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FTX

FTX Exchange Confirms No Relaunch Ahead In a shocking turn of events, $FTX, once touted as a promising cryptocurrency exchange, has officially abandoned its efforts to restart operations. The company's decision comes amid months of negotiations with potential investors, all of whom were reluctant to inject the necessary funds to rebuild the beleaguered exchange. $FTX's downfall has exposed a trail of deception, with founder Sam Bankman-Fried convicted on fraud charges, revealing a troubling lack of infrastructure and responsibility behind the scenes. The Unraveling of $FTX: The revelation by $FTX attorney Andy Dietderich paints a grim picture of the exchange, labeling it an "irresponsible sham" orchestrated by a convicted felon. The inability to secure sufficient investment underscores deeper issues, as it becomes apparent that $FTX lacked the foundational technology and administration required to sustain itself as a legitimate business. The fallout from these shortcomings has left 9 million customers in the lurch, facing potential losses running into the billions. Bankruptcy Proceedings: $FTX's decision to opt for liquidation instead of a restart signals a turbulent end to a once-prominent player in the cryptocurrency landscape. With over $7 billion in recovered assets, the company aims to repay its customers in full, though complications arise as the repayment will be based on cryptocurrency prices from November 2022, a period when the crypto market was mired in a prolonged slump. This decision has sparked dissatisfaction among customers, who argue that using outdated prices shortchanges them, especially considering the significant rise in Bitcoin's value since November 2022. Legal Battles and Customer Dissatisfaction: The legal battle surrounding $FTX intensifies as founder Sam Bankman-Fried faces sentencing on March 28 after being convicted on seven counts of fraud and conspiracy. Meanwhile, customers expressing frustration over the use of 2022 prices face a setback as U.S. Bankruptcy Judge John Dorsey overruled their complaints, citing the inflexibility of bankruptcy law. Despite the clear discontent among users, the road to repayment remains uncertain, with $FTX emphasizing the need to thoroughly investigate legitimate claims before disbursing funds. Conclusion: The $FTX saga serves as a cautionary tale for the cryptocurrency industry, underscoring the importance of transparency, responsible management, and regulatory compliance. The fallout from $FTX's demise not only highlights the risks inherent in the volatile crypto market but also raises questions about the viability of other platforms. As the cryptocurrency landscape evolves, the $FTX case will likely be scrutinized for lessons on preventing future instances of fraud, deception, and the resulting turmoil for users and investors alike.
Short
by DEXWireNews
FTX's Remarkable Turnaround: Cash Reserves Double to $4.4 BilBankrupt crypto exchange $FTX has witnessed a remarkable financial turnaround as it strategically unloads its crypto holdings, doubling its cash reserves to an impressive $4.4 billion within just two months. The Journey to Financial Recovery: $FTX's bankruptcy estate has been on a strategic mission to fortify its financial position by shedding crypto assets. According to Chapter 11 monthly operating reports, advisors overseeing the process successfully sold crypto from the FTX group's four largest affiliates, namely FTX Trading, Alameda Research, West Realm Shires Inc, and Clifton Bay Investments. This effort resulted in a substantial increase in cash reserves, surging from $2.3 billion in October to an impressive $4.4 billion by December 2023. Key Entities Involved: West Realm Shires Inc, the holding company of FTX's U.S.-based entity FTX.US, and Clifton Bay Investments, a company associated with FTX Ventures, played pivotal roles in this financial maneuver. Alameda Research, a significant player in the crypto space, also contributed to the initiative. The strategic decisions made by these entities have not only bolstered FTX's financial standing but have also raised questions about their broader impact on the crypto market. Crypto Outflows and Legal Developments: Since gaining approval to sell its crypto holdings in September, the FTX bankruptcy estate has been actively managing its assets. Reports suggest that FTX's wallets have been transferring funds to other exchanges while unstaking substantial amounts from crypto staking platforms. Notably, the FTX estate has been linked to nearly $1 billion worth of outflows from the Grayscale Bitcoin Trust (GBTC) in the initial days of the trust's transition into an exchange-traded fund (ETF). Legal complexities have also marked FTX's journey, with Alameda Research voluntarily dismissing a lawsuit against GBTC issuer Grayscale. The lawsuit, initially filed over an alleged "improper redemption ban" on GBTC shares, adds an intriguing layer to FTX's overall narrative. Challenges from Customers: Despite the positive strides in recovering value through liquid assets, $FTX faces challenges from some customers who contest the valuation of their claims. The current methodology pegs the value of customer funds to the asset prices at the time of FTX filing for Chapter 11 Bankruptcy. Given the significant surge in Bitcoin's price, up 150% since that date and currently trading at around $43,072, some customers are raising concerns about the fairness of this valuation approach. Conclusion: $FTX's journey from bankruptcy to doubling its cash reserves highlights the dynamism of the crypto market and the strategic decision-making within the industry. As the exchange navigates legal complexities, customer challenges, and market dynamics, the crypto community watches with anticipation to see how $FTX's recovery efforts will continue to shape the landscape of the digital asset space.
Long
by DEXWireNews
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.
Long
by DEXWireNews
FTX and Alameda Move Another $10 Million to Exchanges Wallets linked to the bankrupt companies FTX and Alameda Research have conducted a new round of cryptocurrency transfers, amounting to $10.8 million, to accounts on Coinbase, Binance, and Wintermute. 🔍 According to data (twitter.com) from Spot On Chain analytics, the list includes: GMT ($2.58 million), UNI ($2.41 million), SYN ($2.25 million), KLAY ($1.64 million), SHIB ($644,000), and smaller amounts of ARB and OP. 👀 Since October 24, the cumulative amount of cryptocurrency moved by these organizations has reached $551 million. These transfers are part of FTX and Alameda's ongoing efforts to compensate investors, a process initiated in March 2023.
by DEXWireNews
FTT: Forgive The Trickery - When SEC Overlooks Mischiefs 🎭🔍In a world where market dynamics often border on the theatrical, FTT token finds itself in the spotlight. 🌟 Let's dive into the nuances of this intriguing crypto token, against a backdrop of regulatory oversight and market maneuvers. 📉 A Closer Look at the Charts: Shorting Opportunity at $7.8: Our analysis indicates a ripe shorting opportunity at around $7.8. This level is not just a number; it's a reflection of market sentiment and technical strength (or lack thereof). Breakout Point - "Biden Revives the Zombie": In contrast, there's a breakout level which, if crossed, could lead to a significant surge in FTT's value. We're watching this space closely! 🌐 Contextual Insights: The Binance and FTX Saga: Recent developments have seen traders shifting away from tokens like BNB and FTT. The reasons? Regulatory pressures and market uncertainty. This article sheds more light on the trend. Regulatory Glare: The SEC's recent actions, especially the fine against Binance, have stirred the pot in the crypto world. Adding to this is the continuing saga of FTX and Sam Bankman-Fried, as detailed here. 🚦 Regulatory Oversight or Oversight? The dance between the SEC and crypto entities like FTX is intricate. Are we witnessing a case of "forgive the trickery" as the SEC navigates through a maze of regulatory challenges and market realities? How FTT maneuvers through these turbulent waters, amidst the SEC's gaze, could be a tell-tale sign of its future trajectory. As the crypto market continues its unpredictable journey, FTT stands as a symbol of the complexities and intrigues that define this space. Whether it's regulatory challenges or market dynamics, FTT's path is one to watch. 📈 One Love, The FXPROFESSOR ♡ ps. I would like to go SHORT on this one and post it as a Bearish idea but with Blackrock ready to enter and their need for an American exchange i do not dare... will trade it in due time, no worries!
by FX_Professor
6
BNB Binance Coin The Big Short - CZ to Step Down & Plead GuiltyIf you have`t sold the Bearish Pennand doubled by fundamentals here: or The Next FTX article: Then: Binance Founder Changpeng Zhao to Step Down and Admit Guilt! The CEO of Binance, the world's largest cryptocurrency exchange, is set to resign and plead guilty for violating U.S. anti-money-laundering laws, as part of a deal aimed at allowing the company to maintain its operations, sources familiar with the situation revealed. Changpeng Zhao is expected to make his plea in a Seattle federal court on Tuesday afternoon, according to recently unsealed court records. Simultaneously, prosecutors unveiled charges against Binance, owned by Zhao, for offenses related to money laundering and sanctions. Binance is also slated to plead guilty. Considering these developments, I anticipate a decline in the value of the BNB coin. Curious what are your thoughts on the potential price decrease?
Short
by TopgOptions
FTT/USDT 1D. Channel. Cycles. Accumulation. Idea.Idea on the secondary trend of the FTT token of "scam exchange" FTX. After the FTX scam horizontal channel started to form. There were 2 accumulations zones which lasted each 30 days ~(1 month). After that the pump followed. Now the price is between this 2 accumulation zones(buffer zone) for 3 months already. After first pump local dip formed, after which another pump(2nd wave) followed. This wave formed local cycle at the duration of 32 days. Shown on the chart. Above the chart each period is described. Below - what happened at each point of a new cycle. Lately, after each new cycle(beginning since Aug 18) - we've seen price increase from 30 to 40%. This 3 local pump waves formed an ascending triangle(bullish formation). Next cycle is on Nov. 22. 15 November is the date of listening for FTX case. So, what do you think more likely - rise to somewhere about 2.2022$ zone(89.6% from current)? Or the dump to the support of the "outer" channel to about 0.8088$ zone(-30.81%)? By the way, since the beginning of the last local cycle - we've seen a significant increase in volume(Bitget exchange). Local resistance of the triangle is 1.22-1.33$$ zone.
Long
by TradingTsar
FTT - will be 20$? (ukrainian language in video, read describe)If you turn on 4 hours and look at the FTT chart, you will see how much the majority of the miners were breaking and taking their coins, I'm sure that the market makers have about 90% of all coins, which allows them to drive the price very high without any interference. Any price, any bullish trend has distribution stages, we will be selling on the 4th distribution stage. That is, strong growth, a sideways drain, further growth, and so on until there are 3 such stages, then we will think about exiting the coin. Most people will start buying back FTT when it is already very high and when FTX is bought back, it will be the time to think about where to fix, but before that, after the buyback, I will expect another 300-700% pumping
Long
by FTT_TRADER369