala is one of it.

and FTT because its internal cause right now still in debate

but for now FTX maybe pretty much still there after they asked Binance to cover liquidity of their pool

It's terrible what happened to FTT, the news of FTX being sold to Binance really affected the trust of the community, investors and traders in FTT. The news of the sell of all of Binance's FTT assets also put FTT under market pressure. IMO, there is also a fear experienced by holders, we know that Binance already has BNB, maybe they are afraid if FTT will be abandoned by Binance so that it does not have dual currencies. So after the sell from Binance, followed by investors and holders. I think, if the sell doesn't stop, FTT will die by itself. something really bad. careful if you want to buy FTT right now.

https://www.theblock.co/post/184176/ftx-appears-to-have-stopped-processing-withdrawals-on-chain-data-show
"Crypto exchange FTX, which is currently fighting a battle with rival Binance, seems to have stopped processing clients' requests for withdrawals, according to on-chain data.

The last outgoing transaction from FTX on the Ethereum blockchain took place at 6:37 a.m. ET, more than two hours ago, data from Etherscan show. It's a similar story on the Tron and Solana blockchains as well, on-chain data show.

An exchange spokesperson did not immediately respond to The Block's request for comment."
It will be very funny if Samuel Banckman-Fried is punished for the fact that his company attacked the Luna coin.

The liquidity crunch that occurred to the FTX platform and after the CEO of Binance announced that he would sell all of Binance's holdings from FTT, caused panic and anxiety among investors and I believe that this bad news and rumors will cause the collapse of FTT currency soon. I hope that FTT holders will not face the same fate as Luna investors, which collapsed and caused huge losses to investors. Frankly speaking, I sold my FTT and Bitcoin was the safe haven for me for long-term investment.

Binance will not likely gonna materialized since they are rival and there competition starts this drama so I doubt that CZ will purchased nor SBF will alows it. CZ is just a announcing a false hope so that it looks like they are trying to help despite they are the one who started it. CZ doesn't need FTX if it's reputation is already destroyed since Binance is still the top exchange at this moment. I believe he is just clearing his image because he publicly announced his plan to destroy FTX and possibly FTX investors will gonna blame him for the damage done.

On his move. At least he show that he wants to help and put all the blame to SBF for the damage.

I also think that FTT will die on its own and there will be no takeover here, if binance takes over FTX, they will be entangled in antitrust laws and with that action, they will also attract the attention of the government. That would be a better reason for the government to get involved and go deeper into regulating the market.

FTT's death will cause more damage than Luna's, in just 2 short days this event has wiped out more than 150 billion market capitalization, 2.5 times more than Luna caused and probably not stop here.

I think it would. I don't want it to. But at the current FTT is dumping I don't think it will be able to recover at all.
It would probably bleed in red till the price goes to zero and hence the eternal collapse of FTT.
I wonder what's going to happen with Solana now that FTX is going down the drain.

No, Binance will not acquire FTX. As per the recent developments, Binance will back out of the deal to buy FTX, and this tweet which was about an hour ago, the market again felt. Although this tweet is not official from CZ or FTX but still the market reacts to it.

The bear market is in full flow and i don't expect any good news to come in short term.

https://i.imgur.com/uvgogKy.jpg
https://mobile.twitter.com/BitcoinMagazine/status/1590367289848700928

I think that's how FTT will continue to fall as the news continues to heat up right now, and I'm no longer sure about altcoins which in reality can be bad even though many say FTX is a big exchange as evidence we see their tokens can be dumped by someone.
Might have an impact on Solana too but recently I saw Crypto.com delaying USDC withdrawals on the solana network on the other hand there is more bad news about Solana so I guess this is the biggest scenario I see.

I just saw on CNBC that Binance dug into their books and it could be as big as a 6 billion dollar hole. I think Binance lets them fall. This is what happens when you let hedge fund guys get between you and your keys. Its meant to be decentralized. Just you and the chain. The sooner the world embraces this the sooner we can weed out the greed

The chances are high. Anything can happen at any time in the market. I am no longer surprised by such events. We can say that CZ finished FTX's deficit by catching it well. After this time, there will not be many stock market owners who want to quarrel with CZ. In this way, FTT ate a nice dump and we saw it drop from 25 dollars to 2-3 dollars. This is likely to continue. So it is a very risky market and it is difficult to predict which way it will go at any moment.

Ya, besides FTT obviously falling to nearly 0, SOL might be the next biggest loser as FTX was a big supporter of the network.  It's probably a good thing for the industry as a whole, but for anyone with leverage they're going to take a hit on the chin.  The rest of us will have to close our eyes and hope that the other side of this storm is better.  I think it will be, as price swings that clear our leverage are in everyone's best interests and it looks like the largest player in the leverage risk space has just gone down.  Hopefully there was enough time for people to get their funds out and hopefully it doesn't continue to spread throughout the market.

If you are talking about a potential crash that can affect the market, yes, in the last 24 hours, the whole crypto is in red already, there are bloods in the street caused by the FTX and even if Binance tried to salvage it, seems to be the damage has been done already. And there are a lot of FUD coming out as well, to highlight what and why it happened.

But I agree that bitcoin is the best crypto asset or even if we talk about the traditional financial market.

And with that said, then this is the right time to invest again, the price is around $16,800, best buying opportunity.

The market showed how it's very affected by this. We're down and saw a new bottom for bitcoin and this is now opening the idea that it could have another bottom.

The exchange itself is the problem and that's FTX.

Their liquidity is being controlled and that's not looking good on their side and very likely that it'll take time for them to be trusted again by most retail traders and investors.

This is why whenever anyone says "low risk" altcoin I laugh.  Any of these projects can crash at anytime.  Leaning heavy in on bitcoin is never a bad idea, leaving a little room to gamble on alts.  But that's what altcoins are, a gamble.

And CZ and Binance bailing out in the last minute, not good and that's why we hit another bottom again.

But we can't blame CZ here, well you can say that he played us, but what can he do if the FTX guy mismanage everything. And then there is the regulators coming on their way. So CZ has no choice but to get out of the supposedly buying of FTX to help and salvage it because it doesn't have any funds. It's beyond Binance ability to help and all the blame should go to go FTX.

Scary times indeed, but we need to be mentally tough in this situation and not to sell our bitcoin or any other assets.

this coin future looking very grim honestly, and it seems it's really going into that direction basically becoming the next luna will which unfortunately gonna affect the whole market and make the bullrun still far from coming. I really wish that they wouldn't become the next luna but then again it has lost so much of its value that I think recovery is already beyond it. I just wish that it will have minimal impact towards the market so that the other could still get spared in term of valuation and didn't further losing its value.

Well seems like FTX has just become the next victim of Binance and CZ's road to become the total monopolist of the crypto space. First they buy the biggest overview site of the crypto space with coinmarketcap and of course they use it now to lure new users into their own Exchange and they are highlighting projects that have connections with Binance more than other projects of competitors. Then they announce that they will no longer support USDC as a stablecoin on Binance even though it is a widely adapted and very safe stablecoin. The only reason why they are not supporting anymore was that USDC was managed by coinbase their rival. And now FTX.

You're wrong about that caused by you have been taking bitcoin while don't you aware if it's about FTT and any ecosystem that being supported by FTT? I meant any projects backed by FTX would be affected in this case. CZ aware if financial report from FTX must be seen before it will be tried to think whether binance would be acquire FTX or not since FTX was not getting published and financial report has not yet revealed to the public. That's very bad to see FTX has very bad financial report.



Zero value must become the reasonable target for sure. The problem if this would become a snowball problem.


I have a few dollars taken by FTX caused by i can't withdraw it to my wallet.

FTX being the exchange itself is the problem. After the LUNA crash, Cz blocked FTX making this market look as bad as the entire industry, trying to find us all and buy the FTX exchange and save the day.
Hopefully the same history will not repeat itself. After the Luna crash triggered a market-wide meltdown, it is still struggling to recover from that event.

I think it will do like LUNA because Binance is attacking again and again on it. And just playing with people's minds.

First CZ post a tweet and after some time he delete his tweet. And FTT price go down and touch $3. They are just liquidating the accounts of the users.

They are calling him. :) ;D
https://i.ibb.co/5GvZ66h/IMG-20221109-154312-573.jpg

Look, H.E. Justin Sun also joined the script and performed. This bear market is destined to disappear a few big characters, otherwise how will new characters emerge?

It's true what you said, in the end acquisition FTX was canceled by Binance. This makes the state of the FTX unclear. Investors are currently having problems withdrawing their money. This can become a bigger FUD which can make it difficult for the FTT token price to rise. Yesterday the price had a reversal to $4, but as of this writing, FTT is back down 40%. I am concerned about the difficulty of withdrawing assets from FTX at this time, even though they promised to approve all withdrawals, but we know, promises are promises. I'm afraid this is just bullshit.

The difference between Luna and FTX is, that when Luna crashed, no one wants to buy it or help it, and people run away from it. But when we observe FTX crash, we already see that Binance was interested in it (but later withdrawn his intention to get it, this could be a tricky move to decrease price/expenses) and Justin Sun. This is just few days actions. I will stick to opinion, that it is to early to judge FTX, but it wont crash as hard as Luna.

In my opinion, FTX and Luna are not the same. Luna died because it was DK who planned to run away with the investors' money and let Luna free fall. As for FTX, this is an unnecessary collapse, this is a battle between the two biggest forces in the market and unlucky for SBF when the opponent this time is CZ, who everyone jokes about is the Thanos of the market. :D :D. But FTX's death reminds me of Solana, maybe Solana will become the 2nd Luna when FTX is sol's biggest investor.

Between Luna and FTX I don't think it can be equated, where in terms of cases they are different,
Here we see the feud between the 2 exchanges fighting over the extent of who is the first and highest,
There is a lot of effects from this incident that the market goes down again and the FTT value also drops dramatically, hopefully it is not as bad as Luna

Luna's situation looks much better than the current FTX, the current FTX is terrible, not even the scum is left.

Sometimes, there is just no reason to create an exchange token that will eventually end up in trouble waters. The fact that BNB succeed and it's doing very well doesn't mean other exchange exchange tokens will succeed and have same wide adoption like BNB. The failure of FTT is very fatal for the crypto space due to FTX wide connection with many projects, in the days coming all these will be history.

Problems with the FTT exchange coin began after the misuse of funds belonging to investors and participants of the FTX exchange became public. Thus, at the moment there is a lack of liquidity on the FTX exchange in the amount of $8 billion and, accordingly, the reasons for the collapse of FTT and Luna have nothing in common.

https://coinmarketcap.com/headlines/news/tom-brady-gisele-bundchen-at-risk-of-losing-650m-investment-in-ftx/
Tom Brady, Gisele Bündchen at risk of losing $650M investment in FTX
"NFL football star Tom Brady and supermodel Gisele Bündchen staked their $650 million fortune in the now-beleaguered FTX crypto exchange during its bullish days.

In June 2021, Brady and Bündchen each took an equity stake in FTX Trading Limited as part of a long-term partnership, according to Essentially Sports. The deal gave Brady an ambassador role for FTX and Bündchen the role of Environmental and Social Initiatives Advisor. Brady also received Bitcoin as part of the deal but the rest of the equity stake and terms were not disclosed."

I also believe that Binance is manipulating the market right now, I see that they are showing the powers they have right now over other centralized exchange. They have the power to fight other big exchanges. I believe that soon in the future it will backfire to them once a major crypto exchange overtake them and treat their partners better than Binance. This could make their future partners be afraid of what might lead them partnering with binance given that they have this current issue with FTX and their past Luna issue, We see how easy binance bailed out from the situation and both of those situation makes the market wrecked in havoc by having a massive dumps.

are you joking? Luna is the worst compared with FTX. it goes from 100 to the 0 in a few days. You can still even sell your FTT in another exchange site, The price of FTT was not even going tot he zero value.

I think that you shall compare the chart from both. im sure that you will get the best answer. There is no thing worst than luna and bitconnect. Luna has become the main problem that causes a big dump in the crypto.
LUNA has been wiping so many things like money, lives or even their family. Luna was the worst thing. It's still alive caused by scalpers only.

Too many hopes there. Fortunately, SOL did not dump below $12 as many predicted it would go below $10.
I hope the panic sell is over since we can see minor pumps already. Is it because of Justin Sun or what.
I would still be skeptical for the next few days and wait for the dust to settle. Too much volatility in the bleeding market.

Yes you are right. Luna crash was the baddest of all because the coin grows huge and then it drops a lot after some time. Many people lost a lot thinking it was one of the safest coin since it was among the top coins last time. So the rumours are true that cz is buying ftx? This is sad but good at the same time as it can lessen the impact.

The collapse of ftt can continue because many are going to panic after hearing such negative news. They will think that this will be the second luna so they are now selling and avoiding it for a while. For those who are willing to take risk, then it's up to them but they should remember that we have other more safer alternatives out there.

CZ have announced about cancel to acquisition with FTX and price back drop drastically until FTT price $3.6 right now, Binance have give warning notify for trading with FTT coins and seems the problem between both exchange owner still continues and not find solution between Sam and CZ. Actually FTT potential back drop to lower price after difficulty facing by investor to withdraw assets from FTX exchange, I think if Sam not allowed their member to withdraw assets from FTX exchange give bad reputation for him self without get trusted from investor.
Worried with some member have much assets in FTX exchange account could be frozen and can't withdraw their fund until unknow time because have been two days withdrawing at FTX exchange can't process yet.

He already saw how he can take advantage of it for several hours to play with the market and make it look like he's really a good guy for the entire community.

But whether we like it or not, there's really no way he can help this sinking boat (FTX) and that's all he has to say. That there's no hope on it anymore and Sam has just to pay everything he can if he's got some assets left to pay for his debt on this one.

I agree, they're playing our minds and we need to strengthen our way of handling these scenarios in the market no matter what.

It may be too early but at the same time investors cannot really afford to wait anymore to determine if FTX will follow Luna’s footsteps, whenever rumors like the ones that circled around FTX appear and then they are confirmed that is the moment to take action immediately and accept whatever losses you got and drop the coin, as you never know if you will have the opportunity to drop the coin or get your money out of the exchange in the future, and at least when it comes to be able to withdraw your capital it seems this is not possible anymore as FTX has halted withdrawals already, and as we know whenever this happens there is a very high chance that a collapse is imminent.

I honestly don't think it's gonna become the second luna after all it has shown some signs of recovery and moreover it has real platform backing this coin like and added with the fact that there are many famous figures like the owners of binance trying to make some acquisition towards this platform, I think it will just eventually recover back again. Even though it has losing more than 70% of its value at some moment it still doesn't mean that this coin gonna become second luna, there are so many things that caused luna to be in this current state like the fact that the luna devs was making some silly decision in regards of recovery.

It's a shame that FTX, a top 2 exchange that has several advantages compared to other exchanges this time has to slide down very drastically. Trust in FTX immediately fell in just a few hours because of the problems related to the FTT. Either this is intentional because of competition from exchanges or indeed FTX fundamentals are not that strong.

But from here we can understand that no one guarantees anything in the crypto world, even top exchanges. Coins like LUNA can also crash in a very short time, especially shit coins. This indicates that the crypto industry is indeed very risky, therefore we must always be vigilant and up-to-date so that we can anticipate various possibilities. It is possible for FTT to be like LUNA, but I personally don't expect that. Let's try to see first how the development of FTX and how they overcome this.

The price of FTT has not crashed like Luna and it is still trading around $2.88 which gives some hope to its investors that any big investor will acquire this exchange and it will not become second Luna.

The new development in FTX turmoil story is that Bahamas securities regulator has frozen FTX assets and directors of the company won't be able to move assets without the approval of the supreme court.

https://cointelegraph.com/news/bahamas-securities-regulator-freezes-ftx-assets

It's an unfortunate situation, but events like these are becoming more and more commonplace. Until the cryptocurrency market matures and becomes more sustainable, this kind of government regulation will likely continue to pop up in the future. I think it's all about ftx international, non-us exchange. us ftx users are just fine.

I'm surprised that FTX is still struggling right now, it seems this exchange isn't going to zero like many think, this isn't a project like Luna, it's possible that someone can take over the exchange soon.

8 billion dollars is not a large number if we look at the whole crypto marketcap so this should pass and become history quick unless there is still more to the story than we knew already.

And right now the price has gone up over $3 again, but it's not over yet and no one knows for sure what will happen tomorrow, so for them to end up like LUNA it's still very possible to happen but we hope it doesn't happen, because if this happens will again damage the image of crypto which is always synonymous with chaos.

There's still news, which is big enough to cause panic like news FTX US may also close trades there in a few days even though the user withdrawal process remains open also a request to stop trading activity in FTX Japan by financial regulators, so the drama isn't over yet, must be prepared for any eventuality
https://cointelegraph.com/news/ftx-and-binance-s-ongoing-saga-everything-that-s-happened-until-now

Aptos may be next coin to go down.

Anything eth killer and Solana killers always ends up in trenches

It will be less serious than Terra in loss of their token value. Why do I think so?

Because FTT does not have an automatic minting algorithm like Terra $LUNC and $UST. At least, by algorithm, there is no terrible massive minting like Terra. If Sam won't do stupid things to mint more $FTT like what Do Kwon decided to do in May 2022, $FTT will not have a terrible crash like Terra.

And I really believe that Sam will not do this. He is smart enough to make a right decision and he will not want to go to jail. The USA has more serious regulations than South Korea. So far Sam said FTX US is fine, only FTX international has issue with liquidity.

For me it's too heavy if any of them acquire this exchange at first too CZ will do this but after processing there are many irregularities and they don't have enough funds in the sense that saving the FTX exchange is very difficult it might take a lot of money to get it back to normal.
Look after the bankruptcy statement between FTX and FTX.us, the price of FTT fell again, this will become a worthless shitcoin maybe in the future the same as Luna?
Because many investors have lost faith in them, what is even more regretful is that my friend has held about $5000 in FTX.

I mean there was an offer to Binance from FTX that said they are willing to pay 22 bucks each for their FTT tokens and Binance declined, right now the price is low and neither side wants to do anything at all, because if FTX ends up buying it all up, and make the price go up, then Binance could sell theirs all together and would make FTX not have any money left AND low price.

On the other hand, if binance sells now, then FTX could just use that money to buy up and make the price go up really high quickly, and Binance sold it for nothing which they wouldn't want. Both sides are waiting for each other to make the first move, and until then it is going to be a bit volatile.

We are expecting an FTT crash in the following days since FTX had already filed bankruptcy and the exchange will cease to exist.  Now FTT as a utility token has nowhere to be used except for speculative trading.  It will be like Luna in a way that its founder will be facing lots of legal complaints.


It would probably be an IoU offer.  Where the payment will be made in chunks for years to come.  Take note, FTX is struggling with funds, so how can they buy Binance's FTT holdings? 

I'm not sure if anyone else is involved in preventing the problem in FTX because previously Binance has refused to help with the FTX case, so far only Tron has been involved to help with withdrawal issues but it won't be enough to fix it without great support from other parties, but the market will not drag on if it continues to be associated with the issue of the FTX case and I am optimistic that after the case ends, there is the potential to achieve a high recovery next year.

We get used to it actually. We saw far worse things in crypto space for all these years, one more exchange is gone, okay who really cares? FTX wasn't even the biggest exchange or in the top three, we saw Mt.Gox falldown, they were the only major exchange at that time. Now bankruptcies like this don't affect crypto prices much. It just gives buying opportunity for smart ones. Accumulate those cheap coins in times like this so you can move more comfortable in the bull run. We all know it will come soon, the cycle never changes.

What do you expect? So many people are still in panic mode and continues to dump their holdings but about the FTX exchange they are saying that binance is going to take over it and some says Elon musk.

Luna coin is different from it because luna is not a coin created by an exchange and the creators of luna do already have past bad records, that is why it's easy for them to pull out a scam but I haven't heard that FTX owners are like that or have involved in shady acts before but there might only be problems with their operations, that is why they are struggling right now. I think 8 billion dollars is so huge. They will have a hard time covering it up on their own.

More and more secrets are been revealed about FTX, the latest one is the founder is now on the run.

A hacker was tagged by Kraken exchange and the hacker identity is already known, this makes me happy as these people won't get away with this cruel act this time around.

I believe the hacker is an insider, since the CEO net worth is now Zero he won't want to leave empty handed.

We won't be waiting for too long to know what these people are cooking behind the scene.

really really scary. even FTX that has been labeled with SAFU can still be hacked. it's not just about FTT tokens but they're also going to get a lot of people into a lot of crypto. I hope they can solve their problems soon and correct any losses. Or Cryto will be viewed worse in the eyes of many people.

As investors, we must be prepared for any conditions, before FTX there was already LUNA and I'm sure things like this will happen frequently, the competition is so tight that it creates manipulation and all kinds of things so that when it is known it will cause shocks in the market.

There is or maybe "was" a way it could have been like that. The reason why Luna dropped was a loophole, but it was at a point where it couldn't be recovered and it is gone, and same could have happened or could maybe still happen to FTX as well. How? Well simply we could end up with something like FTX not getting bought out by CZ, then there are no investors willing to save it, and then SEC knocks on the door, and everything goes bad for the business?

If the business does badly then so will FTT as well and it will crash and as long as the business is gone, then how could the token be recovered? I am not saying this will happen, I am saying that’s a path, and we should be careful.

It is not that simple, if a group of whales had 8 billion dollars would they use it to rescue FTX or they will prefer to use that money to create their own exchange? And to me it is clear the second option is the best out of the two, because even if they rescued FTX there will be a high level of distrust as not only their token is collapsing, they stopped withdrawals but now it seems they got hacked as well, it would be better for any party interested in becoming part of this market to create their own exchange from scratch and have a clean reputation, instead of inheriting all the problems that acquiring FTX will entail.

agreed with this one, this crash could definitely affect the reputation of cryptocurrency in general, these are high ranked coins that crashed definitely gonna gives negative impression, had it some shit coins, it will just become usual rugpulls, but it's coming from platform that's considered trusted and is billions in valuation, I think this is bad for the future of cryptocurrencies in general, any high ranked coins should learn from this.

This is really tormenting, who will be next? I'm really worried, it's been down for a year, I think this wave will wipe out the centralized exchanges. If the center is dead, the bear market will end .

Without a doubt the current crisis we are facing is terrible for altcoins but not necessarily for bitcoin, we have simply too many altcoins in the market that serve no purpose, so while the current crisis may seem to be bad, and it is for the people that are invested in those coins, at the same time we need for a great deal of those coins to go away if we want new investors to eventually come to this market, now if this means an even larger crash than the one we are currently going on then this is something we will have to go through whether we like it or not.