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This "FTX 2.0" could find a way to incorporate FTT, further boosting the token's price. Even in traditional markets, speculators often gamble on bankrupt stocks hoping to make a tidy profit, ...
FTX Trading Ltd., trading as FTX (Futures Exchange), [5] is a bankrupt company that formerly operated a cryptocurrency exchange and crypto hedge fund. [6] [7] The exchange was founded in 2019 by Sam Bankman-Fried and Gary Wang and collapsed in 2022 after massive fraud perpetrated by Bankman-Fried and his partner Caroline Ellison forced the company to file for Chapter 11 bankruptcy.
Eventually, the price of an FTT token rose to $50, a boon for Alameda. SBF told Ellison that the company should start putting the value of Alameda’s FTT holdings on its balance sheet to help it ...
[32] [31] The sale of Binance's holdings in FTT, compounded with the low trading volume of FTT and the enmity between Zhao and Bankman-Fried, resulted in the price of the token plummeting. [33] [34] [35] Binance had received FTT from FTX in 2021 during a transaction in which FTX bought back Binance's equity stake in FTX. [36]
In November 2022, Binance CEO Changpeng Zhao revealed on Twitter that his firm intended to sell its holdings of FTT, FTX's token, [69] which triggered a spike in customer withdrawals from FTX that FTX was unable to fulfill, much like a bank run. [70] [71] Binance received $529 million worth of FTT as part of a sale of its equity in FTX in 2021 ...
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