Down fall of crypto FTX
An earthquake rattled the crypto space this week, its impact felt in numerous related stories regarding FTX, Alameda Research and Binance. Although the bad news came rolling in this week, suspicions relating to FTX’s status appear to have started on Nov. 2. The concerns had to do with a large number of FTX Token (FTT) held by Alameda (Sam Bankman-Fried, aka SBF, founded Alameda and co-founded FTX). By Nov. 6, Binance had decided it would sell its sizable position in FTT. FTX withdrawal issues surfaced on Nov. 7, symptomatic of a bank run. Binance expressed interest in buying FTX but declined the purchase, citing concerns on Nov. 9.
Other developments throughout the week included SBF reportedly requesting $8 billion to cover exchange withdrawals and news of the situation affecting other big players such as Sequoia Capital, as well as related regulatory headlines.
Nov. 11 saw SBF’s resignation as well as FTX, Alameda and FTX US applying for Chapter 11 bankruptcy in the United States. About 130 entities under FTX Group are filing for bankruptcy
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