What Will Happen To FTX now?

Kenneth2366 · Nov 10, 2022

Binance said yesterday that it has decided to acquire FTX in order to spare its users from the liquidity problem. However, guess what? According to current speculations, Binance may abandon the transaction after evaluating the FTX's order book and other financial data. According to a survey on CoinDesk's Twitter account, 42.5% of users believe CEO CZ would most likely decline the deal. Binance will acquire FTX and save its users, according to 33.9% of votes. What are your thoughts? What effect does this have on the price of SOL? Let me now address your most pressing concern: the cost of FTT.

At the time of writing, the price of FTT is $2.986, over 46% lower than it was 24 hours ago. Yesterday, the price of FTT fell by 75.14%. FTT value has dropped by 88.86% in the last month. This has had a negative impact not only on regular investors, but also on some institutions.

According to a CoinDesk study, there is a list of organizations who are vulnerable to the hazards of this struggle between the two largest cryptocurrency exchanges. Gemini, Wintermute, Multicoin, and more coins are on the list. Gemini, a cryptocurrency exchange, announced yesterday that they "hedged and sold collateral leading in a total loss of $7M across all counterparties, including Alameda." Gemini further stated that they had a trading connection with FTX but not a financing arrangement. They appear to be attempting to draw a line with FTX in order to maintain their consumers' trust in this volatile market.

Further updates today stated that Binance will NOT be acquiring FTX, which means that their safe passage is cut off. What will happen to FTX now?

Cypherpunk Zero #4027 · Nov 10, 2022

If nobody has 8 to 10 billion usd just sitting around to help the FTX users, the platform will most likely disappear. FTT will have the LUNA faith, going to near 0 and most likely users will lose funds stored in the FTX exchange. I'm guessing governmental institutions can't wait to go to court for this.

Kenneth2366 · Nov 10, 2022

Cypherpunk Zero #4027 said:
If nobody has 8 to 10 billion usd just sitting around to help the FTX users, the platform will most likely disappear. FTT will have the LUNA faith, going to near 0 and most likely users will lose funds stored in the FTX exchange. I'm guessing governmental institutions can't wait to go to court for this.

Binance has the money but even they themselves are not interested to help due to FTX's "Poor Financial Account". A power play as competitor? Or is FTX really that bad?

Cypherpunk Zero #4027 · Nov 10, 2022

Kenneth2366 said:
Binance has the money but even they themselves are not interested to help due to FTX's "Poor Financial Account". A power play as competitor? Or is FTX really that bad?

It's really that bad. Binance had around 2 billion to spare. FTX is most likely fucked

Kenneth2366 · Nov 10, 2022

Cypherpunk Zero #4027 said:
It's really that bad. Binance had around 2 billion to spare. FTX is most likely fucked

Big OOF to FTX, I trade on Binance and MEXC so it does not affect me but oh well. Pity those who's funds are in FTX

Followlix · Nov 10, 2022

Binance will not acquire FTX.

Users with remaining funds on FTX will lose between 70% and 100% of their funds; only those with extremely large amounts of funds will be able to save the majority of their assets by suing Sam.

Kenneth2366 said:
A power play as competitor? Or is FTX really that bad?

That is how bad FTX is.

Binance would benefit more from purchasing FTX and "saving" the people for a variety of reasons:

Hero status for CZ/Binance
Saving retail's trust in cryptocurrency
Eliminating the majority of regulatory sanctions that will be implied on the crypto space as a result of these events

Unfortunately, if they chose not to acquire FTX, it indicates that it is indeed that bad.

Kenneth2366 · Nov 10, 2022

The situation escalated so quickly man. And here I am just waiting for FIFA to begin, stalking up on Fan tokens lol

Jiktoken · Nov 10, 2022

FTX is going down really ddeep down

Kenneth2366 · Nov 10, 2022

Jiktoken said:
FTX is going down really ddeep down

We are all just waiting for them to delay bankruptcy

Rakzs · Nov 10, 2022

It's going to be a Mt Gox situation all over again, and markets will take some time to recover.
This news paired with already bad inflation and the current recession means it doesn't look good for crypto short/mid term, but it will eventually recover.

ZnSO4 · Nov 10, 2022

Binance is not going to acquire FTX. The deal is canceled already. CZ tweeted: We tried but

. So FTX going to face the same fat as LUNA. But the question is What will happen to SOL? Does anyone have any idea?

HAkorehdeh · Nov 10, 2022

I don't even care what happens to the company! All I want is my money. I have 90% of my savings on that platform, and, unfortunately, I wasn't paying attention to the news until it escalated to this extent. I have not been myself since last night, I keep checking everywhere for some bits of positivity, but no one is saying anything. I can not afford to lose all my savings just like that! OMG!

Cypherpunk Zero #4027 · Nov 10, 2022

HAkorehdeh said:
I don't even care what happens to the company! All I want is my money. I have 90% of my savings on that platform, and, unfortunately, I wasn't paying attention to the news until it escalated to this extent. I have not been myself since last night, I keep checking everywhere for some bits of positivity, but no one is saying anything. I can not afford to lose all my savings just like that! OMG!

I'm sorry to hear that. Are your funds frozen? On sunday I could still withdraw money. Don't know how's the situation now.

khloros · Nov 10, 2022

HAkorehdeh said:
I don't even care what happens to the company! All I want is my money. I have 90% of my savings on that platform, and, unfortunately, I wasn't paying attention to the news until it escalated to this extent. I have not been myself since last night, I keep checking everywhere for some bits of positivity, but no one is saying anything. I can not afford to lose all my savings just like that! OMG!

I am so sorry man. There is nothing anyone can say to comfort you. I hope somehow CZ recalls his decision and save FTX. Because if ftx goes down for good after luna, market most likely continue to crash.

Cypherpunk Zero #4027 · Nov 10, 2022

khloros said:
I hope somehow CZ recalls his decision and save FTX.

Impossible. They don't have that much money

Steptoe · Nov 10, 2022

HAkorehdeh said:
I don't even care what happens to the company! All I want is my money. I have 90% of my savings on that platform, and, unfortunately, I wasn't paying attention to the news until it escalated to this extent. I have not been myself since last night, I keep checking everywhere for some bits of positivity, but no one is saying anything. I can not afford to lose all my savings just like that! OMG!

That sucks mate, hope they open up withdrawals soon

khloros · Nov 10, 2022

Cypherpunk Zero #4027 said:
Impossible. They don't have that much money

8b+ is a lot of money even for a leading Crypto exchange. But Binance acquiring ftx could start a chain reaction and they may save the platform just by spending couple hundred millions. But it’s a risk they are not willing to take cause if acquiring won’t create trust and ftx crashes in the hands of binance, that would create another disaster.

HAkorehdeh · Nov 10, 2022

Cypherpunk Zero #4027 said:
I'm sorry to hear that. Are your funds frozen? On sunday I could still withdraw money. Don't know how's the situation now.

No, I can still see it on the screen and I still have the withdrawal option. The only thing is that when you withdraw, it gets stuck in processing, and you never get the money. I still added some on Monday. I wasn't just paying attention. I had 100% confidence in that network, and my plan for the savings was long-term.

Cypherpunk Zero #4027 · Nov 10, 2022

khloros said:
8b+ is a lot of money even for a leading Crypto exchange. But Binance acquiring ftx could start a chain reaction and they may save the platform just by spending couple hundred millions. But it’s a risk they are not willing to take cause if acquiring won’t create trust and ftx crashes in the hands of binance, that would create another disaster.

That's not how math works. You need all the money.

HAkorehdeh said:
No, I can still see it on the screen and I still have the withdrawal option. The only thing is that when you withdraw, it gets stuck in processing, and you never get the money. I still added some on Monday. I wasn't just paying attention. I had 100% confidence in that network, and my plan for the savings was long-term.

Sucks. The only thing you can do is get used to the idea that you have to start over. I know it's hard, but hopefully you are still young and can make it. Don't forget it's no shame to seek professional help if you feel bad. Therapy works.

safeSEOboost · Nov 10, 2022