Crypto exchange wars going on... FTX vs Binance

[philipma1957]

Oh, the two "saviours" of the crypto economy, the ones that have done sooooo much for adoption, that have helped millions earnign a few cents with their exchanges are now damaging the whole system more than ever.

For years I've been telling that those two are one of the most toxic persons in this, both full of lies and manipulating eveything bu, the masses are in just for the money, Binnance and FTX throwing a few free $ in some shitty token and eveyone is kneeling and praying to them, and now we get the bill for these, allowing some to grow and become more powerful than it should have never been normal in a decentralized economy.

Little by little, month after month this is morphing into the traditional stock /banking system we're so used to, with the same forex attacks with the same insolvency with the same fractional reserves, everyone blames Soros for his fx manipulation and crash of the pound, will CZ get the same treatment if he bankrupts a competitor? No way! He just has to print some BNB,make a giveaway and all your funds and are SAFU with him safe keeping them, but only him not somebody else..

yeah pretty much I look at it like I look at

Dow Jones or Nasdaq

and that Pow coins are blue chip tech stocks of crypto.


Oh I corrected a few typos in the quote.

[1714020384]

1714020384

[1714020384]

1714020384

[coolcoinz]

I feel like pointing out LUNA and talking in dramatic way about things don't work. I understand CZ wanna stay as main player in crypto but yet he could just come up and say he wants Binance to stay #1  in exchange list and he will do anything necessary to protect its position. I feel like this will definitely influence Bitcoin badly. Pretty sure decrease in price was sort of caused by this indirectly. They should make up their minds.

I wouldn't blame CZ for this. Whether he's right about them being insolvent or not, an exchange is being stress tested and it's failing. CZ quoted an existing report (by Coinbase if I'm not wrong) about the FTX token being used to finance Fried's other business and that made a bunch of traders withdraw or sell their coins.
These people did not believe in FTX but held their money there probably taking advantage of their high trading volumes and bailed at first sign of trouble. How is FTX failing? It should have all their clients money available, but they don't which means they're investing money that don't belong to them. We all know that Fried had offered Musk big money to invest in Twitter. Maybe some of that money that he's handing out to various rich people is the money that was supposed to sit there on his business accounts? Maybe withdrawal limits imposed by FTX are a sign of insolvency? Karpeles used to delay things for some time before he admitted that there's no more money left.

If greedy traders have to lose some money, so be it. Bitcoin will prevail. I'd buy now if I had any fiat left

[OgNasty]

As of 3 hours... withdraws have stopped.

Only deposits are going to their hot wallet and nothing coming out. No idea how their bitcoin hot wallet is doing but their hot wallet for ETH and ERC20 is not sending any withdraws.

A few hours ago I was able to withdraw USDT using the TRON network from FTX to my Binance account and it is very good, I withdraw because I need it, just like my normal transactions without any reason about the current issue on FTX exchange.
I believe that Sam Bankman-Fried is right, this is because of competitors, they are being targetted by their competitors.

Competitors can't cause you to go bankrupt.  Sam was overleveraged and trying to do too much.  He got a taste of liquidating companies and thought nothing could go wrong.  This may be a case of, "there's always a bigger fish."  FTX clearly is having major issues right now and is losing a great deal of public trust.  This may be the biggest player in the leverage game (I assume Binance has plenty of capital) so seeing them fall is a good sign we're close to the bottom of this bear market.  This happening while the largest public Bitcoin miner is also entering bankruptcy is a great sign that the leverage games are coming to an end and it's almost time to start building a new wave of real growth.

[philipma1957]

looks like binance is taking over ftx.

so much for the drama.

[OgNasty]

looks like binance is taking over ftx.

so much for the drama.

I just read this news and I'm shocked!  Here's a link to the article where I learned this was true...  Hard to believe.  The mighty fell quickly this time around...

https://www.marketwatch.com/story/crypto-exchange-binance-says-it-will-acquire-rival-ftx-2022-11-08

FTX went from the market's savior to it's demon seemingly overnight with a tweet from CZ.  Don't underestimate how much power that guy has in the crypto space.  Unreal how quickly this all came to be.  Binance is a case study for business classes that will likely be envied for generations.  What CZ has managed to do with an idea to promote his coin by integrating lower fees for his exchange was brilliance that was executed at the right time and now he gets to be one of the most powerful people in crypto as a result.  Amazing.

[mk4]

Update: CZ/Binance is fully acquiring FTX. What the actual f*ck. Freaking insane turn out of events. I always thought SBF was better than this.

Tweet link: https://twitter.com/cz_binance/status/1590013613586411520

[thecodebear]

wth?!

Wasn't FTX supposed to be like the fastest growing exchange in crypto since Binance and was supposedly one of the largest and most powerful exchanges in the world...now all of a sudden they are at major risk of going under and Binance might buy them?

I don't know much about what is going on but from what I'm reading it seems like FTX stupidly holds all their money in their own token during a bear market and it caught up with them and then Binance dumped all of their FTT tokens so as to really put the hurt on FTX and now Binance can take out their biggest competitor by buying them up on the cheap.

Is that basically the deal?

And seems today the market crashed based on this news as Bitcoin dropped like $2k over the past few days, pumped $1k today only to immediately dump $3k in 3 hours (since going back up $1k) but it looks like it actually broke its June low briefly there by like $50. Freakin crypto companies not knowing how to handle their s**t keeps hurting Bitcoin as a consequence in this bear market. ugh.

[batang_bitcoin]

As of 3 hours... withdraws have stopped.

Only deposits are going to their hot wallet and nothing coming out. No idea how their bitcoin hot wallet is doing but their hot wallet for ETH and ERC20 is not sending any withdraws.

I've seen a picture that they only got 0.9 bitcoin left on their balance. I don't know if that's an accurate thing but after looking back at it, they've got now 36.14 bitcoin as per coinglass[1].

[1] https://www.coinglass.com/Balance

And Binance/FTX had an agreement, it's also posted on SBFs Twitter account. Well, I thought that this will not end so fast and would go into a long negotiation but they did obliged too quickly.

[Captain Corporate]

Did anyone understood why it went up that much and then it went down that much? I mean  I get that there is a problem going on right now, there is a war and all that, but why go up and then down that quickly? If this ftx vs binance thing is a bad thing then let it go down, if it is a good thing then let it go up, is it a bad thing or a good thing? I have no idea which one it is, and to be fair I don't care either. However, the sudden changes of going super high and then low didn't make any sense at all. That's like being indecisive about the goodness or badness of the situation so the market couldn't decide either lol.

[adaseb]

Yeah I didn't get a chance to withdraw everything. I had a small account and had the $2000 limit. Nothing I can do now.

Perhaps degen trade 100x on two different exchanges and try to lose everything on FTX and gain the same amount on the other exchange.

For the last 12 hours. No outgoing transactions.



What is strange is that the exchange is still functional, why? Why trade on the exchange or market make when you can't withdraw anything. Also FTT is $5-6, it should be $0.

So 50/50 whether I will ever see those funds again.

Oh well.

[Renampun]

FTX really went down badly (same price as FTT at the end of 2020) because of the drama that happened between CZ and sam. currently, the price of FTX is in the range of $6, of course, those who have FTT tokens are nervous because of this.

[Fundamentals Of]

FTX really went down badly (same price as FTT at the end of 2020) because of the drama that happened between CZ and sam. currently, the price of FTX is in the range of $6, of course, those who have FTT tokens are nervous because of this.

A little less than $6 as of this posting but it still has a lot of room to fall. That $3 could come back any minute from now. I know there are still many others who were not able to sell their FTT when withdrawals were blocked on FTX. It also seems that the announcement that Binance is probably buying FTX is also giving a little hope for those who won't sell their tokens at this very low price. But if I were an FTT holder and I can sell now, I probably would. It isn't worth risking anymore.

[rdluffy]

Yeah I didn't get a chance to withdraw everything. I had a small account and had the $2000 limit. Nothing I can do now.

Perhaps degen trade 100x on two different exchanges and try to lose everything on FTX and gain the same amount on the other exchange.

For the last 12 hours. No outgoing transactions.



What is strange is that the exchange is still functional, why? Why trade on the exchange or market make when you can't withdraw anything. Also FTT is $5-6, it should be $0.

So 50/50 whether I will ever see those funds again.

Oh well.

I was at the same position, I sent my documents to get verified, it was approved, but my withdraws are stuck right now
I tried BTC, BUSD in BSC, fiat withdraw and SOL, all are stuck

I have mixed feelings
They probably have tons of withdraws to process, and even with data showing 0 BTC, it's probably their hot wallet, and cold wallets are supposed to have more money / cryptos to being solvent
But I'm nervous right now, I can't take this hit

It looks like this is a wallet from FTX: https://bscscan.com/address/0x41772edd47d9ddf9ef848cdb34fe76143908c7ad
There's some movement, but I don't know if it's only internal or some withdraws for clients.

[bbc.reporter]

Yeah I didn't get a chance to withdraw everything. I had a small account and had the $2000 limit. Nothing I can do now.

Perhaps degen trade 100x on two different exchanges and try to lose everything on FTX and gain the same amount on the other exchange.

For the last 12 hours. No outgoing transactions.



What is strange is that the exchange is still functional, why? Why trade on the exchange or market make when you can't withdraw anything. Also FTT is $5-6, it should be $0.

So 50/50 whether I will ever see those funds again.

Oh well.

I speculate that we might witness another scheme similar to what Bitfinex has done before. FTX's losses will be shared among all user balances and you might only get 50% to 70% of your money and the rest will be in issued tokens with a promise to pay 1 token for $1.

Did anyone understood why it went up that much and then it went down that much?

Leverage backed by loans collaterized by illiquid tokens.

[mk4]

I was at the same position, I sent my documents to get verified, it was approved, but my withdraws are stuck right now
I tried BTC, BUSD in BSC, fiat withdraw and SOL, all are stuck

I have mixed feelings
They probably have tons of withdraws to process, and even with data showing 0 BTC, it's probably their hot wallet, and cold wallets are supposed to have more money / cryptos to being solvent
But I'm nervous right now, I can't take this hit

It looks like this is a wallet from FTX: https://bscscan.com/address/0x41772edd47d9ddf9ef848cdb34fe76143908c7ad
There's some movement, but I don't know if it's only internal or some withdraws for clients.

Any updates? I've seen mixed reviews on Twitter — with some saying that their withdrawals are still pending(bigger amounts of money), and with some saying that it took 3-ish hours but the withdrawal ended up going through.

[dezoel]

This is just the dirty side of Sam Bankman-Fried and Changpeng Zhao's competition. It is clear the competition of the two is rather close. It's just not interesting for them to treat each other to the level of an enemy when in fact they're sharing the same industry space. Their competition now is not healthy anymore. Rather than becoming better than the other, it seems they are already trying to kill the other. Of course I'm only referring to their businesses.

But the bigger problem here is that rather than one turning out the winner and the other loser, what will possibly happen is that the market will be affected and we will all losers.

Not a close competition but I think binance was bigger than compared to ftx. There are even other exchanges that are bigger than ftx. Kuckoin, houbi for example. It's great if they don't treat each other as an enemy. It gives them a good impression from the public and they will be encouraged to support each of them especially ftx because it was smaller than binance.

Healthy or not, competition's definition is about overtaking the other player. The market can be affected by their war but as usual, it can always recover sooner or later. This is not the first issue we experienced here but we faced a lot of them. Will you give up this time?

[darkangel11]

FTX really went down badly (same price as FTT at the end of 2020) because of the drama that happened between CZ and sam. currently, the price of FTX is in the range of $6, of course, those who have FTT tokens are nervous because of this.

They chose to buy a centralized exchange token instead of bitcoin so they should be scared now because this is what sooner or later happens to centralized tokens.

The only sad thing in all of this is that bitcoin was recovering and people who got scared and sold earlier this year were slowly gaining confidence in it. Now this is another Luna shit that's going to prolong the bear market for another 6 months. When will people learn not to touch these leveraged tokens? By buying them you're lending money to other people and getting an IOU token that can become worthless when these people say "we lost the money you gave us, sorry".

[TravelMug]

FTX really went down badly (same price as FTT at the end of 2020) because of the drama that happened between CZ and sam. currently, the price of FTX is in the range of $6, of course, those who have FTT tokens are nervous because of this.

They chose to buy a centralized exchange token instead of bitcoin so they should be scared now because this is what sooner or later happens to centralized tokens.

The only sad thing in all of this is that bitcoin was recovering and people who got scared and sold earlier this year were slowly gaining confidence in it. Now this is another Luna shit that's going to prolong the bear market for another 6 months. When will people learn not to touch these leveraged tokens? By buying them you're lending money to other people and getting an IOU token that can become worthless when these people say "we lost the money you gave us, sorry".

But like the Terra Luna that bring the market down, the FTX drama did the same and we again touch lowest low for this year when we thought that we already past it. Nevertheless, we have seen bitcoin bouncing back, and we just had, from $17,100 to $18,xxx. Might be touch again to hit that $20k, but I still have my hopes that this month we will go back to where we used to be, around $21k and marching towards $25k before the end on the year.

And so I guess there is no war, Binance owning FTX now was a bold move by CZ.

[rdluffy]

Any updates? I've seen mixed reviews on Twitter — with some saying that their withdrawals are still pending(bigger amounts of money), and with some saying that it took 3-ish hours but the withdrawal ended up going through.

I just woke up and checked my account:

09/11/2022, 00:01:35   USDC on TRON network
08/11/2022, 21:15:35   Bank transfer   
08/11/2022, 17:53:05   BNB   - bsc
08/11/2022, 17:52:23   BUSD - bsc
08/11/2022, 17:51:37   SOL
08/11/2022, 17:50:41   BTC

All above are stuck, different chains

Do you have any link of anyone saying about withdraw being processed?

[dimonstration]

Any updates? I've seen mixed reviews on Twitter — with some saying that their withdrawals are still pending(bigger amounts of money), and with some saying that it took 3-ish hours but the withdrawal ended up going through.

I just woke up and checked my account:

09/11/2022, 00:01:35   USDC on TRON network
08/11/2022, 21:15:35   Bank transfer   
08/11/2022, 17:53:05   BNB   - bsc
08/11/2022, 17:52:23   BUSD - bsc
08/11/2022, 17:51:37   SOL
08/11/2022, 17:50:41   BTC

All above are stuck, different chains

Do you have any link of anyone saying about withdraw being processed?

What FTX exchange you are using. I believe the only FTX that is not affected is the .us one while the global FTX is still with withdrawal problem but there really some report on twitter that withdrawal is already resumed after the problem occur yesterday when the FTT sell off happened. I’m not a user of FTX but I’m sure they have a live support that can help you to process your withdrawal just like Binance do that typically requires you to fill up the form for your pending transaction.

You should notify the support since pending withdrawal usually overlooked since there is a queue of withdrawal already from user that fleeing the exchange.