Will FTX became the second Luna?

[StormHawk]

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.

[1714753427]

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[1714753427]

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[Strongkored]

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

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

[Famous Grouse]

Aptos may be next coin to go down.

Anything eth killer and Solana killers always ends up in trenches

[hd49728]

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.

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.

[$crypto$]

Now we can say that this is the second case of Luna. The recently announced bankruptcy proves this. It was really a big blow to the crypto currency world. The events of recent days have been signaling this. I think we will have a big decline process after this.

Yes, the news of bankruptcy has had a negative impact on the whole cryptocurrency market. But I think it might not turn out so badly if there is someone who can continue the business of this exchange. I don't know all the nuances, but I think it is realistic. For example, if Justin Sun or someone else announces that he will buy out the exchange, we will see green in the market. And then FTT will not repeat the fate of Luna.

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.

[sana54210]

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

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.

[serjent05]

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.

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.

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.

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? 

[erep]

The crypto market is the wild west. Look at all the unexpected things that have been happening lately. There's no guarantee that tomorrow there won't be a new "Robin Hood" who wants to save SBF from bankruptcy. I don't think this story is going to end that easily. Most likely alternative ways of solving this problem have already been found. Otherwise this news could have a terrible effect on the market.

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.

[ingiltere]

The crypto market is the wild west. Look at all the unexpected things that have been happening lately. There's no guarantee that tomorrow there won't be a new "Robin Hood" who wants to save SBF from bankruptcy. I don't think this story is going to end that easily. Most likely alternative ways of solving this problem have already been found. Otherwise this news could have a terrible effect on the market.

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.

[fullhdpixel]

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.

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.

[YellowSwap]

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.

[vanesha]

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.

[Bitcoin2009]

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.

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.

[darewaller]

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.

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.

[Silberman]

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.

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.

[bitkanu]

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.

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.

[KINVAN e]

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 .

[Silberman]

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.

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.

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.