According to recent reports, FTX has been hit by rogue transactions. Analysts reportedly saw over $600 outflows from the platform. The company filed for bankruptcy on Friday, after traders rushed to withdraw $6 billion and the rival company Binance rejected a proposed rescue deal. Read the entire article to learn more about this news piece
About the crisis
FTX Chief Executive John J. Ray III said on Saturday that the company was working with law enforcement and regulators to mitigate the problem, and was making “every effort to secure all assets, wherever located.”Bankman Freid has also been under the radar and has been the subject of speculation. According to Reuters, he told them that he is in Bahamas, thereby denying any reports saying that he had flown on a private jet to South America.
Crypto exchange Kraken said: “We can confirm our team is aware of the identity of the account associated with the ongoing FTX hack, and we are committed to working with law enforcement to ensure they have everything they need to sufficiently investigate this matter.”
“We believe cryptocurrency markets remain too small and too siloed to cause contagion in financial markets, with an $890 billion market cap in comparison to U.S. equity’s $41 trillion,” Citi analysts wrote.”Over four years, FTX raised $1.8 billion from venture capital and pension funds. This is the primary way financial markets could suffer, as it may have further minor implications for portfolio shocks in a volatile macro regime.”
About FTX
For people who do not know much about FTX, this article will give you all the necessary information about it. FTX is a crypto exchange that has been built by traders for traders. This platform aims to cater to all traders. It means that it is a platform for the ones that have been in the field for long and the others who are comparatively new and are in the learning stage.
About Binance
For people who do not much about Binance, this article will help you learn all about it. The company holds the belief that everyone should have the freedom to earn, save, spend, and give their money as and when they like. The background and the identity of people do not have to play a role in this matter. The company aims towards increasing the freedom of money on a global basis which will play a significant role in bettering the lives of people in all corners of the world.