As I commented in the previous post https://www.publish0x.com/thranax/ftx-sparks-fear-bitcoin-drops-to-19-dollars-000-cents-xgjnwyr In the chaos of the cryptocurrency industry, the recent case of FTX exchange affects more than just traders and small investors. Large corporations and foundations have also been caught in the crossfire and have lost millions of dollars. The list of investors who have financed the stock market, headed by Sam Bankman-Fried, is long and includes some of the most prestigious companies in the world. Among them, cases such as VanEck stand out, which has its own Bitcoin exchange-traded investment fund (ETF) or the Coinbase exchange house.
In July 2021, these were some of the participants in a record funding round for cryptocurrency companies. In this round, FTX raised $900 million with the participation of Japanese conglomerates SoftBank, Paradigm and Ribbit Capital. In other rounds they have participated, e.g. BlackRock, the world's largest asset manager; Circle, the company that launches the USD Coin (USDC) stablecoin; o Binance Labs, the investment arm of Binance, which the exchange has now agreed to buy FTX.
FTX and the response of its CEO
The FTX crash has been going on since last weekend. Rumors that the company could go bankrupt prompted Binance to sell units of its FTX Token (FTT) exchange token. This caused its market capitalization to shrink and even received a response from Bankman-Fried, who accused Binance of unfair competition. However, when the two exchanges reached an agreement, the CEO of FTX was aware of their liquidity problems. Now, according to multiple Twitter sources cited by The Block, Bankman-Fried sent an email to his investors apologizing for not contacting them sooner. However, he will insist that he still has no answer as to what will happen.
The impact of FTX on the cryptocurrency industry
As several analysts on the social network pointed out, the situation is very delicate. They even consider it worse than the collapse of Terra or Celsius, the size and impact of FTX.
In fact, investors even include pension funds, such as the Ontario Pension Fund or American football player Tom Brady and his now ex-wife, model Gisele Bundchen. Trust FTX investors as it is a trustworthy company and appears to be a safe investment.
Recall that FTX has positioned itself as one of the largest exchanges on the planet and until recently it was the third largest cryptocurrency exchange.
According to CoinMarketCap, FTX currently ranks fourth among exchanges. It has moved more than $4 billion in the last 24 hours and is visited by more than 2 million per week.
