Will FTX became the second Luna?

[SpaceboyTF]

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

[Xal0lex]

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.

[Johnyz]

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

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.

[Yogee]

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.

[Piesel]

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.

[Emperor of Man]

Or, the second Mt. Gox? 

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

[Bitcoin_Arena]

Or, the second Mt. Gox? 

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.

[AmoreJaz]

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.

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.

[shinratensei_]

 

Or, the second Mt. Gox? 

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.  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.
 

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

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.  it's down 75% now.

[Luffygroove]

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.

[Jawhead999]

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.

Or, the second Mt. Gox? 

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.

[ahyadinnn]

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

[BigBos]

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.

[crwth]

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.

[LogitechMouse]

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 . We're given another opportunity to accumulate Bitcoin and other altcoins.

[mich]

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.

[Crypt0Gore]

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.

[naira]

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.

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.

[tvplus006]

...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 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.

[dansus021]

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.

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