FTX exchange is going to be bankrupted. What happens to FTX Token?

[Calm N Patience]

I believe it's still not fully confirmed or official that they hacked. Let's hope it's not true because if so, they are totally fucked up, all their money is gone if it is legit.
[/quote]

This is the thing that started to get me nervous since the beginning of this saga. This is the last source of money that could use to compensate the users whose funds are trapped in the exchange.

[LogitechMouse]

FTX is filing for bankruptcy. Do any Crypto masters know what will happen to FTX Token? Will it get delisted? Sad day for the crypto space.

It's the beginning of an end for FTX exchange both the main one and the FTX.us and also the end for Scam-Bankman Fried (well that's how he's being called right now after what happened).

As for FTX, delisting on different exchanges will happen. Binance already started and some other exchange will do the same. As for the token, it might still have a value but don't expect the confidence of people will return because of what happened. They might still use the token to pump and dump depending on how many exchanges it's still listed.

Too unfortunate for those who have funds in FTX exchange and for those who lost their money holding FTT token, but the one who is most affected right now is the employees who trusted SBF so much that most of their salaries are being put into FTT token. They only didn't lose their jobs, but they also lose months' worth of work because of what happened.

[fuguebtc]

Hi All,

FTX is filing for bankruptcy. Do any Crypto masters know what will happen to FTX Token? Will it get delisted? Sad day for the crypto space.

Currently, FTT tokens are still traded on other exchanges but today binance will officially delist FTT and I believe other exchanges will do the same sooner or later when FTX officially goes bankrupt.

FTX just filed for bankruptcy and they have 3 months to resolve the matter before officially going bankrupt, so FTT token will be active for at least next 3 months and then it will be removed from all exchanges soon.

[Orange89]

If any Exchange are hacked or bankrupt then it will effect it's native Token that's FTT on FTX case, CZ recent Tweet also promote other exchange to Delist the FTT token and Yes Huobi kucoin are started Delist it after their announcement I believe FTX are just making all the scam that's my opinion only so never trust any exchange
Be should purchase a hardware wallet it is the great option to store our Funds for the long run

[tabas]

That makes sense and now, Sam is on the loose and I guess he's trying to escape with his jet as per the news[1] that I've seen. But also, it's said that he's still in Bahamas and we don't know when he's going to be out of the radar. It's possible that he'll just disappear, with the ruckus that he's made, very likely to happen.
[1] Flight Radar Report Shows FTX Co-Founder's Private Jet Flew to Argentina, SBF Says He's Still in the Bahamas

His company is over. The only money he could get on hand was users' funds. This evil man can really do the worst.

Yes, they're all done.
At thought he's a young good lad that's really helping everyone. But with the misuse of people's fund, this is where it is going and his evil acts towards people's money have been exposed and saw by CZ and everyone.
No pardon for this guy for using a lot of money that have gained his trust, but he didn't reciprocate to those.

[Calm N Patience]

That makes sense and now, Sam is on the loose and I guess he's trying to escape with his jet as per the news[1] that I've seen. But also, it's said that he's still in Bahamas and we don't know when he's going to be out of the radar. It's possible that he'll just disappear, with the ruckus that he's made, very likely to happen.
[1] Flight Radar Report Shows FTX Co-Founder's Private Jet Flew to Argentina, SBF Says He's Still in the Bahamas

His company is over. The only money he could get on hand was users' funds. This evil man can really do the worst.

Yes, they're all done.
At thought he's a young good lad that's really helping everyone. But with the misuse of people's fund, this is where it is going and his evil acts towards people's money have been exposed and saw by CZ and everyone.
No pardon for this guy for using a lot of money that have gained his trust, but he didn't reciprocate to those.

There was also $400 million worth of FTT have been moved from the exchange. It was a clear sign that the insiders were trying their last effort to squeeze the last bit of valuable assets out of the exchange right before or after SBF declared bankruptcy.
CZ has foreseen this dodgy activity and stopped depositing FTT. Hopefully, the rest of the exchanges will follow suit. Don't let these criminals cash out all those FTT and run away with it.

[Calm N Patience]

FTX is filing for bankruptcy. Do any Crypto masters know what will happen to FTX Token? Will it get delisted? Sad day for the crypto space.

It's the beginning of an end for FTX exchange both the main one and the FTX.us and also the end for Scam-Bankman Fried (well that's how he's being called right now after what happened).

Scam-Bankman Fried is the right new name for him and it'll carry for the rest of his life.

[tabas]

Yes, they're all done.
At thought he's a young good lad that's really helping everyone. But with the misuse of people's fund, this is where it is going and his evil acts towards people's money have been exposed and saw by CZ and everyone.
No pardon for this guy for using a lot of money that have gained his trust, but he didn't reciprocate to those.

There was also $400 million worth of FTT have been moved from the exchange. It was a clear sign that the insiders were trying their last effort to squeeze the last bit of valuable assets out of the exchange right before or after SBF declared bankruptcy.
CZ has foreseen this dodgy activity and stopped depositing FTT. Hopefully, the rest of the exchanges will follow suit. Don't let these criminals cash out all those FTT and run away with it.

And CZ has tweeted another disclaimer that he hasn't dumped any of the FTT that he has received. Well, he's taken another loss because of FTX and SBF.
Well, this is going to be added to one of the biggest scandals that has happened in the crypto market/community that has taken a lot of money from too many people around the world as their customers.

[tvplus006]

...The only chance for FTT to come back is based on the exchange itself. If someone can take over it then there might be hope, the only hope.

In this case, it will be very difficult for a new FTX exchange investor to regain the loyalty of former exchange participants. And to do this, at least will need to return all the money to creditors, who are currently absent from the exchange. It may be easier to create a new cryptocurrency exchange than to revive FTX.

[$anounimus$]

Some good points are raised here. FTX's reputation may have been torn down but personally, I don't think it's over. However, the fact that the management team did little to explain and provide updates on the matter worries everyone.

For now this might be your chance to buy it cheap. What holds the value of other tokens is the number of exchanges listed, so it might be a good idea to buy them now before they are written off on all exchanges. But still, don't expect anything good anymore because of what happened.

[sana54210]

Some good points are raised here. FTX's reputation may have been torn down but personally, I don't think it's over. However, the fact that the management team did little to explain and provide updates on the matter worries everyone.

For now this might be your chance to buy it cheap. What holds the value of other tokens is the number of exchanges listed, so it might be a good idea to buy them now before they are written off on all exchanges. But still, don't expect anything good anymore because of what happened.

It’s all done. You may think that it’s not going to crash and burn and be zero, but I guarantee you that it will be. There were a lot of people who bought Luna at $0.50 to $2 and all their logic was "it dropped from 80 dollars to 50 cents, how low could it get?" and the reality was harsh, it dropped a lot more.

All in all, I have to say that it’s not going to really worth anything in the long run, FTX token will be gone, and FTX will be gone as well, there is no way to recover from the current situation. I am not saying this because I dislike them or anything, this isn't emotional to me, I have been around for a decade, I know what I am talking about when its bankrupted exchanges, it always ends up like that.

[zasad@]

https://decrypt.co/117646/ftx-now-seeking-prompt-return-sam-bankman-frieds-political-donations
FTX Now Seeking 'Prompt Return' of Sam Bankman-Fried's Political Donations
The now-bankrupt FTX plans to recover political contributions from former management, even if the recipients donated funds to charities.

OpenSecrets.org | FTX/Alameda Research Contributions
https://docs.google.com/spreadsheets/d/13Wq2kPw3C4X_50Tqc8H9mMrNynuwTlURDX1QWT3T_ck/edit#gid=550801249