Was FTX teetering?

NEW YORK – When his cryptocurrency exchange started teetering in early November, Mr Sam Bankman-Fried went on Twitter to calm everyone down. FTX wasfine, he insisted. Nothing to worry about.

Why did Bankman-fried sell FTX?

The fall of FTX and, ultimately, Bankman-Fried, can be traced back to the liquidity critics of the FTT token and his trading firm, Alameda Research Company. Reuters reported that Bankman-Fried moved up to $10 billion in FTX customer funds to Alameda, whose assets were primarily held in the FTT token.

Which cryptocurrencies have been affected by the FTX bankruptcy?

Genesis Global Capital, the Gemini crypto exchange, and BlockFi, a crypto lending platform with significant exposure to FTX , have all been affected by the FTX bankruptcy. The lending unit of cryptocurrency investment bank Genesis suspended redemptions and new loans due to the collapse of FTX on Nov. 16.

Did you know FTX owns a lot of FTT tokens?

But the customers didn't know those tens of millions of tokens weren't widely distributed, which is key in having a market determine the price or value of any currency. In fact, a lot of FTT belonged to FTX and its affiliated companies, and Bankman-Fried's hedge fund, Alameda Research.