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\nhttps:\/\/twitter.com\/SBF_FTX\/status\/1590012124864348160\n<\/div><\/figure>\n","post_title":"FTT Tanks 71% After Binance Announced FTX Emergency Acquisition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftt-tanks-71-after-binance-announced-ftx-emergency-acquisition","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:26","post_modified_gmt":"2023-04-30 11:29:26","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8191","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
The controversy hit twists and turns when Bankman-Fried announced that FTX.com had entered into a strategic transaction with Binance. He added that the exchange would clear withdrawal backlogs to mitigate any liquidity crunch. The acquisition deal, according to Bankman-Fried, is based on a non-binding letter of intent and does not impact FTX.us.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Introduces New Law Enforcement Programs To Detect Crypto Crimes<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/SBF_FTX\/status\/1590012124864348160\n<\/div><\/figure>\n","post_title":"FTT Tanks 71% After Binance Announced FTX Emergency Acquisition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftt-tanks-71-after-binance-announced-ftx-emergency-acquisition","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:26","post_modified_gmt":"2023-04-30 11:29:26","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8191","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

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ADVERTISEMENT

\n
\n
The controversy hit twists and turns when Bankman-Fried announced that FTX.com had entered into a strategic transaction with Binance. He added that the exchange would clear withdrawal backlogs to mitigate any liquidity crunch. The acquisition deal, according to Bankman-Fried, is based on a non-binding letter of intent and does not impact FTX.us.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Introduces New Law Enforcement Programs To Detect Crypto Crimes<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/SBF_FTX\/status\/1590012124864348160\n<\/div><\/figure>\n","post_title":"FTT Tanks 71% After Binance Announced FTX Emergency Acquisition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftt-tanks-71-after-binance-announced-ftx-emergency-acquisition","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:26","post_modified_gmt":"2023-04-30 11:29:26","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8191","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

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ADVERTISEMENT

\n
Although, CZ had stated that the two were not fighting, \"Funny memes, media & some people tried to color this as a \u2018fight.\u2019 Sorry to disappoint, but I spend my energy building, not fighting.\"<\/li>\n<\/ul>\n\n\n\n
\n
The controversy hit twists and turns when Bankman-Fried announced that FTX.com had entered into a strategic transaction with Binance. He added that the exchange would clear withdrawal backlogs to mitigate any liquidity crunch. The acquisition deal, according to Bankman-Fried, is based on a non-binding letter of intent and does not impact FTX.us.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Introduces New Law Enforcement Programs To Detect Crypto Crimes<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/SBF_FTX\/status\/1590012124864348160\n<\/div><\/figure>\n","post_title":"FTT Tanks 71% After Binance Announced FTX Emergency Acquisition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftt-tanks-71-after-binance-announced-ftx-emergency-acquisition","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:26","post_modified_gmt":"2023-04-30 11:29:26","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8191","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

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ADVERTISEMENT

\n
\n
Although, CZ had stated that the two were not fighting, \"Funny memes, media & some people tried to color this as a \u2018fight.\u2019 Sorry to disappoint, but I spend my energy building, not fighting.\"<\/li>\n<\/ul>\n\n\n\n
\n
The controversy hit twists and turns when Bankman-Fried announced that FTX.com had entered into a strategic transaction with Binance. He added that the exchange would clear withdrawal backlogs to mitigate any liquidity crunch. The acquisition deal, according to Bankman-Fried, is based on a non-binding letter of intent and does not impact FTX.us.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Introduces New Law Enforcement Programs To Detect Crypto Crimes<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/SBF_FTX\/status\/1590012124864348160\n<\/div><\/figure>\n","post_title":"FTT Tanks 71% After Binance Announced FTX Emergency Acquisition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftt-tanks-71-after-binance-announced-ftx-emergency-acquisition","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:26","post_modified_gmt":"2023-04-30 11:29:26","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8191","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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November 13, 2022 - Updated on April 10, 2023

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By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

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ADVERTISEMENT

\n
SBF and CZ had engaged in a blame game when the latter decided to offload his $529 million stake in FTT. CZ accused SBF for lobbying against other players in the industry. In defense of his crypto exchange, SBF lashed out at Binance CEO for spreading false rumors.<\/li>\n<\/ul>\n\n\n\n
\n
Although, CZ had stated that the two were not fighting, \"Funny memes, media & some people tried to color this as a \u2018fight.\u2019 Sorry to disappoint, but I spend my energy building, not fighting.\"<\/li>\n<\/ul>\n\n\n\n
\n
The controversy hit twists and turns when Bankman-Fried announced that FTX.com had entered into a strategic transaction with Binance. He added that the exchange would clear withdrawal backlogs to mitigate any liquidity crunch. The acquisition deal, according to Bankman-Fried, is based on a non-binding letter of intent and does not impact FTX.us.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Introduces New Law Enforcement Programs To Detect Crypto Crimes<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/SBF_FTX\/status\/1590012124864348160\n<\/div><\/figure>\n","post_title":"FTT Tanks 71% After Binance Announced FTX Emergency Acquisition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftt-tanks-71-after-binance-announced-ftx-emergency-acquisition","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:26","post_modified_gmt":"2023-04-30 11:29:26","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8191","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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November 13, 2022 - Updated on April 10, 2023

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Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

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\n
\n
SBF and CZ had engaged in a blame game when the latter decided to offload his $529 million stake in FTT. CZ accused SBF for lobbying against other players in the industry. In defense of his crypto exchange, SBF lashed out at Binance CEO for spreading false rumors.<\/li>\n<\/ul>\n\n\n\n
\n
Although, CZ had stated that the two were not fighting, \"Funny memes, media & some people tried to color this as a \u2018fight.\u2019 Sorry to disappoint, but I spend my energy building, not fighting.\"<\/li>\n<\/ul>\n\n\n\n
\n
The controversy hit twists and turns when Bankman-Fried announced that FTX.com had entered into a strategic transaction with Binance. He added that the exchange would clear withdrawal backlogs to mitigate any liquidity crunch. The acquisition deal, according to Bankman-Fried, is based on a non-binding letter of intent and does not impact FTX.us.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Introduces New Law Enforcement Programs To Detect Crypto Crimes<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/SBF_FTX\/status\/1590012124864348160\n<\/div><\/figure>\n","post_title":"FTT Tanks 71% After Binance Announced FTX Emergency Acquisition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftt-tanks-71-after-binance-announced-ftx-emergency-acquisition","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:26","post_modified_gmt":"2023-04-30 11:29:26","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8191","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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November 13, 2022 - Updated on April 10, 2023

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By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
The Tension Between Binance And FTX Executives Led Up To The Liquidation Crisis<\/h2>\n\n\n\n
\n
SBF and CZ had engaged in a blame game when the latter decided to offload his $529 million stake in FTT. CZ accused SBF for lobbying against other players in the industry. In defense of his crypto exchange, SBF lashed out at Binance CEO for spreading false rumors.<\/li>\n<\/ul>\n\n\n\n
\n
Although, CZ had stated that the two were not fighting, \"Funny memes, media & some people tried to color this as a \u2018fight.\u2019 Sorry to disappoint, but I spend my energy building, not fighting.\"<\/li>\n<\/ul>\n\n\n\n
\n
The controversy hit twists and turns when Bankman-Fried announced that FTX.com had entered into a strategic transaction with Binance. He added that the exchange would clear withdrawal backlogs to mitigate any liquidity crunch. The acquisition deal, according to Bankman-Fried, is based on a non-binding letter of intent and does not impact FTX.us.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Introduces New Law Enforcement Programs To Detect Crypto Crimes<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/SBF_FTX\/status\/1590012124864348160\n<\/div><\/figure>\n","post_title":"FTT Tanks 71% After Binance Announced FTX Emergency Acquisition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftt-tanks-71-after-binance-announced-ftx-emergency-acquisition","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:26","post_modified_gmt":"2023-04-30 11:29:26","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8191","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
See Related:<\/strong><\/em> The Recent Moving Average Crossover Suggests Bitcoin Price May Create A Higher High And Remain Bullish Throughout November<\/a><\/p>\n\n\n\n
The Tension Between Binance And FTX Executives Led Up To The Liquidation Crisis<\/h2>\n\n\n\n
\n
SBF and CZ had engaged in a blame game when the latter decided to offload his $529 million stake in FTT. CZ accused SBF for lobbying against other players in the industry. In defense of his crypto exchange, SBF lashed out at Binance CEO for spreading false rumors.<\/li>\n<\/ul>\n\n\n\n
\n
Although, CZ had stated that the two were not fighting, \"Funny memes, media & some people tried to color this as a \u2018fight.\u2019 Sorry to disappoint, but I spend my energy building, not fighting.\"<\/li>\n<\/ul>\n\n\n\n
\n
The controversy hit twists and turns when Bankman-Fried announced that FTX.com had entered into a strategic transaction with Binance. He added that the exchange would clear withdrawal backlogs to mitigate any liquidity crunch. The acquisition deal, according to Bankman-Fried, is based on a non-binding letter of intent and does not impact FTX.us.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Introduces New Law Enforcement Programs To Detect Crypto Crimes<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/SBF_FTX\/status\/1590012124864348160\n<\/div><\/figure>\n","post_title":"FTT Tanks 71% After Binance Announced FTX Emergency Acquisition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftt-tanks-71-after-binance-announced-ftx-emergency-acquisition","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:26","post_modified_gmt":"2023-04-30 11:29:26","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8191","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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November 13, 2022 - Updated on April 10, 2023

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Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
According to a Tweet<\/a> by Binance CEO Changpeng Zhao, the move was to help FTX deal with a 'significant liquidity crunch.\u2019 Zhao added that the largest crypto exchange by volume \u2013 Binance \u2013 intends to conduct due diligence in the coming days and fully take over the Sam Bankman-Fried-led company.  <\/li>\n<\/ul>\n\n\n\n
See Related:<\/strong><\/em> The Recent Moving Average Crossover Suggests Bitcoin Price May Create A Higher High And Remain Bullish Throughout November<\/a><\/p>\n\n\n\n
The Tension Between Binance And FTX Executives Led Up To The Liquidation Crisis<\/h2>\n\n\n\n
\n
SBF and CZ had engaged in a blame game when the latter decided to offload his $529 million stake in FTT. CZ accused SBF for lobbying against other players in the industry. In defense of his crypto exchange, SBF lashed out at Binance CEO for spreading false rumors.<\/li>\n<\/ul>\n\n\n\n
\n
Although, CZ had stated that the two were not fighting, \"Funny memes, media & some people tried to color this as a \u2018fight.\u2019 Sorry to disappoint, but I spend my energy building, not fighting.\"<\/li>\n<\/ul>\n\n\n\n
\n
The controversy hit twists and turns when Bankman-Fried announced that FTX.com had entered into a strategic transaction with Binance. He added that the exchange would clear withdrawal backlogs to mitigate any liquidity crunch. The acquisition deal, according to Bankman-Fried, is based on a non-binding letter of intent and does not impact FTX.us.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Introduces New Law Enforcement Programs To Detect Crypto Crimes<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/SBF_FTX\/status\/1590012124864348160\n<\/div><\/figure>\n","post_title":"FTT Tanks 71% After Binance Announced FTX Emergency Acquisition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftt-tanks-71-after-binance-announced-ftx-emergency-acquisition","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:26","post_modified_gmt":"2023-04-30 11:29:26","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8191","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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August 15, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
\n
According to a Tweet<\/a> by Binance CEO Changpeng Zhao, the move was to help FTX deal with a 'significant liquidity crunch.\u2019 Zhao added that the largest crypto exchange by volume \u2013 Binance \u2013 intends to conduct due diligence in the coming days and fully take over the Sam Bankman-Fried-led company.  <\/li>\n<\/ul>\n\n\n\n
See Related:<\/strong><\/em> The Recent Moving Average Crossover Suggests Bitcoin Price May Create A Higher High And Remain Bullish Throughout November<\/a><\/p>\n\n\n\n
The Tension Between Binance And FTX Executives Led Up To The Liquidation Crisis<\/h2>\n\n\n\n
\n
SBF and CZ had engaged in a blame game when the latter decided to offload his $529 million stake in FTT. CZ accused SBF for lobbying against other players in the industry. In defense of his crypto exchange, SBF lashed out at Binance CEO for spreading false rumors.<\/li>\n<\/ul>\n\n\n\n
\n
Although, CZ had stated that the two were not fighting, \"Funny memes, media & some people tried to color this as a \u2018fight.\u2019 Sorry to disappoint, but I spend my energy building, not fighting.\"<\/li>\n<\/ul>\n\n\n\n
\n
The controversy hit twists and turns when Bankman-Fried announced that FTX.com had entered into a strategic transaction with Binance. He added that the exchange would clear withdrawal backlogs to mitigate any liquidity crunch. The acquisition deal, according to Bankman-Fried, is based on a non-binding letter of intent and does not impact FTX.us.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Introduces New Law Enforcement Programs To Detect Crypto Crimes<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/SBF_FTX\/status\/1590012124864348160\n<\/div><\/figure>\n","post_title":"FTT Tanks 71% After Binance Announced FTX Emergency Acquisition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftt-tanks-71-after-binance-announced-ftx-emergency-acquisition","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:26","post_modified_gmt":"2023-04-30 11:29:26","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8191","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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November 24, 2024

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August 15, 2024

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Follow The Distributed

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\n
A shakeup in investor confidence has also driven Bitcoin 6% lower to $18,389, while Ether has sank 11% to $1,300 in the same period.<\/li>\n<\/ul>\n\n\n\n
\n
According to a Tweet<\/a> by Binance CEO Changpeng Zhao, the move was to help FTX deal with a 'significant liquidity crunch.\u2019 Zhao added that the largest crypto exchange by volume \u2013 Binance \u2013 intends to conduct due diligence in the coming days and fully take over the Sam Bankman-Fried-led company.  <\/li>\n<\/ul>\n\n\n\n
See Related:<\/strong><\/em> The Recent Moving Average Crossover Suggests Bitcoin Price May Create A Higher High And Remain Bullish Throughout November<\/a><\/p>\n\n\n\n
The Tension Between Binance And FTX Executives Led Up To The Liquidation Crisis<\/h2>\n\n\n\n
\n
SBF and CZ had engaged in a blame game when the latter decided to offload his $529 million stake in FTT. CZ accused SBF for lobbying against other players in the industry. In defense of his crypto exchange, SBF lashed out at Binance CEO for spreading false rumors.<\/li>\n<\/ul>\n\n\n\n
\n
Although, CZ had stated that the two were not fighting, \"Funny memes, media & some people tried to color this as a \u2018fight.\u2019 Sorry to disappoint, but I spend my energy building, not fighting.\"<\/li>\n<\/ul>\n\n\n\n
\n
The controversy hit twists and turns when Bankman-Fried announced that FTX.com had entered into a strategic transaction with Binance. He added that the exchange would clear withdrawal backlogs to mitigate any liquidity crunch. The acquisition deal, according to Bankman-Fried, is based on a non-binding letter of intent and does not impact FTX.us.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Introduces New Law Enforcement Programs To Detect Crypto Crimes<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/SBF_FTX\/status\/1590012124864348160\n<\/div><\/figure>\n","post_title":"FTT Tanks 71% After Binance Announced FTX Emergency Acquisition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftt-tanks-71-after-binance-announced-ftx-emergency-acquisition","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:26","post_modified_gmt":"2023-04-30 11:29:26","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8191","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Why FTX Token Plunges Over 80% Wiping Out More Than $2 Billion Value In A Day? Crypto Journalist MacKenzie Sigalos Investigates

November 13, 2022 - Updated on April 10, 2023

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Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
\n
A shakeup in investor confidence has also driven Bitcoin 6% lower to $18,389, while Ether has sank 11% to $1,300 in the same period.<\/li>\n<\/ul>\n\n\n\n
\n
According to a Tweet<\/a> by Binance CEO Changpeng Zhao, the move was to help FTX deal with a 'significant liquidity crunch.\u2019 Zhao added that the largest crypto exchange by volume \u2013 Binance \u2013 intends to conduct due diligence in the coming days and fully take over the Sam Bankman-Fried-led company.  <\/li>\n<\/ul>\n\n\n\n
See Related:<\/strong><\/em> The Recent Moving Average Crossover Suggests Bitcoin Price May Create A Higher High And Remain Bullish Throughout November<\/a><\/p>\n\n\n\n
The Tension Between Binance And FTX Executives Led Up To The Liquidation Crisis<\/h2>\n\n\n\n
\n
SBF and CZ had engaged in a blame game when the latter decided to offload his $529 million stake in FTT. CZ accused SBF for lobbying against other players in the industry. In defense of his crypto exchange, SBF lashed out at Binance CEO for spreading false rumors.<\/li>\n<\/ul>\n\n\n\n
\n
Although, CZ had stated that the two were not fighting, \"Funny memes, media & some people tried to color this as a \u2018fight.\u2019 Sorry to disappoint, but I spend my energy building, not fighting.\"<\/li>\n<\/ul>\n\n\n\n
\n
The controversy hit twists and turns when Bankman-Fried announced that FTX.com had entered into a strategic transaction with Binance. He added that the exchange would clear withdrawal backlogs to mitigate any liquidity crunch. The acquisition deal, according to Bankman-Fried, is based on a non-binding letter of intent and does not impact FTX.us.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Introduces New Law Enforcement Programs To Detect Crypto Crimes<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/SBF_FTX\/status\/1590012124864348160\n<\/div><\/figure>\n","post_title":"FTT Tanks 71% After Binance Announced FTX Emergency Acquisition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftt-tanks-71-after-binance-announced-ftx-emergency-acquisition","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:26","post_modified_gmt":"2023-04-30 11:29:26","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8191","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Why FTX Token Plunges Over 80% Wiping Out More Than $2 Billion Value In A Day? Crypto Journalist MacKenzie Sigalos Investigates

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November 24, 2024

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August 15, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Binance\u2019s acquisition of FTX.com has sent shockwaves in the crypto space. The event pushed FTX's native token, FTT, down 71% in the past day to $4.42, according to CoinMarketCap data.<\/p>\n\n\n\n
\n
A shakeup in investor confidence has also driven Bitcoin 6% lower to $18,389, while Ether has sank 11% to $1,300 in the same period.<\/li>\n<\/ul>\n\n\n\n
\n
According to a Tweet<\/a> by Binance CEO Changpeng Zhao, the move was to help FTX deal with a 'significant liquidity crunch.\u2019 Zhao added that the largest crypto exchange by volume \u2013 Binance \u2013 intends to conduct due diligence in the coming days and fully take over the Sam Bankman-Fried-led company.  <\/li>\n<\/ul>\n\n\n\n
See Related:<\/strong><\/em> The Recent Moving Average Crossover Suggests Bitcoin Price May Create A Higher High And Remain Bullish Throughout November<\/a><\/p>\n\n\n\n
The Tension Between Binance And FTX Executives Led Up To The Liquidation Crisis<\/h2>\n\n\n\n
\n
SBF and CZ had engaged in a blame game when the latter decided to offload his $529 million stake in FTT. CZ accused SBF for lobbying against other players in the industry. In defense of his crypto exchange, SBF lashed out at Binance CEO for spreading false rumors.<\/li>\n<\/ul>\n\n\n\n
\n
Although, CZ had stated that the two were not fighting, \"Funny memes, media & some people tried to color this as a \u2018fight.\u2019 Sorry to disappoint, but I spend my energy building, not fighting.\"<\/li>\n<\/ul>\n\n\n\n
\n
The controversy hit twists and turns when Bankman-Fried announced that FTX.com had entered into a strategic transaction with Binance. He added that the exchange would clear withdrawal backlogs to mitigate any liquidity crunch. The acquisition deal, according to Bankman-Fried, is based on a non-binding letter of intent and does not impact FTX.us.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Introduces New Law Enforcement Programs To Detect Crypto Crimes<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/SBF_FTX\/status\/1590012124864348160\n<\/div><\/figure>\n","post_title":"FTT Tanks 71% After Binance Announced FTX Emergency Acquisition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftt-tanks-71-after-binance-announced-ftx-emergency-acquisition","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:26","post_modified_gmt":"2023-04-30 11:29:26","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8191","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Why FTX Token Plunges Over 80% Wiping Out More Than $2 Billion Value In A Day? Crypto Journalist MacKenzie Sigalos Investigates

November 13, 2022 - Updated on April 10, 2023

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November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
$\"MacKenzie$
MacKenzie Sigalos<\/a> interviewed<\/a> Nic Carter (founder of Castle Islan Ventures) about the recent FTT crash and upcoming Binance deals. Source: CNBC\/CryptoNews<\/figcaption><\/figure>\n","post_title":"Why FTX Token Plunges Over 80% Wiping Out More Than $2 Billion Value In A Day? Crypto Journalist MacKenzie Sigalos Investigates","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"why-ftx-token-plungs-over-80-wiping-out-more-than-2-billion-value-in-a-day-crypto-journalist-mackenzie-sigalos-investigates","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/liquidity-provider\/","post_modified":"2023-04-10 18:39:53","post_modified_gmt":"2023-04-10 08:39:53","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8191,"post_author":"13","post_date":"2022-11-09 18:26:44","post_date_gmt":"2022-11-09 07:26:44","post_content":"\n
Binance\u2019s acquisition of FTX.com has sent shockwaves in the crypto space. The event pushed FTX's native token, FTT, down 71% in the past day to $4.42, according to CoinMarketCap data.<\/p>\n\n\n\n
\n
A shakeup in investor confidence has also driven Bitcoin 6% lower to $18,389, while Ether has sank 11% to $1,300 in the same period.<\/li>\n<\/ul>\n\n\n\n
\n
According to a Tweet<\/a> by Binance CEO Changpeng Zhao, the move was to help FTX deal with a 'significant liquidity crunch.\u2019 Zhao added that the largest crypto exchange by volume \u2013 Binance \u2013 intends to conduct due diligence in the coming days and fully take over the Sam Bankman-Fried-led company.  <\/li>\n<\/ul>\n\n\n\n
See Related:<\/strong><\/em> The Recent Moving Average Crossover Suggests Bitcoin Price May Create A Higher High And Remain Bullish Throughout November<\/a><\/p>\n\n\n\n
The Tension Between Binance And FTX Executives Led Up To The Liquidation Crisis<\/h2>\n\n\n\n
\n
SBF and CZ had engaged in a blame game when the latter decided to offload his $529 million stake in FTT. CZ accused SBF for lobbying against other players in the industry. In defense of his crypto exchange, SBF lashed out at Binance CEO for spreading false rumors.<\/li>\n<\/ul>\n\n\n\n
\n
Although, CZ had stated that the two were not fighting, \"Funny memes, media & some people tried to color this as a \u2018fight.\u2019 Sorry to disappoint, but I spend my energy building, not fighting.\"<\/li>\n<\/ul>\n\n\n\n
\n
The controversy hit twists and turns when Bankman-Fried announced that FTX.com had entered into a strategic transaction with Binance. He added that the exchange would clear withdrawal backlogs to mitigate any liquidity crunch. The acquisition deal, according to Bankman-Fried, is based on a non-binding letter of intent and does not impact FTX.us.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Introduces New Law Enforcement Programs To Detect Crypto Crimes<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/SBF_FTX\/status\/1590012124864348160\n<\/div><\/figure>\n","post_title":"FTT Tanks 71% After Binance Announced FTX Emergency Acquisition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftt-tanks-71-after-binance-announced-ftx-emergency-acquisition","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:26","post_modified_gmt":"2023-04-30 11:29:26","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8191","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

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Why FTX Token Plunges Over 80% Wiping Out More Than $2 Billion Value In A Day? Crypto Journalist MacKenzie Sigalos Investigates

November 13, 2022 - Updated on April 10, 2023

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Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

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November 24, 2024

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Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
See Related:<\/em><\/strong> From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n
$\"MacKenzie$
MacKenzie Sigalos<\/a> interviewed<\/a> Nic Carter (founder of Castle Islan Ventures) about the recent FTT crash and upcoming Binance deals. Source: CNBC\/CryptoNews<\/figcaption><\/figure>\n","post_title":"Why FTX Token Plunges Over 80% Wiping Out More Than $2 Billion Value In A Day? Crypto Journalist MacKenzie Sigalos Investigates","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"why-ftx-token-plungs-over-80-wiping-out-more-than-2-billion-value-in-a-day-crypto-journalist-mackenzie-sigalos-investigates","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/liquidity-provider\/","post_modified":"2023-04-10 18:39:53","post_modified_gmt":"2023-04-10 08:39:53","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8191,"post_author":"13","post_date":"2022-11-09 18:26:44","post_date_gmt":"2022-11-09 07:26:44","post_content":"\n
Binance\u2019s acquisition of FTX.com has sent shockwaves in the crypto space. The event pushed FTX's native token, FTT, down 71% in the past day to $4.42, according to CoinMarketCap data.<\/p>\n\n\n\n
\n
A shakeup in investor confidence has also driven Bitcoin 6% lower to $18,389, while Ether has sank 11% to $1,300 in the same period.<\/li>\n<\/ul>\n\n\n\n
\n
According to a Tweet<\/a> by Binance CEO Changpeng Zhao, the move was to help FTX deal with a 'significant liquidity crunch.\u2019 Zhao added that the largest crypto exchange by volume \u2013 Binance \u2013 intends to conduct due diligence in the coming days and fully take over the Sam Bankman-Fried-led company.  <\/li>\n<\/ul>\n\n\n\n
See Related:<\/strong><\/em> The Recent Moving Average Crossover Suggests Bitcoin Price May Create A Higher High And Remain Bullish Throughout November<\/a><\/p>\n\n\n\n
The Tension Between Binance And FTX Executives Led Up To The Liquidation Crisis<\/h2>\n\n\n\n
\n
SBF and CZ had engaged in a blame game when the latter decided to offload his $529 million stake in FTT. CZ accused SBF for lobbying against other players in the industry. In defense of his crypto exchange, SBF lashed out at Binance CEO for spreading false rumors.<\/li>\n<\/ul>\n\n\n\n
\n
Although, CZ had stated that the two were not fighting, \"Funny memes, media & some people tried to color this as a \u2018fight.\u2019 Sorry to disappoint, but I spend my energy building, not fighting.\"<\/li>\n<\/ul>\n\n\n\n
\n
The controversy hit twists and turns when Bankman-Fried announced that FTX.com had entered into a strategic transaction with Binance. He added that the exchange would clear withdrawal backlogs to mitigate any liquidity crunch. The acquisition deal, according to Bankman-Fried, is based on a non-binding letter of intent and does not impact FTX.us.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Introduces New Law Enforcement Programs To Detect Crypto Crimes<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/SBF_FTX\/status\/1590012124864348160\n<\/div><\/figure>\n","post_title":"FTT Tanks 71% After Binance Announced FTX Emergency Acquisition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftt-tanks-71-after-binance-announced-ftx-emergency-acquisition","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:26","post_modified_gmt":"2023-04-30 11:29:26","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8191","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Altcoins

Why FTX Token Plunges Over 80% Wiping Out More Than $2 Billion Value In A Day? Crypto Journalist MacKenzie Sigalos Investigates

November 13, 2022 - Updated on April 10, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

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November 24, 2024

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November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
According to Bankman-Fried, there had been around $6 billion in net withdrawals from FTX in the 72 hours preceding Tuesday morning, reported Reuters. Net inflows are over tens of millions of dollars on a typical day.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n
$\"MacKenzie$
MacKenzie Sigalos<\/a> interviewed<\/a> Nic Carter (founder of Castle Islan Ventures) about the recent FTT crash and upcoming Binance deals. Source: CNBC\/CryptoNews<\/figcaption><\/figure>\n","post_title":"Why FTX Token Plunges Over 80% Wiping Out More Than $2 Billion Value In A Day? Crypto Journalist MacKenzie Sigalos Investigates","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"why-ftx-token-plungs-over-80-wiping-out-more-than-2-billion-value-in-a-day-crypto-journalist-mackenzie-sigalos-investigates","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/liquidity-provider\/","post_modified":"2023-04-10 18:39:53","post_modified_gmt":"2023-04-10 08:39:53","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8191,"post_author":"13","post_date":"2022-11-09 18:26:44","post_date_gmt":"2022-11-09 07:26:44","post_content":"\n
Binance\u2019s acquisition of FTX.com has sent shockwaves in the crypto space. The event pushed FTX's native token, FTT, down 71% in the past day to $4.42, according to CoinMarketCap data.<\/p>\n\n\n\n
\n
A shakeup in investor confidence has also driven Bitcoin 6% lower to $18,389, while Ether has sank 11% to $1,300 in the same period.<\/li>\n<\/ul>\n\n\n\n
\n
According to a Tweet<\/a> by Binance CEO Changpeng Zhao, the move was to help FTX deal with a 'significant liquidity crunch.\u2019 Zhao added that the largest crypto exchange by volume \u2013 Binance \u2013 intends to conduct due diligence in the coming days and fully take over the Sam Bankman-Fried-led company.  <\/li>\n<\/ul>\n\n\n\n
See Related:<\/strong><\/em> The Recent Moving Average Crossover Suggests Bitcoin Price May Create A Higher High And Remain Bullish Throughout November<\/a><\/p>\n\n\n\n
The Tension Between Binance And FTX Executives Led Up To The Liquidation Crisis<\/h2>\n\n\n\n
\n
SBF and CZ had engaged in a blame game when the latter decided to offload his $529 million stake in FTT. CZ accused SBF for lobbying against other players in the industry. In defense of his crypto exchange, SBF lashed out at Binance CEO for spreading false rumors.<\/li>\n<\/ul>\n\n\n\n
\n
Although, CZ had stated that the two were not fighting, \"Funny memes, media & some people tried to color this as a \u2018fight.\u2019 Sorry to disappoint, but I spend my energy building, not fighting.\"<\/li>\n<\/ul>\n\n\n\n
\n
The controversy hit twists and turns when Bankman-Fried announced that FTX.com had entered into a strategic transaction with Binance. He added that the exchange would clear withdrawal backlogs to mitigate any liquidity crunch. The acquisition deal, according to Bankman-Fried, is based on a non-binding letter of intent and does not impact FTX.us.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Introduces New Law Enforcement Programs To Detect Crypto Crimes<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/SBF_FTX\/status\/1590012124864348160\n<\/div><\/figure>\n","post_title":"FTT Tanks 71% After Binance Announced FTX Emergency Acquisition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftt-tanks-71-after-binance-announced-ftx-emergency-acquisition","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:26","post_modified_gmt":"2023-04-30 11:29:26","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8191","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Altcoins

Why FTX Token Plunges Over 80% Wiping Out More Than $2 Billion Value In A Day? Crypto Journalist MacKenzie Sigalos Investigates

November 13, 2022 - Updated on April 10, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

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November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
The day before Zhao's tweets, FTT, which peaked at over $78 in September 2021, was trading at about $25. It went below $16 on Monday before dropping dramatically once the deal was made public on Tuesday. The value of the circulating supply of FTT is currently $735 million, down from $2.9 billion on Monday, according to CoinMarketCap.
<\/li>\n\n\n\n
According to Bankman-Fried, there had been around $6 billion in net withdrawals from FTX in the 72 hours preceding Tuesday morning, reported Reuters. Net inflows are over tens of millions of dollars on a typical day.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n
$\"MacKenzie$
MacKenzie Sigalos<\/a> interviewed<\/a> Nic Carter (founder of Castle Islan Ventures) about the recent FTT crash and upcoming Binance deals. Source: CNBC\/CryptoNews<\/figcaption><\/figure>\n","post_title":"Why FTX Token Plunges Over 80% Wiping Out More Than $2 Billion Value In A Day? Crypto Journalist MacKenzie Sigalos Investigates","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"why-ftx-token-plungs-over-80-wiping-out-more-than-2-billion-value-in-a-day-crypto-journalist-mackenzie-sigalos-investigates","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/liquidity-provider\/","post_modified":"2023-04-10 18:39:53","post_modified_gmt":"2023-04-10 08:39:53","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8191,"post_author":"13","post_date":"2022-11-09 18:26:44","post_date_gmt":"2022-11-09 07:26:44","post_content":"\n
Binance\u2019s acquisition of FTX.com has sent shockwaves in the crypto space. The event pushed FTX's native token, FTT, down 71% in the past day to $4.42, according to CoinMarketCap data.<\/p>\n\n\n\n
\n
A shakeup in investor confidence has also driven Bitcoin 6% lower to $18,389, while Ether has sank 11% to $1,300 in the same period.<\/li>\n<\/ul>\n\n\n\n
\n
According to a Tweet<\/a> by Binance CEO Changpeng Zhao, the move was to help FTX deal with a 'significant liquidity crunch.\u2019 Zhao added that the largest crypto exchange by volume \u2013 Binance \u2013 intends to conduct due diligence in the coming days and fully take over the Sam Bankman-Fried-led company.  <\/li>\n<\/ul>\n\n\n\n
See Related:<\/strong><\/em> The Recent Moving Average Crossover Suggests Bitcoin Price May Create A Higher High And Remain Bullish Throughout November<\/a><\/p>\n\n\n\n
The Tension Between Binance And FTX Executives Led Up To The Liquidation Crisis<\/h2>\n\n\n\n
\n
SBF and CZ had engaged in a blame game when the latter decided to offload his $529 million stake in FTT. CZ accused SBF for lobbying against other players in the industry. In defense of his crypto exchange, SBF lashed out at Binance CEO for spreading false rumors.<\/li>\n<\/ul>\n\n\n\n
\n
Although, CZ had stated that the two were not fighting, \"Funny memes, media & some people tried to color this as a \u2018fight.\u2019 Sorry to disappoint, but I spend my energy building, not fighting.\"<\/li>\n<\/ul>\n\n\n\n
\n
The controversy hit twists and turns when Bankman-Fried announced that FTX.com had entered into a strategic transaction with Binance. He added that the exchange would clear withdrawal backlogs to mitigate any liquidity crunch. The acquisition deal, according to Bankman-Fried, is based on a non-binding letter of intent and does not impact FTX.us.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Introduces New Law Enforcement Programs To Detect Crypto Crimes<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/SBF_FTX\/status\/1590012124864348160\n<\/div><\/figure>\n","post_title":"FTT Tanks 71% After Binance Announced FTX Emergency Acquisition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftt-tanks-71-after-binance-announced-ftx-emergency-acquisition","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:26","post_modified_gmt":"2023-04-30 11:29:26","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8191","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Altcoins

Why FTX Token Plunges Over 80% Wiping Out More Than $2 Billion Value In A Day? Crypto Journalist MacKenzie Sigalos Investigates

November 13, 2022 - Updated on April 10, 2023

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Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

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November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

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By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

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ADVERTISEMENT

\n
The non-binding arrangement came about as a result of \"liquidity<\/a> shortages\" at FTX, according to CEO Sam Bankman-Fried. FTX was valued at $32 billion in a funding round earlier this year.
<\/li>\n\n\n\n
The day before Zhao's tweets, FTT, which peaked at over $78 in September 2021, was trading at about $25. It went below $16 on Monday before dropping dramatically once the deal was made public on Tuesday. The value of the circulating supply of FTT is currently $735 million, down from $2.9 billion on Monday, according to CoinMarketCap.
<\/li>\n\n\n\n
According to Bankman-Fried, there had been around $6 billion in net withdrawals from FTX in the 72 hours preceding Tuesday morning, reported Reuters. Net inflows are over tens of millions of dollars on a typical day.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n
$\"MacKenzie$
MacKenzie Sigalos<\/a> interviewed<\/a> Nic Carter (founder of Castle Islan Ventures) about the recent FTT crash and upcoming Binance deals. Source: CNBC\/CryptoNews<\/figcaption><\/figure>\n","post_title":"Why FTX Token Plunges Over 80% Wiping Out More Than $2 Billion Value In A Day? Crypto Journalist MacKenzie Sigalos Investigates","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"why-ftx-token-plungs-over-80-wiping-out-more-than-2-billion-value-in-a-day-crypto-journalist-mackenzie-sigalos-investigates","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/liquidity-provider\/","post_modified":"2023-04-10 18:39:53","post_modified_gmt":"2023-04-10 08:39:53","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8191,"post_author":"13","post_date":"2022-11-09 18:26:44","post_date_gmt":"2022-11-09 07:26:44","post_content":"\n
Binance\u2019s acquisition of FTX.com has sent shockwaves in the crypto space. The event pushed FTX's native token, FTT, down 71% in the past day to $4.42, according to CoinMarketCap data.<\/p>\n\n\n\n
\n
A shakeup in investor confidence has also driven Bitcoin 6% lower to $18,389, while Ether has sank 11% to $1,300 in the same period.<\/li>\n<\/ul>\n\n\n\n
\n
According to a Tweet<\/a> by Binance CEO Changpeng Zhao, the move was to help FTX deal with a 'significant liquidity crunch.\u2019 Zhao added that the largest crypto exchange by volume \u2013 Binance \u2013 intends to conduct due diligence in the coming days and fully take over the Sam Bankman-Fried-led company.  <\/li>\n<\/ul>\n\n\n\n
See Related:<\/strong><\/em> The Recent Moving Average Crossover Suggests Bitcoin Price May Create A Higher High And Remain Bullish Throughout November<\/a><\/p>\n\n\n\n
The Tension Between Binance And FTX Executives Led Up To The Liquidation Crisis<\/h2>\n\n\n\n
\n
SBF and CZ had engaged in a blame game when the latter decided to offload his $529 million stake in FTT. CZ accused SBF for lobbying against other players in the industry. In defense of his crypto exchange, SBF lashed out at Binance CEO for spreading false rumors.<\/li>\n<\/ul>\n\n\n\n
\n
Although, CZ had stated that the two were not fighting, \"Funny memes, media & some people tried to color this as a \u2018fight.\u2019 Sorry to disappoint, but I spend my energy building, not fighting.\"<\/li>\n<\/ul>\n\n\n\n
\n
The controversy hit twists and turns when Bankman-Fried announced that FTX.com had entered into a strategic transaction with Binance. He added that the exchange would clear withdrawal backlogs to mitigate any liquidity crunch. The acquisition deal, according to Bankman-Fried, is based on a non-binding letter of intent and does not impact FTX.us.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Introduces New Law Enforcement Programs To Detect Crypto Crimes<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/SBF_FTX\/status\/1590012124864348160\n<\/div><\/figure>\n","post_title":"FTT Tanks 71% After Binance Announced FTX Emergency Acquisition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftt-tanks-71-after-binance-announced-ftx-emergency-acquisition","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:26","post_modified_gmt":"2023-04-30 11:29:26","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8191","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Altcoins

Why FTX Token Plunges Over 80% Wiping Out More Than $2 Billion Value In A Day? Crypto Journalist MacKenzie Sigalos Investigates

November 13, 2022 - Updated on April 10, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

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November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
On Monday, the coin was trading at about $22, but by Tuesday afternoon in New York, it had fallen below $5. In just 24 hours, the sell-off destroyed more than $2 billion in value.
<\/li>\n\n\n\n
The non-binding arrangement came about as a result of \"liquidity<\/a> shortages\" at FTX, according to CEO Sam Bankman-Fried. FTX was valued at $32 billion in a funding round earlier this year.
<\/li>\n\n\n\n
The day before Zhao's tweets, FTT, which peaked at over $78 in September 2021, was trading at about $25. It went below $16 on Monday before dropping dramatically once the deal was made public on Tuesday. The value of the circulating supply of FTT is currently $735 million, down from $2.9 billion on Monday, according to CoinMarketCap.
<\/li>\n\n\n\n
According to Bankman-Fried, there had been around $6 billion in net withdrawals from FTX in the 72 hours preceding Tuesday morning, reported Reuters. Net inflows are over tens of millions of dollars on a typical day.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n
$\"MacKenzie$
MacKenzie Sigalos<\/a> interviewed<\/a> Nic Carter (founder of Castle Islan Ventures) about the recent FTT crash and upcoming Binance deals. Source: CNBC\/CryptoNews<\/figcaption><\/figure>\n","post_title":"Why FTX Token Plunges Over 80% Wiping Out More Than $2 Billion Value In A Day? Crypto Journalist MacKenzie Sigalos Investigates","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"why-ftx-token-plungs-over-80-wiping-out-more-than-2-billion-value-in-a-day-crypto-journalist-mackenzie-sigalos-investigates","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/liquidity-provider\/","post_modified":"2023-04-10 18:39:53","post_modified_gmt":"2023-04-10 08:39:53","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8191,"post_author":"13","post_date":"2022-11-09 18:26:44","post_date_gmt":"2022-11-09 07:26:44","post_content":"\n
Binance\u2019s acquisition of FTX.com has sent shockwaves in the crypto space. The event pushed FTX's native token, FTT, down 71% in the past day to $4.42, according to CoinMarketCap data.<\/p>\n\n\n\n
\n
A shakeup in investor confidence has also driven Bitcoin 6% lower to $18,389, while Ether has sank 11% to $1,300 in the same period.<\/li>\n<\/ul>\n\n\n\n
\n
According to a Tweet<\/a> by Binance CEO Changpeng Zhao, the move was to help FTX deal with a 'significant liquidity crunch.\u2019 Zhao added that the largest crypto exchange by volume \u2013 Binance \u2013 intends to conduct due diligence in the coming days and fully take over the Sam Bankman-Fried-led company.  <\/li>\n<\/ul>\n\n\n\n
See Related:<\/strong><\/em> The Recent Moving Average Crossover Suggests Bitcoin Price May Create A Higher High And Remain Bullish Throughout November<\/a><\/p>\n\n\n\n
The Tension Between Binance And FTX Executives Led Up To The Liquidation Crisis<\/h2>\n\n\n\n
\n
SBF and CZ had engaged in a blame game when the latter decided to offload his $529 million stake in FTT. CZ accused SBF for lobbying against other players in the industry. In defense of his crypto exchange, SBF lashed out at Binance CEO for spreading false rumors.<\/li>\n<\/ul>\n\n\n\n
\n
Although, CZ had stated that the two were not fighting, \"Funny memes, media & some people tried to color this as a \u2018fight.\u2019 Sorry to disappoint, but I spend my energy building, not fighting.\"<\/li>\n<\/ul>\n\n\n\n
\n
The controversy hit twists and turns when Bankman-Fried announced that FTX.com had entered into a strategic transaction with Binance. He added that the exchange would clear withdrawal backlogs to mitigate any liquidity crunch. The acquisition deal, according to Bankman-Fried, is based on a non-binding letter of intent and does not impact FTX.us.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Introduces New Law Enforcement Programs To Detect Crypto Crimes<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/SBF_FTX\/status\/1590012124864348160\n<\/div><\/figure>\n","post_title":"FTT Tanks 71% After Binance Announced FTX Emergency Acquisition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftt-tanks-71-after-binance-announced-ftx-emergency-acquisition","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:26","post_modified_gmt":"2023-04-30 11:29:26","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8191","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Altcoins

Why FTX Token Plunges Over 80% Wiping Out More Than $2 Billion Value In A Day? Crypto Journalist MacKenzie Sigalos Investigates

November 13, 2022 - Updated on April 10, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

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Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

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Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Before rival Binance, the biggest cryptocurrency startup in the world, declared plans to acquire the company, FTT, the native token of cryptocurrency exchange FTX, lost the majority of its value when Binance stated it was selling off its holdings of FTT.
<\/li>\n\n\n\n
On Monday, the coin was trading at about $22, but by Tuesday afternoon in New York, it had fallen below $5. In just 24 hours, the sell-off destroyed more than $2 billion in value.
<\/li>\n\n\n\n
The non-binding arrangement came about as a result of \"liquidity<\/a> shortages\" at FTX, according to CEO Sam Bankman-Fried. FTX was valued at $32 billion in a funding round earlier this year.
<\/li>\n\n\n\n
The day before Zhao's tweets, FTT, which peaked at over $78 in September 2021, was trading at about $25. It went below $16 on Monday before dropping dramatically once the deal was made public on Tuesday. The value of the circulating supply of FTT is currently $735 million, down from $2.9 billion on Monday, according to CoinMarketCap.
<\/li>\n\n\n\n
According to Bankman-Fried, there had been around $6 billion in net withdrawals from FTX in the 72 hours preceding Tuesday morning, reported Reuters. Net inflows are over tens of millions of dollars on a typical day.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n
$\"MacKenzie$
MacKenzie Sigalos<\/a> interviewed<\/a> Nic Carter (founder of Castle Islan Ventures) about the recent FTT crash and upcoming Binance deals. Source: CNBC\/CryptoNews<\/figcaption><\/figure>\n","post_title":"Why FTX Token Plunges Over 80% Wiping Out More Than $2 Billion Value In A Day? Crypto Journalist MacKenzie Sigalos Investigates","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"why-ftx-token-plungs-over-80-wiping-out-more-than-2-billion-value-in-a-day-crypto-journalist-mackenzie-sigalos-investigates","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/liquidity-provider\/","post_modified":"2023-04-10 18:39:53","post_modified_gmt":"2023-04-10 08:39:53","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8191,"post_author":"13","post_date":"2022-11-09 18:26:44","post_date_gmt":"2022-11-09 07:26:44","post_content":"\n
Binance\u2019s acquisition of FTX.com has sent shockwaves in the crypto space. The event pushed FTX's native token, FTT, down 71% in the past day to $4.42, according to CoinMarketCap data.<\/p>\n\n\n\n
\n
A shakeup in investor confidence has also driven Bitcoin 6% lower to $18,389, while Ether has sank 11% to $1,300 in the same period.<\/li>\n<\/ul>\n\n\n\n
\n
According to a Tweet<\/a> by Binance CEO Changpeng Zhao, the move was to help FTX deal with a 'significant liquidity crunch.\u2019 Zhao added that the largest crypto exchange by volume \u2013 Binance \u2013 intends to conduct due diligence in the coming days and fully take over the Sam Bankman-Fried-led company.  <\/li>\n<\/ul>\n\n\n\n
See Related:<\/strong><\/em> The Recent Moving Average Crossover Suggests Bitcoin Price May Create A Higher High And Remain Bullish Throughout November<\/a><\/p>\n\n\n\n
The Tension Between Binance And FTX Executives Led Up To The Liquidation Crisis<\/h2>\n\n\n\n
\n
SBF and CZ had engaged in a blame game when the latter decided to offload his $529 million stake in FTT. CZ accused SBF for lobbying against other players in the industry. In defense of his crypto exchange, SBF lashed out at Binance CEO for spreading false rumors.<\/li>\n<\/ul>\n\n\n\n
\n
Although, CZ had stated that the two were not fighting, \"Funny memes, media & some people tried to color this as a \u2018fight.\u2019 Sorry to disappoint, but I spend my energy building, not fighting.\"<\/li>\n<\/ul>\n\n\n\n
\n
The controversy hit twists and turns when Bankman-Fried announced that FTX.com had entered into a strategic transaction with Binance. He added that the exchange would clear withdrawal backlogs to mitigate any liquidity crunch. The acquisition deal, according to Bankman-Fried, is based on a non-binding letter of intent and does not impact FTX.us.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Introduces New Law Enforcement Programs To Detect Crypto Crimes<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/SBF_FTX\/status\/1590012124864348160\n<\/div><\/figure>\n","post_title":"FTT Tanks 71% After Binance Announced FTX Emergency Acquisition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftt-tanks-71-after-binance-announced-ftx-emergency-acquisition","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:26","post_modified_gmt":"2023-04-30 11:29:26","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8191","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Altcoins

Why FTX Token Plunges Over 80% Wiping Out More Than $2 Billion Value In A Day? Crypto Journalist MacKenzie Sigalos Investigates

November 13, 2022 - Updated on April 10, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

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Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

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Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
\n
Before rival Binance, the biggest cryptocurrency startup in the world, declared plans to acquire the company, FTT, the native token of cryptocurrency exchange FTX, lost the majority of its value when Binance stated it was selling off its holdings of FTT.
<\/li>\n\n\n\n
On Monday, the coin was trading at about $22, but by Tuesday afternoon in New York, it had fallen below $5. In just 24 hours, the sell-off destroyed more than $2 billion in value.
<\/li>\n\n\n\n
The non-binding arrangement came about as a result of \"liquidity<\/a> shortages\" at FTX, according to CEO Sam Bankman-Fried. FTX was valued at $32 billion in a funding round earlier this year.
<\/li>\n\n\n\n
The day before Zhao's tweets, FTT, which peaked at over $78 in September 2021, was trading at about $25. It went below $16 on Monday before dropping dramatically once the deal was made public on Tuesday. The value of the circulating supply of FTT is currently $735 million, down from $2.9 billion on Monday, according to CoinMarketCap.
<\/li>\n\n\n\n
According to Bankman-Fried, there had been around $6 billion in net withdrawals from FTX in the 72 hours preceding Tuesday morning, reported Reuters. Net inflows are over tens of millions of dollars on a typical day.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n
$\"MacKenzie$
MacKenzie Sigalos<\/a> interviewed<\/a> Nic Carter (founder of Castle Islan Ventures) about the recent FTT crash and upcoming Binance deals. Source: CNBC\/CryptoNews<\/figcaption><\/figure>\n","post_title":"Why FTX Token Plunges Over 80% Wiping Out More Than $2 Billion Value In A Day? Crypto Journalist MacKenzie Sigalos Investigates","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"why-ftx-token-plungs-over-80-wiping-out-more-than-2-billion-value-in-a-day-crypto-journalist-mackenzie-sigalos-investigates","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/liquidity-provider\/","post_modified":"2023-04-10 18:39:53","post_modified_gmt":"2023-04-10 08:39:53","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8191,"post_author":"13","post_date":"2022-11-09 18:26:44","post_date_gmt":"2022-11-09 07:26:44","post_content":"\n
Binance\u2019s acquisition of FTX.com has sent shockwaves in the crypto space. The event pushed FTX's native token, FTT, down 71% in the past day to $4.42, according to CoinMarketCap data.<\/p>\n\n\n\n
\n
A shakeup in investor confidence has also driven Bitcoin 6% lower to $18,389, while Ether has sank 11% to $1,300 in the same period.<\/li>\n<\/ul>\n\n\n\n
\n
According to a Tweet<\/a> by Binance CEO Changpeng Zhao, the move was to help FTX deal with a 'significant liquidity crunch.\u2019 Zhao added that the largest crypto exchange by volume \u2013 Binance \u2013 intends to conduct due diligence in the coming days and fully take over the Sam Bankman-Fried-led company.  <\/li>\n<\/ul>\n\n\n\n
See Related:<\/strong><\/em> The Recent Moving Average Crossover Suggests Bitcoin Price May Create A Higher High And Remain Bullish Throughout November<\/a><\/p>\n\n\n\n
The Tension Between Binance And FTX Executives Led Up To The Liquidation Crisis<\/h2>\n\n\n\n
\n
SBF and CZ had engaged in a blame game when the latter decided to offload his $529 million stake in FTT. CZ accused SBF for lobbying against other players in the industry. In defense of his crypto exchange, SBF lashed out at Binance CEO for spreading false rumors.<\/li>\n<\/ul>\n\n\n\n
\n
Although, CZ had stated that the two were not fighting, \"Funny memes, media & some people tried to color this as a \u2018fight.\u2019 Sorry to disappoint, but I spend my energy building, not fighting.\"<\/li>\n<\/ul>\n\n\n\n
\n
The controversy hit twists and turns when Bankman-Fried announced that FTX.com had entered into a strategic transaction with Binance. He added that the exchange would clear withdrawal backlogs to mitigate any liquidity crunch. The acquisition deal, according to Bankman-Fried, is based on a non-binding letter of intent and does not impact FTX.us.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Introduces New Law Enforcement Programs To Detect Crypto Crimes<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/SBF_FTX\/status\/1590012124864348160\n<\/div><\/figure>\n","post_title":"FTT Tanks 71% After Binance Announced FTX Emergency Acquisition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftt-tanks-71-after-binance-announced-ftx-emergency-acquisition","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:26","post_modified_gmt":"2023-04-30 11:29:26","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8191","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
MacKenzie Sigalos<\/a>, a renowned Crypto and Tech reporter at CNBC, has recently investigated the facts<\/a> that lead the FTT (FTX) token to lose more than 80% of its value within 24 hours. Here we\u2019ve listed the key points from her in-depth investigation of the token\u2019s historical price collapse:<\/p>\n\n\n\n
\n
Before rival Binance, the biggest cryptocurrency startup in the world, declared plans to acquire the company, FTT, the native token of cryptocurrency exchange FTX, lost the majority of its value when Binance stated it was selling off its holdings of FTT.
<\/li>\n\n\n\n
On Monday, the coin was trading at about $22, but by Tuesday afternoon in New York, it had fallen below $5. In just 24 hours, the sell-off destroyed more than $2 billion in value.
<\/li>\n\n\n\n
The non-binding arrangement came about as a result of \"liquidity<\/a> shortages\" at FTX, according to CEO Sam Bankman-Fried. FTX was valued at $32 billion in a funding round earlier this year.
<\/li>\n\n\n\n
The day before Zhao's tweets, FTT, which peaked at over $78 in September 2021, was trading at about $25. It went below $16 on Monday before dropping dramatically once the deal was made public on Tuesday. The value of the circulating supply of FTT is currently $735 million, down from $2.9 billion on Monday, according to CoinMarketCap.
<\/li>\n\n\n\n
According to Bankman-Fried, there had been around $6 billion in net withdrawals from FTX in the 72 hours preceding Tuesday morning, reported Reuters. Net inflows are over tens of millions of dollars on a typical day.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n
$\"MacKenzie$
MacKenzie Sigalos<\/a> interviewed<\/a> Nic Carter (founder of Castle Islan Ventures) about the recent FTT crash and upcoming Binance deals. Source: CNBC\/CryptoNews<\/figcaption><\/figure>\n","post_title":"Why FTX Token Plunges Over 80% Wiping Out More Than $2 Billion Value In A Day? Crypto Journalist MacKenzie Sigalos Investigates","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"why-ftx-token-plungs-over-80-wiping-out-more-than-2-billion-value-in-a-day-crypto-journalist-mackenzie-sigalos-investigates","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/liquidity-provider\/","post_modified":"2023-04-10 18:39:53","post_modified_gmt":"2023-04-10 08:39:53","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8191,"post_author":"13","post_date":"2022-11-09 18:26:44","post_date_gmt":"2022-11-09 07:26:44","post_content":"\n
Binance\u2019s acquisition of FTX.com has sent shockwaves in the crypto space. The event pushed FTX's native token, FTT, down 71% in the past day to $4.42, according to CoinMarketCap data.<\/p>\n\n\n\n
\n
A shakeup in investor confidence has also driven Bitcoin 6% lower to $18,389, while Ether has sank 11% to $1,300 in the same period.<\/li>\n<\/ul>\n\n\n\n
\n
According to a Tweet<\/a> by Binance CEO Changpeng Zhao, the move was to help FTX deal with a 'significant liquidity crunch.\u2019 Zhao added that the largest crypto exchange by volume \u2013 Binance \u2013 intends to conduct due diligence in the coming days and fully take over the Sam Bankman-Fried-led company.  <\/li>\n<\/ul>\n\n\n\n
See Related:<\/strong><\/em> The Recent Moving Average Crossover Suggests Bitcoin Price May Create A Higher High And Remain Bullish Throughout November<\/a><\/p>\n\n\n\n
The Tension Between Binance And FTX Executives Led Up To The Liquidation Crisis<\/h2>\n\n\n\n
\n
SBF and CZ had engaged in a blame game when the latter decided to offload his $529 million stake in FTT. CZ accused SBF for lobbying against other players in the industry. In defense of his crypto exchange, SBF lashed out at Binance CEO for spreading false rumors.<\/li>\n<\/ul>\n\n\n\n
\n
Although, CZ had stated that the two were not fighting, \"Funny memes, media & some people tried to color this as a \u2018fight.\u2019 Sorry to disappoint, but I spend my energy building, not fighting.\"<\/li>\n<\/ul>\n\n\n\n
\n
The controversy hit twists and turns when Bankman-Fried announced that FTX.com had entered into a strategic transaction with Binance. He added that the exchange would clear withdrawal backlogs to mitigate any liquidity crunch. The acquisition deal, according to Bankman-Fried, is based on a non-binding letter of intent and does not impact FTX.us.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Introduces New Law Enforcement Programs To Detect Crypto Crimes<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/SBF_FTX\/status\/1590012124864348160\n<\/div><\/figure>\n","post_title":"FTT Tanks 71% After Binance Announced FTX Emergency Acquisition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftt-tanks-71-after-binance-announced-ftx-emergency-acquisition","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:26","post_modified_gmt":"2023-04-30 11:29:26","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8191","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Why FTX Token Plunges Over 80% Wiping Out More Than $2 Billion Value In A Day? Crypto Journalist MacKenzie Sigalos Investigates

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FTT

Altcoins

Why FTX Token Plunges Over 80% Wiping Out More Than $2 Billion Value In A Day? Crypto Journalist MacKenzie Sigalos Investigates

MacKenzie Sigalos, a renowned Crypto and Tech reporter at CNBC, has recently investigated the facts that lead the FTT (FTX) ...

by Md Ishtiaque Ahmed
November 13, 2022

Altcoins

FTT Tanks 71% After Binance Announced FTX Emergency Acquisition

Binance’s acquisition of FTX.com has sent shockwaves in the crypto space. The event pushed FTX's native token, FTT, down 71% ...

by Jared Kirui
November 9, 2022

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Why FTX Token Plunges Over 80% Wiping Out More Than $2 Billion Value In A Day? Crypto Journalist MacKenzie Sigalos Investigates

November 13, 2022 - Updated on April 10, 2023

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