on the crypto
A new twist in the Binance / FTX saga. Yesterday, as rumors began to spread on social networks of a possible non-purchase of FTX by Binance, it was around 22:00 that the official Binance account (via Twitter) officially announced that it would not be able to buy FTX.
Less than 48 hours later, Binance retracted
The cryptocurrency market yesterday had its eyes on the official accounts of Binance and on CZ, the boss of the # 1 platform. So, after initially announcing the purchase of FTX, CZ backs off.
From this tweet it is clear that the FTX platform is in a more than indelicate position. Binance then talks about "poorly managed funds" and alleged investigations underway in the United States.
As for the investigation, one could refer to a report published by Bloomberg on November 9th. This would indicate that the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) are investigating possible mismanagement of funds by the FTX trading platform, as well as its close relationship with FTX US and Alameda Research.
CZ reaction
Although CZ did his best to help Sam Bankman-Fried, the bailout plan failed. This was not even 48 hours ago. Many investors are wondering if the CZ boss did not premeditate the whole fiasco… Of course, CZ is currently denying this. It seems that there are still many gray areas in this sad story.
FTX continues to plummet with its FTT token
Unsurprisingly, the cryptocurrency market took a hit after this announcement. Bitcoin therefore hit its lowest point since 2020. We recall that Bitcoin reached its ATH at $ 69.000 a year ago. Today, at the time of writing, BTC is trading at one quotation of 16.800 dollars.
Furthermore, the TTF token continues to drop and is dangerously approaching the fateful $ 0. One TTF is currently trading at $ 2,87. The BNB, a token of the Binance ecosystem, is also having difficult days. After hitting $ 390 when Binance announced the acquisition of FTX, BNB continues to decline. It is now trading at $ 282.
As for the FTX platform itself, shortly after Binance's announcement, the FTX website was taken offline. Two hours later, the site was back online. This time, there is a banner warning that the platform is unable to process withdrawals and strongly advises against depositing funds. Furthermore, the platform no longer accepts new customers. Which seems logical, after all ...
Finally, new reports were added to the case over the course of hours. These revealed that FTX CEO Sam Bankman-Fried is currently seeking help in rescuing FTX. The platform would need $ 8 billion in emergency funds to cover withdrawal requests.
