🎉 Karma Ksana's new episode of Crypto101 series

"What happened to #FTX? part 1"

👉 https://youtube.com/shorts/OVLnAQK-x04?feature=share

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We are grieved to report this sad news in #web3 field...😢

Recently, FTX dropped a bombshell in the #crypto world. Until the script is done, #FTT has fallen from 85 to 2.8 US dollars. The entire event started when the press revealed #SBF, the CEO of FTX, was using FTT for the loan as #collateral at his co-founded institution #AlamedaResearch. It said that the relationship between FTX and Alameda is too close. The next day, Alameda was reported for its financial difficulties, making the users falter.

The event was closely related to #CZ, the CEO of Binance He tweeted #Binance decided to #liquidate any remaining FTT on their books; FTX liquidated 6 billion US dollars in one day, and lots of cryptocurrencies were transferred from FTX to Binance, causing FTT to fall rapidly by 30%. Even though Binance claimed it intended to #acquire FTX, it couldn't stop FTT's collapse. FTT dropped to 10 US dollars, and the day's drop was over 58%.

On November 10th, Binance declared giving up the acquisition because users' funds had surpassed what they could do, and the falling price was continuing. There were rumors that SBF lost connection, FTX's official website was offline, their law team quit, Alameda's official site and Twitter were cleaned out, and FTT left for 2.6 US dollars. It was a trauma in the crypto world.

What will happen next? Let's keep following! Remember to like, subscribe and click the bell!

#KarmaKsana #Crypto101 #cryptocrash #cryptocurrencies #Blockchain #blockchaintechnology #web3 #web3community #DeFi #FTX