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Founder Sam Bankman-Fried's net worth plummeted 95% following the crash of FTX's native FTT token, resulting in him losing his billionaire status. SBF Is No Longer A Billionaire According to data reviewed by the Bloomberg Terminal, Sam Bankman-Fried has lost a huge chunk of his valuation, forcing his hand to sell FTX to Binance's Changpeng Zhao.
"We need to hold ourselves to a higher standard than even in banks," CZ wrote in the note to employees he shared on Twitter.
Cryptocurrency prices continued to move lower this morning, with prices for Bitcoin (CRYPTO: BTC), the most valued cryptocurrency in the world, tumbling below the $18,000 level on Wednesday. Ethereum (CRYPTO: ETH) recorded double-digit losses, falling below the $1,200 mark on Wednesday.
FTX contagion spread to Galaxy Digital as firm reports $76.8 million exposure.
"Prison is not so bad"
Coinbase allayed fears of its clients in the face of worries that it might have been affected by a development that made the crypto space lose all of its gains since it rallied back in October 25. On Tuesday, the price of shares of the cryptocurrency exchange platform declined by 10.
There could be a surprising twist in the drama surrounding Sam Bankman-Fried's insolvent crypto exchange FTX. As reported by the Straits Times, a possible government takeover by Singaporean state investor Temasek could be on the table.
Singapore state investor Temasek Holdings said it is monitoring the FTX situation and is in talks with the exchange as a shareholder. The post Singapore state investor Temasek engaging with FTX as a shareholder: Reuters appeared first on The Block.
FTX might receive a state-sponsored bailout from Temasek as Binance checks balances before takeout.
The chief executive of Coinbase is making it crystal clear to stakeholders that the top US-based crypto exchange has no investments in its troubled competitor FTX. Brian Armstrong tells his 1.
FTX Token (FTT/USD) is the native cryptocurrency used across the FTX exchange and is a utility token that allows users to get discounts. FTX is a cryptocurrency exchange that offers numerous products, such as derivatives, options, volatility products, and leveraged tokens, and is powered by the FTX token.
The dust has yet to settle, and the deal has not yet closed, but Binance's rapid acquisition of FTX following a liquidity crunch is questioning the entire crypto ecosystem.
FTX Token price prediction is bearish as FTT has plunged over 80% from $22 to $4. On Tuesday, Sam Bankman-Fried shocked the cryptocurrency community by announcing that Binance would acquire his exchange, FTX.
The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
The “crypto feud” between Changpeng ‘ Zhao (CZ) and Sam Bankman-Fried (SBF) took a turn for the worse on November 8 — culminating in the biggest bull trap in recent memory. The post Biggest losers: FTT, SOL, APT tank over FTX insolvency woes appeared first on CryptoSlate.
The FTX-Binance drama unfolds and deals a heavy blow on Sam Bankman-Fried's crypto, the FTT. FTT, the token created to act as native cryptocurrency of crypto exchange FTX, suffered a massive blow after news broke that Binance is buying the company.
Binance Coin (BNB) price has fallen below the $300 resistance area, while the FTX Token (FTT) price is trading close to its 2021 lows. The post FTT Token Price Crashes Like Terra (LUNA), Wh Binance Coin (BNB) Holds Steady appeared first on BeInCrypto.
According to on-chain data, FTT token supply increased by 124.3% on September 8 when 173 million FTT tokens were created by a 2019 ICO contract, and Alameda was the recipient.
Binance Coin (BNB) price has fallen below the $300 resistance area, while the FTX Token (FTT) price is trading close to its 2021 lows. The post FTT Token Price Crashes Like Terra (LUNA), Wh Binance Coin (BNB) Holds Steady appeared first on BeInCrypto.
The largest cryptocurrency exchange Binance has agreed to a strategic transaction to fully acquire Sam Bankman-Fried's FTX, in light of the liquidity crisis befalling the exchange and its sister company, Alameda Research. Binance CEO, Changpeng Zhao, revealed this unexpected development late Tuesday, admittedly proving that FTX was headed for insolvency, as reports had claimed.
The collapse of FTX tokens has sent tremors across the entire crypto industry. ETH withdrawals on FTX have skyrocketed by more than 90% in the last few days.
Cryptocurrencies associated with Sam Bankman-Fried have fared particularly badly in the last 24 hours. FTT, Solana and Serum are down 35-75%. The post Solana, FTT and Serum prices plummet on back of FTX collapse appeared first on The Block.
The FTX-Alameda debacle has finally reached its conclusion, with Binance announcing that the exchange has successfully purchased SBF-backed FTX. However, FTX's native token, FTT, has taken a direct hit amid such developments and has tanked 75% at the time of writing.
FTT loses 84% in a single day, and plummets to -94% from last year's highs
