Fall Of FTX Exchange, So Much For A Decentralised Currency.
A Billionaire named Sam Bankman-Fried, known by SBF went bankrupt.
He was the CEO of the FTX exchange. He made a lot of wealth through his Crypto exchange FTX. Like every crypto exchange company, he also made his Platform token named FTT.
It is not too long before SBF was listed on the Forbes billionaires list, making a net worth of $17 billion, and His Crypto exchange was directly competing with the largest crypto exchange Binance.
His fall began when Binance CEO Zhao tweeted that he would pull his $580million of FTT. He stated in his tweet that, seeing the current volatility in crypto and the fall of many coins, he is not feeling well about FTT, and he will sell a proportion of it and he did sell a proportion.
The Very next day, after Binance Ceo Zhao tweeted FTT token went below 20%, Sam assured his investors that he would balance it through his wealth from Almeda’s research, but things didn’t go well as in his tweet. The next day after his tweet FTT token went below 80%, which caused a lot of tension and insecurity. It is one of the greatest falls that ever happened.
The reason FTT went down to 80% is binance CEO Zhao, His tweet caused a lot of tensions among people. This was never expected by the FTX. FTX was also having internal problems. Many of the company workers were leaving it. It was already under investigation that maked the Binance Ceo Zhao worry and he tweeted that he will take 1/4 of his FTT share, and his single tweet flipped his whole company. So much for a decentralised currency.
Things went insane, and he tweeted about these and said to his investors that he is sorry about all this mess, he never expected this to end like this, and that I fucked up and again sorry.
The fall of FTX Exchange has caused a lot of tension and disbelief in people about crypto. Crypto was already at its bottom and has been having bad days since the beginning of 2022. People have already lost a lot in crypto, and now this. People are so afraid, and I have seen many videos in which many investors were talking about taking whatever is left of their crypto account. Anyone would like to do this after this much drama happening around.
People need to be aware of things and not to dive into something without being fully prepared for it and understanding. If you are diving into something, let’s consider crypto — make sure you study it and use a limited fund that will not make you sad, even if you lose all of that. People have lost their hard-earned money. Many people made losses, and many are my friends. Some are sad, and some are busy taking their anger out on social media.
People believe that crypto is a decentralised currency. What do you think about it now? Does it sound like a decentralised after this much drama going on?
Isn’t this decentralized crypto is controlled by big guys like elon musk and CZ. Whenever they make a tweet about any coin then that coin goes berserk.
We need to stop believing in whatever we see on our screens. Manipulating has become so easy in this world.
Crypto is really not for small fries.
Peace out.
