FTX is gone

Photo by Brianna Tucker on Unsplash

FTX is REKT.

unusual_whales @unusual_whales

$FTT is down nearly 90% in 24 hours. Trading near 0. My god.

From crypto billionaire to zero in only two days, CEO of FTX SBF is under water.

CZ 🔶 Binance @cz_binance

This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-binding LOI, intending to fully acquire FTX.com and help cover the liquidity crunch. We will be conducting a full DD in the coming days.

With $1B worth of the second largest crypto exchange and leverage of $6B with its own crypto $FTT, it got rekt within two days.

The entire crypto space is under audit with a financial stress test, and it fails.

M6 Labs @M6Labs

💊 Daily Bullets 💊 Tuesday, November 8th The drama continues! The FTX/FTT/Binance saga rages and the crypto markets swing in tandem. FTX halting withdrawals, cries of insolvency, rumors and speculation - Not Great! The surprise revelation: Binance is now set to acquire FTX…

Binance has become an unstoppable crypto exchange, but regulations are coming sooner and later.

Bitcoin Magazine @BitcoinMagazine

BM PRO: The Exchange War - Binance Smells Blood As FTX/Alameda Rumors Mount Binance and FTX are locked in battle as the two industry titans clash over the price of FTX's FTT token. In-depth coverage of the situation & its outsized potential implications.

bmpro.substack.comThe Exchange War: Binance Smells Blood As FTX/Alameda Rumors MountThe exchange war has begun. The Binance CEO and FTX co-founder publicly duke it out as rumors of financial distress on the part of FTX and Alameda Research fly.

Bitcoin Magazine Video @videobitcoin

In 30 minutes @phjlljp & @q_liketheletter will go live on spaces w @DylanLeClair_ @pete_rizzo_ & @VailshireCap to further discuss FTX, FTT, & Binance https://t.co/O67vRWRIaI

Crypto lacks transparency...

CZ 🔶 Binance @cz_binance

All crypto exchanges should do merkle-tree proof-of-reserves. Banks run on fractional reserves. Crypto exchanges should not. @binance will start to do proof-of-reserves soon. Full transparency.

And on the other hand, Do Kwon is back!

CMS intern @cmsintern

Intern notes on the biggest @UpOnlyTV stream of all time: - FTX 🫡 - What’s happening ⁉️ - Do Kwon appearance 🌗 And infinitely more @cobie <> @ledgerstatus <> @stablekwon <> Martin Shkreli <> @jimtalbot <> @gainzy222 <> @EvgenyGaevoy

Crypto exchanges are consolidating to push out fake balance sheet platforms and centralized crypto exchange is getting bigger for regulations to become more strictly enforced.

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