FTX's Rocky Road to RedemptionNavigating the Aftermath of a $8 Billion Fraud Case"
The collapse of FTX in 2022 sent shockwaves through global financial markets. The once-prominent crypto exchange faced an $8 billion fraud case, resulting in a cascade of events that not only shook investor confidence but also sparked a series of legal battles. Now, FTX is taking a bold step towards redemption by liquidating its crypto assets to repay former customers, marking a pivotal moment in its journey to recover from the aftermath of the crash.
The "Sell-to-Pay" Strategy:
In an effort to reduce its staggering debt and regain trust, FTX is adopting a "sell-to-pay" strategy. Reports from Bloomberg indicate that the embattled crypto exchange is offloading assets related to cryptocurrencies, aiming to generate a substantial cash reserve. The group's cash hoard has already doubled to $4.4 billion by the end of 2023, showcasing a determined push to settle outstanding debts and rebuild its financial foundation.
Ongoing Legal Battles:
FTX's path to recovery is not without hurdles. Legal disputes stemming from the $8 billion fraud case loom large, with the majority of the exchange's assets lost as a result. Despite the setback, FTX is gearing up to file lawsuits in a bid to recover every penny spent during the crisis. If successful, the potential recovery of billions of dollars could be a game-changer for the debt-ridden exchange operator.
User Struggles and Repayment Tussles:
Since the 2022 crash, FTX has been grappling with efforts to strike deals with its former customers. Investors who had their accounts frozen during the collapse have engaged in prolonged battles to reach agreements. A key point of contention has been the terms of repayment, with former users pleading with judges to alter regulations they deemed unjust. The struggle between FTX and its users reflects a tug of war, symbolizing the challenges faced in rebuilding trust within the crypto community.
Market Ripple Effect:
The collapse of FTX reverberated beyond the cryptocurrency realm, creating a ripple effect in global financial markets. Concerns over dubious financial assessment methods and FTX's close association with Alameda triggered a wave of customer withdrawals, sending both companies into bankruptcy. The cryptocurrency market, valued at less than $1 trillion after the crash, lost billions of dollars. The stock market, too, traded in the red for weeks, with investor sentiments denting for an extended period.
CEO's Verdict and Individual Wealth Wipeout:
Following a month-long trial, the CEO of FTX was found guilty of accusations related to the crash. This individual event resulted in the wiping out of approximately $26 billion in individual wealth, as reported by Reuters. The CEO's conviction added a layer of complexity to FTX's already challenging journey toward recovery.
Conclusion:
As FTX navigates the aftermath of its $8 billion fraud case, the exchange is employing a multifaceted approach involving asset liquidation, legal battles, and attempts to rebuild user trust. The impact of FTX's crash on global financial markets serves as a cautionary tale, highlighting the interconnectedness of the cryptocurrency space with broader economic landscapes. Only time will reveal if FTX's restructuring proposals and legal pursuits will lead to a successful resurgence or if the shadows of its past will continue to cast a long-lasting impact on its future.
FTT
FTT UPDATE 18jan24well hi there my greedy friendz!
just quick update and idea
in general, I watched the cartoon Gintama (I love anime, yeah) and glanced at the FTT chart and, as in Japanese animation, saw an interesting twist:
FIRSTLY,
adhering to the old plan, we are in the Wave B of ABC correction and its a Mr.T, az I can see at MACD and RSI indicatosz behavior. Now Mr.T. is being formed with an exit upwards, after which we will go down to buy zone (preferably)
SECONDLY
as a backup plan, the correction could have already been completed and we are growing upwards through the Zigzags of the Leadin' diagonal (no matter ZZ or DZZ) - and its BAAAD COZ I WAS THE GREEDIEST PERSON I ADMIT AAAGGGHHH - my entry iz about 3.5 damn it!!! breathing heavily
THERE IZ A THIRD OPTION actually - look clearly and boost if u find it
so, well, as Elliot bequeathed, don't wishful thinking, analyze the structure- that's what I'm going to do. Orange color - ALT count.
Ideaz are clear, will see what will be next, untill then
TAP DA BUTTON if u UNDERSTAND what I mean
or
spare some coin in signature if u don't :) - I will eat at least
FTT/USDT bullish momentum From demand? 👀🚀FTX Today Analysis💎 Paradisers, direct your attention to #FTTUSDT, currently nestled in a demand zone and brimming with potential for a bullish upheaval.
💎 Amidst the market's ebb and flow, #FTXTOKEN recently grappled with resistance at $3.3487, sparking a liquidity rush above this level, which then spiraled into a steep decline. However, the tide seems to be turning, with #FTT garnering bullish strength in the demand zone at $2.9298. Should it robustly anchor itself above this level, we could witness a spirited ascent, eyeing the ambitious supply zone target at $4.7940.
💎 On the flip side, if #FTT finds itself wrestling to stay afloat above the $2.9298 demand mark, it's time for a tactical pivot. We might then set our sights on a bullish resurgence from a strategic lower foothold at $2.7099. Keep a keen eye here, as a slip beneath this point could unfurl the sails for a significant descent, steering the #FTT journey into deeper waters.
FTT Long - But not yet - look for the right entry!We can see in the 4h Chart, FTT is in an downtrend. On the daily chart i dont see today not an uptrend or something like that.
i think we drop to 2.9 - 3.1 before a next pump is going on.
So stay tuned for in the next 2 weeks for the right entry on the lower levels (M1 and M2).
Entry from 2.9 - 3.1 or maybe a little bit lower to our 800 Ema 2.7. (To soon to say it right)
Then we can go up to 8$ easy and more, but i will make an update to this chart when its starting!
FTT update 12/12/23: fresh look at old @#$@at old COIN ofcourse :) but u got the point
ANYWAY, thanks to mr. @Anoinvest
I decided to look at the question from the other side and weigh the pros and cons arguments of the bullish scenario for FTT.
pros: bullish mood, falling dominance of bitcoin, ETH in correction (ending diagonal).
cons: 1dft divergence on FTT, too weak leadin' diagonal, very short Wave 4 of (1).
there are two options here now:
1. bullish. the major correction iz over, C of 2 iz placed and there be no more prise for 2$ for FTT, rocket iz launched. All we can do is buy on the correction in zone I (and the minimal target of this correction iz complited) it CAN the price may go lower, but it MUST not
2. bearish. My older opinion, number II zone.
I will buy some based on option 1. and will buy more IF it reaches 2$.
if u are homeless... just... buy a house... mneeeh
FTT update 27.12.23: The #*i@ originDo you know what I dislike the most? Corrections. These tricky zigzags, abstruse combinations and treacherously dangerous variations 1-2.
Especially when the market seems bullish.
More than that, I don't like all kinds of influencers, with subscribers of 5,000+ people, who interfere with rational thinking. Actually, this time it turned out that way (last time I listened to the "expert" from BIG TIME(you can see this in my post about bigtime)). They throw you off the right course and it's annoying.
BUT that's enough, I'm going back to the basics.
if you follow my FT review, you may have noticed that I considered 2 options: bullish and correction to the $2 zone. I'm coming back to this idea, a $2 correction, through a FLAT. Look at the graph, you can see everything there. do the math yourself, if you know Elliott's theory. If not, then follow the drawing.
The attractive madness of the ancients is growing and their voices are being heard more and more vividly in the mouths of hamsters. I'm buying an alts, they say. We'll see.
I also bought and will buy more, but... below :)
PEACE! WAR! Neutrality!
FTT UPDATE 15-12-23 same old songit was a music group Pain I guess and one of their songs was song "same old song". Texted by Richard Song and Michel Wong I dunno, its all madness what u read :)
ANYWAY
I figured out that we now in Option I, we continue correction into Wave C witch(which) will be an Endin' Diagonal.
All on da chart, just look and be greedy in right time:)
and remember - red goz fasta
🔥FTX RESTART CAN SEND THE TOKEN TO NEW HIGHSThe first wave of FTT growth begins on the news about the exchange relaunch. I bought this altcoin at $1 and wrote about it here.
The second wave of growth could start on the news about Binance regulation and upcoming FTX relaunch.
💥 The targets are on chart!
like❤️ and follow
MY FIRST IDEA ABOUT FTX Token. The FTT/BUSD pair was delated and I can't make an update of the idea. Check it!
FTT UPDATE 11.12.23UR PAWA IZ WEEK OLDMAN
it seemz like REVERSAL line I mapped worked. nice. or not :)
anyway I think that we in correction zone and its mr.T ends. and it will be C of A of ABC
will see.
I try to buy sone everywhere I can, in case if Im wrong. But I dont ;) think so.
peace! war! neutrality!
FTT FTX 3.55 | Key levels for 10x payout like Celsius Voyager Luna theres always a big pump after the artificial dump
we await that white knight or bail out cross deals
the value of this COIN is the user base of FTX which came from Binance & Bitmex in 2019
excluding heavy hitters that get bailed out when the price tanks below their COST Of ENTRY
$FTT FTX Ascending Triangle.... Ready for Higher prices?TSX:FTT ftx price action has formed an ascending Triangle
Current Price: $4.39
#Ftt needs to break horizontal resistance around 4.9 for higher prices: 5.57, 6.45, 7.2
Else If TSX:FTT continues to reject horizontal resistance then expect retest of previous supports: 3.56, 2.87
Is This a Joke? FTT Pumps After SEC Chair Said FTX Could Reboot.
FTT has surged amid a potential restart of the FTX after SEC chairman Gary Gensler said that the exchange could reboot if it follows rules. The SEC chairman stated in a CNBC interview on November 9 that if anyone wants to do it, “do it within the law.”
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