Crypto exchange wars going on... FTX vs Binance

[kro55]

Finally they updated on their website:



Now it's official and we probably never see our money again 
Sad but true

Sorry for your loss. I've also lost money to the scammers from Celsius recently. This year is being a tough one for crypto adopters. Too many greedy scammers ruling top businesses on this universe. Let's hope and do the possible at our range so it doesn't take too long until action is taken against the responsible ones, then customers can receive at least part of their funds back. It's a shame it took so long for MT. Gox's customers, but now there is much more attention, focus and people involved on crypto (from every sectors of society) that I think things must happen faster.

A recent information said that FTX is losing about 8 billion and they are doing everything to find sponsors for this loss to support users to withdraw money. Although all the news is very negative, there is no official announcement yet, so I think we need to calm down at this point. A lot of news on twitter, causing extreme chaos and panic for everyone, we need to calm down.

Another lesson for us about storing assets as well as choosing coins to invest. "Not our keys, not our money, bitcoin is always king". Never forget these 2 golden mantras if you want to invest in cryptocurrency.

https://www.bloomberg.com/news/articles/2022-11-09/ftx-investors-told-that-without-more-capital-bankruptcy-likely?srnd=premium-asia

[wxa7115]

Finally they updated on their website:



Now it's official and we probably never see our money again 
Sad but true

Sorry for your loss. I've also lost money to the scammers from Celsius recently. This year is being a tough one for crypto adopters. Too many greedy scammers ruling top businesses on this universe. Let's hope and do the possible at our range so it doesn't take too long until action is taken against the responsible ones, then customers can receive at least part of their funds back. It's a shame it took so long for MT. Gox's customers, but now there is much more attention, focus and people involved on crypto (from every sectors of society) that I think things must happen faster.

I hope this is the case but I am not so sure this will happen, and this is because it takes a lot of time for the justice system to perform its function, so assuming a total collapse of the FTX exchange happens then it could take years before whatever assets they hold are sold and distributed to their customers.

So not only their customers will lose a great deal of their money but they could also miss out the next halving, something which will cost them even more money since they will lose the biggest opportunity they could have to recover some of the money they have lost due to this disaster.

[adaseb]

They really need to disable trading on the exchange. Many of the pairs don't match prices with other exchanges. The ETH and BTC Perps pair are trading a huge premiums. No idea why people are wasting their time trading on there right now. Its like with monopoly money or trading demo pretty much.

And people are still sending deposits. They need to send out an email explaining this situation. Not everybody goes on Bitcointalk or Reddit or Twitter. Some guy sent $250,000 and another $160,000 in the last 4-5 hours or so.

[Pejoh Asu]

The temptation to get big profits instantly will make people do everything, price manipulation with the hope that they are freezed, this is what makes the Cryptocurrencies crime more interesting, 3 years ago I was always active in using FTX but after the withdrawal fee was more expensive than Mexc, Binance, or the other, I have left in early 2021.

[Davian144]

The temptation to get big profits instantly will make people do everything, price manipulation with the hope that they are freezed, this is what makes the Cryptocurrencies crime more interesting, 3 years ago I was always active in using FTX but after the withdrawal fee was more expensive than Mexc, Binance, or the other, I have left in early 2021.

The withdrawal fee on the FTX exchange depends on what network or blockchain you are using, because each blockchain the amount of the withdrawal fee is different and also not always the same every year. So the problem of costs can actually be tricked by using cheaper blockchains like Tron and others, but for other problems like you said, I don't think it can be tricked because it is related to profit issues.

[rdluffy]

I just saw this:


https://twitter.com/justinsuntron/status/1590585495649923073

Now TRX is at a premium price on FTX

These guys (cz, sbf, now justin sun) should be quiet and only work in a solution, when they write these posts, they make a mess and people lose money. I'm becoming tired of this.

[Maidak]

I just saw this:


https://twitter.com/justinsuntron/status/1590585495649923073

Now TRX is at a premium price on FTX

These guys (cz, sbf, now justin sun) should be quiet and only work in a solution, when they write these posts, they make a mess and people lose money. I'm becoming tired of this.

It seems that SBF accepted this offer and in the end it was all investors who suffered the most and justin sun was the dirtiest person in the market. Investors have to convert assets to Trx and the current price of Trx on FTX is $0.50 but the price of Trx on Binance is only $0.05. This is a more blatant scam than Luna did and no one else came up with this plan but justin sun, the dirtiest plan I've ever seen.

[adaseb]

The CEO finally replied,

https://twitter.com/SBF_FTX

Basically appologizing and saying he screwed up. Saying he made many mistakes and one was with the under-assumption of the max daily withdraws which led to this liquidity crunch.

FTT reached $4 during his tweet. And todays CPI was good, if it wasn't for him, btc would be most likely at $25K right now.

[crunck]

The CEO finally replied,

https://twitter.com/SBF_FTX

Basically appologizing and saying he screwed up. Saying he made many mistakes and one was with the under-assumption of the max daily withdraws which led to this liquidity crunch.

FTT reached $4 during his tweet. And todays CPI was good, if it wasn't for him, btc would be most likely at $25K right now.

It's funny when someone makes a mistake that causes thousands of people to lose money, then just apologize and act like nothing happened. DOkwon also said the same words and disappeared without a trace until now. The debt is said to be up to 8 billion dong and I think no one will want to put their trust in him anymore.

[coolcoinz]

The CEO finally replied,

https://twitter.com/SBF_FTX

Basically appologizing and saying he screwed up. Saying he made many mistakes and one was with the under-assumption of the max daily withdraws which led to this liquidity crunch.

FTT reached $4 during his tweet. And todays CPI was good, if it wasn't for him, btc would be most likely at $25K right now.

Makes me wonder how many suicides this will lead to, like when Koreans were killing themselves over LUNA.

Sam promised to keep their money safe and now it's all gone, not because someone hacked the exchange, not because of their mistakes, but due to deliberate actions sanctioned by the FTX board.
Let's be clear, this wasn't a mistake like in case of the Bitfinex hack. This was more similar to what Mark Karpeles was doing when he was spending company funds on hookers and his Tokyo apartment, while lying to people that the exchange was in good shape.

Ross got life for running a marketplace and Sam is going to get a fine for losing a few billion. Worst case scenario he'll get 12 months or a house arrest. "Law and order"

I bet that people won't learn anything from this. When I see someone claiming that it's better to hold coins on exchange because it allows for easy access I'm going to practice hate speech

[G_Besar]

When everything is done to be able to win the competition so when there is a slight gap then this is a mainstay to kill opponents, this is normal because Binance does not want to be disturbed as the biggest exchange, they certainly have a team that always oversees competitors, and in my country now the Binance Group Also beating local exchanges that have existed for more than 10 years.

This is not only about beating competitors or opponents from other exchanges, but also about increasing everyone's confidence in the exchange so that it can give birth to more new users every year. Now FTX has suffered such a huge disaster with an $8 billion shortfall that According to reports, FTX CEO Sam Bankman-Fried asked investors for emergency funding to cover the $8 billion shortfall during the November 9 investor call. Source: https://cointelegraph.com/news/sbf-tells-investors-ftx-needs-8b-in-emergency-funding-wsj

[adaseb]

Now there is some agreement with Justin Sun to swap the TRX,BTT,HT tokens. And FTX confirmed this, however...

You are taking a 80% loss because the price to buy TRX on FTX is $0.30 and its value on another exchanges is $0.05. Its peak was like $0.15. So you either risk the rest of your funds and wait or take a 80% loss now.

Rediculous

[uneng]

A recent information said that FTX is losing about 8 billion and they are doing everything to find sponsors for this loss to support users to withdraw money. Although all the news is very negative, there is no official announcement yet, so I think we need to calm down at this point. A lot of news on twitter, causing extreme chaos and panic for everyone, we need to calm down.

I've already seen this movie before with Celsius. These guys are scammers and just want to buy time. They should have never printed native tokens from thin air, because it leads these greedy guys to execute pump and dump schemes with customers' funds to make their tokens shine towards their competitors and the market in general. If they worked responsively, respecting users' funds and dealing mainly with consolidated cryptocurrencies we wouldn't see such a mess.

Another lesson for us about storing assets as well as choosing coins to invest. "Not our keys, not our money, bitcoin is always king". Never forget these 2 golden mantras if you want to invest in cryptocurrency.

Bitcoin is king, but it's hard for some people like myself to not invest btc for extra interest, because I need money for daily expenses and it's also not a good idea to sacrifice/dilapidate holdings which took years to acquire in a monthly basis until I have nothing else held for the next bull run... It's a hard decision and I feel between a rock and a hard place.

I hope this is the case but I am not so sure this will happen, and this is because it takes a lot of time for the justice system to perform its function, so assuming a total collapse of the FTX exchange happens then it could take years before whatever assets they hold are sold and distributed to their customers.

So not only their customers will lose a great deal of their money but they could also miss out the next halving, something which will cost them even more money since they will lose the biggest opportunity they could have to recover some of the money they have lost due to this disaster.

Pretty sad, but true.
I hope an agreement can be reached faster than expected.

[sukmo]

Even though the difference is high, Binance wants to keep the market under their control. Maybe it's for that reason that such a problem has arisen by Binance. This shows that competence between Exchanges is at its peak. Perhaps a similar incident will highlight more fake volumes and other tactics followed by Exchanges to keep their markets stable amidst different Market situations.

Binance and FTX threw in some free $ in some shitty tokens and everyone got down on their knees and prayed to them, and now we get the bill for this, allowing some to grow and become more powerful than they should never be in a decentralized economy.

After seeing what CZ did to FTX, I can't imagine what else he could do for other exchanges. He is very clever and destroys his rivals one by one. People are in panic mode so obviously they are going to withdraw all their funds but it seems FTX failed to show enough response to cool things down.

[bbc.reporter]

The CEO finally replied,

https://twitter.com/SBF_FTX

Basically appologizing and saying he screwed up. Saying he made many mistakes and one was with the under-assumption of the max daily withdraws which led to this liquidity crunch.

FTT reached $4 during his tweet. And todays CPI was good, if it wasn't for him, btc would be most likely at $25K right now.

Also, from this apology is another speculation that has started in social media. It appears that his writing style is very much similar to Chef Nomi. He is Sushi's founder who rugpulled his own users and community. The Defi swapping protocol was later saved by Sam Bankrupt-Fried. This made Sam the hero of Defi on 2020.

Sam's apology

https://mobile.twitter.com/sbf_ftx/status/1590709166515310593

Chef Nomi's apology

https://mobile.twitter.com/nomichef/status/1304442495342796800

There are similarities, however, I am not sure if the people speculating if Sam and Nomi are the same person are only skeptical or paranoid hehehehe.

[woez]

The only thing that will help FTX right now is to get their bank license approved and business up and running, as soon as possible. But will the panic stop until everyone feels more secure with their tokens? I do not know.

[19Nov16]

The only thing that will help FTX right now is to get their bank license approved and business up and running, as soon as possible. But will the panic stop until everyone feels more secure with their tokens? I do not know.

To get a license of course it will take longer, and I think the best thing is to do what the FTX team said they would buy back FTX for $22, but I hope the FTX team can commit and keep the FTX price so that investors panic soon end and be optimistic.

[Maidak]

Now there is some agreement with Justin Sun to swap the TRX,BTT,HT tokens. And FTX confirmed this, however...

You are taking a 80% loss because the price to buy TRX on FTX is $0.30 and its value on another exchanges is $0.05. Its peak was like $0.15. So you either risk the rest of your funds and wait or take a 80% loss now.

Rediculous

Like I said yesterday, when they came up with this idea, I have to say SBF and Justin Sun are worse than what Dokwon did. They are forcing investors to accept losses and disclaim all responsibility once investors withdraw all assets from FTX.

Currently, according to some sources, FTX users in the US and Bahamas can still withdraw money because FTX has registered business in these two countries. FTX Global has no further information yet, the possibility of getting back the investor's money is almost zero.

[tokeweed]

Now there is some agreement with Justin Sun to swap the TRX,BTT,HT tokens. And FTX confirmed this, however...

You are taking a 80% loss because the price to buy TRX on FTX is $0.30 and its value on another exchanges is $0.05. Its peak was like $0.15. So you either risk the rest of your funds and wait or take a 80% loss now.

Rediculous

Like I said yesterday, when they came up with this idea, I have to say SBF and Justin Sun are worse than what Dokwon did. They are forcing investors to accept losses and disclaim all responsibility once investors withdraw all assets from FTX.

Currently, according to some sources, FTX users in the US and Bahamas can still withdraw money because FTX has registered business in these two countries. FTX Global has no further information yet, the possibility of getting back the investor's money is almost zero.

^  I think that's illegal, it's almost like fraud.  And if they're really going for it they should at least get some advice from a lawyer.

And I'm just dropping by to ask for those people who experienced Mt Gox, which event has had the bigger impact for you, Mt Gox's insolvency or FTX?  I feel like after seeing a lot happen in crypto my reaction was like 'haha another one'.  But with Mt Gox it felt like it was going to be the end of BTC, the market and the whole space.  But I was noob then.

[Tony116]

FTX filed for bankruptcy and SBF resigned, but I believe this drama will not stop anytime soon, there will be many companies that lend FTX mortgages will suffer the same. We are standing in front of a big wave, hope everyone has the same faith to overcome this storm. The market is reacting negatively to this news, bitcoin has once again dropped below $17k. I would like to extend my condolences to all who have stored assets on FTX.
https://twitter.com/FTX_Official/status/1591071832823959552