To The Moon

Recently, cryptocurrency continued to crash due to the crisis of FTX. The value of the FTT and capital of founder Sam Bankman-Fried all vaporated.

Behind this tragedy, it's the battle between the industry giant and the nova.

Binance is the largest exchange in the world in terms of daily trading volume of cryptocurrencies.

FTX is also an extraordinary player in the crypto industry. Since its launch in 19, FTX has gained the favor of Temasek, Softbank and many other institutions. This summer, FTX acquired several cryptocurrencies in deep crisis, acting as the lender for the cryptocurrency community.

The story begins

• 1. On November 2, an article from CoinDesk revealed that

on the balance sheet of crypto trading giant Alameda Research (founder Sam Bankman-Fried), the largest assets are on the FTX platform digital token FTT, developed by the same founder. SBF already holds 70% of the FTT in circulation.

In other words, Alameda and FTT basically live and die together, and is likely to fall into the same liquidity crisis as luna, causing an uproar.

• 2. On November 6, Binance was said to be liquidating 2,300 FTT tokens, and FTT fell.

• 3. On the evening of the 6th, Alameda said that the balance sheet rumored on the net was incomplete and that the company had more than $10 billion in unlisted funds.

• Then, Zhao Changpeng of Binance said: I want to sell all FTT
• Alameda CEO responded: If you want to sell, then I'm willing to pay $22 per unit to buy it all.

But the market was very skeptical that FTX have so much money. Panic quickly spread. In just two days, nearly $1 billion in assets flowed out.

At the same time, a large number of speculators also poured in, and Alameda tried to keep the price of FTT. the founder of OK Group also hoped that Zhao Changpeng would consider stopping the sale of FTT:

If FTX unfortunately becomes another LUNA, then no one, including Binance, can benefit from this accident.

The story ends...

• 4. On November 8, FTT fell from $25.9 to $17.97, a drop of more than 30%.

SBF had no choice but to sell Alameda to Zhao Changpeng, who announced that he accepted cryptocurrency exchange FTX's request for help and planned to buy FTX completely to help it survive the run.

• 5. On November 9, Binance announced that he won't acquire it.

After doing its due diligence and in light of news that FTX had allegedly mishandled customer funds and was under U.S. regulatory investigation, Binance would not move forward with plans to acquire FTX.

With the above news, losses in cryptocurrencies intensified.

Bitcoin fell 15.31% to a new low since December 2020; Ethereum fell as much as 18.39%; and the 24-hour drop in FTX token FTT was more than 40%.