Just few days ago , the CEO of the FTX.com exchange was assuring its users that the exchange was fine, the capital was fine and bankruptcy possiblity, which is starting to spread on Twitter, are just false rumors fueled by the competition. Today we already know that CEO Sam Bankman-Fried, also known as SBF, lied -⁠ the stock exchange announced that it filed for bankruptcy protection in the state of Delaware under ch. 11 of the Bankruptcy Act.

The bankruptcy announcement is most likely also news of FTX's failure to find an investor to "fill the hole in the budget". After the exchange ran out of liquidity and was forced to stop user withdrawals from the exchange , FTX management reportedly sought the missing billions from venture capitalists,  OKX exchanges,  and  Binance , which even signed a takeover and acquisition plan with FTX , but ultimately backed out of the tentative agreement, and also at Tether, the issuer of the largest stablecoin USDT.

Selected users get their cryptocurrency back

A few hours before the publication of the bankruptcy filing, the last hope spread through the crypto community that Justin Sun , the billionaire behind the Tron (TRX) blockchain, could perhaps help the exchange . This report was soon debunked, but Justin did help some FTX users. He posted on his Twitter that holders of TRX , BTT , JST , SUN , and HT tokens will be able to withdraw these assets from the exchange. This caused an immediate several-fold increase in the prices of the mentioned cryptocurrencies on the FTX exchange. Therefore, if someone who did not previously hold them bought them after the announcement, they would buy them at a price 5-10 times higher than on other exchanges, and thensold at a loss of up to 90% .

Other exchanges are responding. Which can we trust now?
The FTX issues have touched the entire cryptocurrency world. Solana (SOL) , which has the second largest share in Alameda's portfolio after FTX Token (FTT) , has written off around 50% in recent days. Although it is not entirely to blame, its reputation has been greatly shaken, and for the foreseeable future, perhaps even several years, we will most likely hear about it mainly in connection with the claims of creditors and the decisions of the courts , which will determine what happens to the tens of millions of coins that Alameda left on your balance sheet.

The crypto community has become concerned about how other exchanges handle their customers' deposits . There is no doubt that now there are larger than usual withdrawals of capital from all exchanges, and for example , BlockFi , a platform for loans and interest in cryptocurrencies, has already stopped withdrawals due to the uncertain situation. Binance was one of the first to respond to questions, which clearly published a list of the addresses of all its wallets for the 6 most important cryptocurrencies. They hold 475 thousand. BTC , 4.8 million ETH , 58 million BNB and stablecoins BUSD (21.7 billion pieces), USDT (17.6 billion pieces) and USDC(601 million pieces). It also increased its Contingency Fund to $1 billion.

The strictly regulated American Coinbase also assured users of the coverage of user deposits in a ratio of 1:1 . Adherence to good practices is also transparently demonstrated by the Kraken exchange . On the contrary , some traders began to doubt the KuCoin exchanges and especially Crypto.com .

Crypto.com is being heavily and expensively marketed (eg just as FTX bought the naming rights to a multi-purpose arena) and unconfirmed rumors are starting to surface that the company had financial exposure to FTX. Nevertheless, the director of the stock exchange promised to publish the audit of financial reserves, but within a few weeks. The reason for the slow execution is said to be the fact that Crypto.com holds dollars in the form of fiat currency , not stablecoins.