![]() 8, essentially promising to bail out the failing exchange to prevent a larger market crash.īinance withdrew from the deal. ![]() The exchange CEOs signed a nonbinding letter of intent on Nov. Zhao and Bankman-Fried struck a deal for Binance to acquire the non-U.S. Bankman-Fried said in a tweet Thursday that the platform saw $5 billion in withdrawals on Nov. The value of other coins - including BTC and ETH - declined as well, with Bitcoin dropping to a two-year low. Zhao’s announcement led to a rapid decline in FTT’s value over the next day as suspicion grew that FTX didn’t have the liquidity needed to back transactions and stay afloat. But typically, such moves aren’t announced publicly. He compared FTX’s situation to the crash of TerraUSD and LUNA this year that tanked the crypto market and cost investors billions of dollars. 2 CoinDesk report of FTX and Alameda’s blurred funds. 6 that he was planning to sell off Binance’s stockpile of FTT because of “recent revelations that have came to light,” referring to the Nov. Its largest assets, according to the report, are billions of dollars worth of FTT.Ĭhangpeng Zhao, CEO of rival exchange Binance, tweeted on Nov. The exchange issues its own token, FTT, and was the fourth-largest crypto exchange by volume as of last Tuesday.īankman-Fried also founded a crypto trading firm called Alameda Research CoinDesk reported on Alameda’s troubled balance sheet on Nov. What happened to FTX?įTX is a cryptocurrency exchange founded by Sam Bankman-Fried in 2019, who served as CEO until Friday. Here’s what this week’s events mean for major exchanges, U.S. ![]() The impact of FTX’s crash is having wide-reaching implications throughout the crypto market, as cryptocurrencies and exchanges with exposure to FTT or FTX face sinking prices and financial troubles. The value of FTX’s native token, FTT, plummeted last week, taking other coins down with it including Ethereum and Bitcoin, which reached a two-year low as of Wednesday afternoon. The exchanges crashed amidst liquidity concerns and allegations of misused funds followed by a large volume of withdrawals from rattled investors. Ray III, who led the infamous energy giant Enron through its bankruptcy and liquidation process about two decades earlier. FTX’s balance sheet, published by the Financial Times, shows a 10:1 ratio of liabilities to assets, suggesting that any bankruptcy recovery for affected users could be small.įounder and CEO Sam Bankman-Fried has resigned, according to Friday’s press release the new CEO is John J. The companies also faced an apparent hack that drained more than $600 million from user wallets later the same day. branch, filed for Chapter 11 bankruptcy, FTX announced Friday. “Unfortunately that’s taken place, and now we have to review the performance of everybody concerned.FTX, a major cryptocurrency exchange, and FTX.US, its U.S. In this case, we’ve got a number of them that we believe were incorrect. “They are a team of officials, and the responsibility of all of those officials is to try to get these big decisions right. “A lot of these decisions also included the input of the bunker, so we can’t forget that. “He’s had a number of high-profile games since he’s been in the NRL, and he’s performed extremely well. “He doesn’t have a lot of games under his belt in the NRL, but he’s been very, very strong in the games that he has refereed, and this isn’t the first big game that he’s refereed. “Todd Smith has been one of our real shining lights over the last 12-18 months,” Annesley said of Smith, who was let down by several bad calls from the bunker. Todd Smith was involved in several calls the previous week which didn’t go down well with Warriors supporters and their major sponsor. That tackle is part of a video which runs for more than three minutes and which breaks down the criteria of what constitutes a hip-drop tackle, with recent examples of legal and illegal techniques, finishing with Carrigan’s tackle – which did not breach the rules. It continued with Carrigan’s sin bin, a controversial try to Cory Paix, which Annesley said should have been a penalty to Brisbane, and an early whistle which denied Xavier Coates a stunning long-range try after the ball bounced off Olam’s head.Īnnesley was happy with the decision to award Herbie Farnworth a penalty try due to some interference from Harry Grant, but he disagreed with the bunker’s call to sin bin Carrigan for a hip-drop tackle on Nelson Asofa-Solomona. Last Thursday’s match featured several baffling decisions which started early when Reece Walsh was cleared by the bunker of a shoulder charge on Justin Olam, only for the Broncos fullback to then be cited by the match review committee. Reece Walsh should have been penalised for a shoulder charge on Justin Olam.
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