Will FTX became the second Luna?

[Celinena]

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?

[masulum]

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.

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.

[bakasabo]

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 But when we observe FTX crash, we already see that Binance was interested in it (but later withdrawn his intention to get it, this could be a tricky move to decrease price/expenses) and Justin Sun.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.

[Tony116]

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. . But FTX's death reminds me of Solana, maybe Solana will become the 2nd Luna when FTX is sol's biggest investor.

[glendall]

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

[sou-kou]

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

[omone1]

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.

[tvplus006]

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.

[zasad@]

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."

[abel1337]

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

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.

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.

[Teraboy]

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

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.

[pawanjain]

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

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.

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.

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.

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.

[lixer]

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.

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.

[Bobrox]

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.

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.

[jossiel]

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.

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.

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.

[Silberman]

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.

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.

[WalkerIVIV]

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.

[lalabotax]

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.

[Sayeds56]

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

[woez]

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.