These Coins Have Been Rallying During the FTX Crypto Crash – Here’s Why
Cryptocurrency prices plummeted amid reports of FTX's bankruptcy. During the last week, there was a precipitous drop in cryptocurrency prices after news broke that FTX had filed for bankruptcy. As a result, numerous crypto firms are now unstable, and broad skepticism of the technology has been sown.
Sam Bankman-Fried, a cryptocurrency billionaire, went from industry hero to villain in the span of a week, losing the vast majority of his fortune when his $32 billion company went bankrupt and drawing the scrutiny of the SEC and DOJ.
Mr. Bankman-empire Fried's crumbled last week when a run on deposits left his crypto exchange, FTX, with an $8 billion shortfall, prompting the firm to file for bankruptcy. He had been compared to financial tycoons like John Pierpont Morgan and Warren Buffett.
Mr. Bankman-Fried, 30, has not said much publicly in the last week outside of a few tweets, comments to colleagues, and random texts to reporters. Numerous regrets for FTX's demise were expressed in the interview he gave on Sunday.
However, he was reluctant to elaborate on the most pressing issues surrounding him, including whether or not FTX inappropriately utilized billions of dollars in customer funds to prop up Alameda Research, a trading firm he co-founded.
Both the DOJ and the SEC are investigating the nature of that connection. Mr. Bankman-Fried stated that Alameda had built up a sizable "margin position" on FTX, which essentially means that it had borrowed money from the exchange.
As a result, the FTT price has plummeted by more than 93% in the last week.
The current FTX Token price is $1.61, and the 24-hour trading volume is $137 million. FTX Token has increased by over 2% in the last 24 hours. CoinMarketCap now ranks #209, with a live
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