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How Sam Bankman got Fried Hi Traders, Investors and Speculators 📈📉 Losing $22 Billion in one day is probably a record for the books. Let's take a closer look at the Sam Bankman-Fried story... At 30, SBF is(was) the youngest billionaire in the US. In 5 years, he managed to start the fastest growing DEX (FTX), as well as Alameda Research. He is also well connected. VERY well connected, with political ties to big names such as actors including Tom Brady, Naomi Osaka and financial institutions including Coinbase Ventures and Binance Labs. So how is it then that he got burnt and lost it all overnight? Let's take a closer look at the intricacies. First, let's take a closer look at just how big and interconnected FTX really was: 💰 44 Active investors deposit $1.8 Billion in just a year 💰 Celeb Ambassadors including actors such as Stephen Curry, Tom Brady and Naomi Osaka ...hopefully we've learnt our lesson about trusting actors on crypto with Matt Damon on BTC and Ashton Kutcher with his XRP endorsement right before major crashes.... no? 💰 FTX has a combined value of $40 Billion in 2022 💰 FTX sponsors Mercedes in F1 💰 FTX sponsors Major League Baseball, FTX printed on all shirts (guess who's getting a new wardrobe...) 💰 Fortune Magazine Face - "Next Warren Buffet" After the SEC forced shutdown in 2018 of crypto exchange broker 1Broker, many crypto moguls decided to take their companies elsewhere. This is also true for Sam, who decided to open FTX in Hong Kong later moving to Bahamas, away from the restrictions and regulations of the US. Binance followed a similar path, later moving it's company from China to Cayman Islands. SBF continues to keep favor with the US as he makes large contributions to Joe Biden's campaign, over $11 million. He reportedly spent over $47 million supporting democratic political campaigns. SBF networking progresses and he often testified to congress about how crypto regulations should proceed, even though he moves his business to the Bahamas (not the US). He positions himself as the voice of reasoning for the future of crypto regulations. During 2021, SBF reaches the peak of his wealth and fame. He nd 9 other youngsters are leading the FTX empire from the penthouse in the Bahamas. Some say he became overconfident, others say he was sloppy. It seems as though the start of his downfall was due to Rival, CZ from Binance. Back in 2019, CZ hinted on Twitter that SBF was involved in an attempted attack on Binance futures platform. CZ later drives down the price of FTT by publicly stating their exit from FTX after "certain revelations came to light". SBF responds with a tweet "you won, well played". When the bear market arrives late 2021, SBF is portrayed as a saint as he "invests hundreds of millions" in companies such as BlockFi, Voyager and Celcius whilst they face liquidity problems. A research report from September 2022, reveals a different story. He, infact, invest miniscule amounts or even nothing at all to help these companies! But this article does not make headlines, yet. Then a whistle blower breaks the news - Alameda Research uses $10 billion of customers FTX funds to make a risky investment, which is totally illegal. This is the complete opposite of the terms and conditions on his website as well as the opposite of what he said to Congress during his talks about how regulations should be. This is where the saying "not your keys, not your crytpo" shines. Crypto users and SBF fans are heart broken... How could he?? The final blow: Recently, continuous rivalry on crypto twitter between CZ and SBF fuels the price drops on FTT as CZ claims to sell all remaining tokens. Alameda Research (one of the 9) jumps in and claims to "buy back" whatever CZ has left to sell. But then, another stroke of bad luck - the balance sheets of Alameda Research leaks. As it turns out, they have NO liquidity, especially not enough to make any FTX buyback. And so, overnight, the price drops a whopping 89% and there goes most of SBF's wealth. Final Thoughts... If you're smart enough, have the right support structures and a great PR team, you can grow your fortune with fake virtue signaling. Infact, many philanthropes ( unlike Jeff Bezos 's ex wife whom you probably don't even know about ) will only donate when the camera's are on. They also ensure that they are highlighted as kind hearted saints by the media. They do whatever it takes to hide all the corruption and money laundering behind the scenes. SBF was portrayed as the humble, young billionaire face op crypto, and everyone wanted him in their corner due to his trading brilliance and profitable partnerships. Sometimes, however, when the bad deeds start outweighing the good ones exponentially, it becomes increasingly hard to hide the true events from the public .It has, somehow, come to light that instead of being a humble and charitable public servant, SBF was the leader of a group of kids living the highlife in a penthouse in the Bahamas. Misusing funds for corruption and illegal activities including but not limited to money laundering. And so came the fall of Sam Bankman Fried. His downfall involves deception, illegal activities, large political contributions and the misuse of customer funds. It is noteworthy that most of his wealth was in FTT, native crypto to FTX decentralized exchange (DEX) . 💭...This is no uncommon thing. Many people do the same illegal stuff, probably even on a larger scale but somehow, SBF got burnt. You can't help but wonder... Who Fried Sam Bankman ? _______________________ 📢Follow us here on TradingView for daily updates and trade ideas on crypto , stocks and commodities 💎Hit like & Follow 👍 We thank you for your support ! CryptoCheck
FShort
by CryptoCheck-
127
FTX - A Failure of Crypto, or Fiat?Binance recently announced that they will not be going forward with FTX's bailout - so the future of the company and its holders still hangs in the balance. (The FTT token has been removed from this site since, but last I checked it was down 95%+.) Is this the "end of crypto"? Well, not quite - MATIC, ATOM, DOGE, ETH, LINK are still in up in the last 6 months, despite the recent drop, highlighting the fact that the fact that the appetite for taking bets on the crypto market is still there. Given that the recession woes are still there, many are likely still on the sidelines waiting for the market to bottom out before deciding to get back in. The downturn was expected, but it's also possible to make the argument that the industry is still doing better than expected. Here's the tricky part: the FTX scandal is triggering for a lot of people in finance because FTX had their hand in basically everything: crypto, fiat, regulators, celebrities, political parties (SBF and his families have strong ties to the Democratic Party, as records show), the media, and the banking system - both old and new. Unlike previous scams/scandals (e.g. Mt. Gox), FTX had the buy-in of mainstream money and institutions (including regulators) which also calls into question the effectiveness of the institutional safeguards as well. Who's fault is it? There's likely going to be a lot of finger-pointing in the upcoming months as the mess gets sorted out, but the question for investors right now is whether or not the market is going to see this scandal as a failure of the industry, or a failure of the regulatory framework that currently exists. So far, the results are still unclear. The irony of the FTX scandal is that these were the sorts of problems that crypto set out to fix - had they used crypto for its intended purpose (on-chain governance, transparency in their financial records and dealings), it's very likely that these issues would have been caught way earlier before it became too late. Some will leave, some will stay, but the ideal outcome to come out of this scandal would be for the people themselves to demand higher standards in accounting and fiduciary duties.
Long
by RyanTanaka
The FTX Implosion (A brief overview)FTX Token (FTT) WAS a beloved cryptocurrency for traders with just under 30,000 total addresses holding the token. Sadly , over 3 years, grew to a market cap of over $3,000,000,000 USD. The FTX Token was proving itself useful for traders all around the world. HOWEVER..... FTX halted withdrawals following reports that it used customer funds on risky investments that left the crypto exchange in a deep hole. FTX has NOW filed for bankruptcy , which means anyone who can establish that the company owes them money will have to get in line to request repayment. How did it all unfold? - On 6th November; Binance CEO announced that he was selling his holdings of the FTX token (approx $530million worth). Alameda offered to buy the Binance CEO's share at $22 each, which saw the price fall slightly from $24 to $22. - 8th to 9th November; Binance went from announcing an intention to buy FTX (subject to due diligence) to stepping away from the deal, just hours of checking its accounts. Within the day, FTT cascaded from $22 to $2.36, as the SEC and CFTC begins its investigation of FTX and Alameda. - 12th November; Between $1 to $2 billion in funds from FTX customer accounts have gone missing, with messages indicating that FTX has been hacked. Currently - Bahamian regulators freeze assets of FTX. - Alameda is being wound down - FTX files for bankruptcy Unfortunately, this FTX implosion has reignited the call for more regulatory oversight in the crypto markets, to address the current systemic risks.
F
by JinDao_Tai
🔥BREAKING: Binance will delist all FTX pairs❗ Strange decision.🔥 Hi friends! Binance will delist all FTX trading pairs: FTT/BNB, FTT/BTC, FTT/ETH, FTT/USDT. It is a strange decision for Binance CEO, because the company still not delist Luna and Luna2(LUNC) which was scammed and haven't enough reserves to recover. Investors lose almost $40B in Luna and USDT. Only Binance exchange lose $1.6B invested money. ✅ The same situation with FTT (FTX token). FTX echange announced the bankruptcy and literally scamed and Binance will delist it. We don't already final amount of money what investors and Binance lost, but I think this numbers is really close. Previously, CZ said that Binance gad going to sell $580M in FTT. 📊 WHAT IS GOOD FOR BINANCE IN FTX CRASH❓ Binance become only BIGGEST exchange on the market, because FTX was it closest competitor. The most money from FTX flows into Binance. 🚩 At the last online meeting CZ said that if they could solve the problem of how people store their crypto in their wallets, it would be a big boost for DeFi and the entire crypto industry, for the mass adoption of crypto and that he would not mind if centralised exchanges ceased to exist❗ Also, importantly, he said that they are now very actively investing in DeFi. I have to add, that a lot Binance or related to Binance projects can copy TWT token chart and starts to grow. I leave here the list of most promises tokens for you: 🔥 BNB 🔥 TWT✅ 🔥 CAKE 🔥 LINK 🔥 1inch 🔥 XVS ✅ Traders, was it idea usefull for you? Which coins of Binance seems next gainers to you? Write your thoughts in the comment! 💻Friends, press the "boost"🚀 button, write comments and share with your friends - it will be the best THANK YOU. P.S. Personally, I open an entry if the price shows it according to my strategy. Always do your analysis before making a trade.
by Yuriy_Bishko
10
🔥 Future FTT price FTX token under threat 👇Why the FTTUSDT price directly depends on the result of the "showdown" between Binance CZ CEO and Sam Bankman-Fried with FTX ? On 06.11 evening, the head of Binance published a series of tweets in which he wrote that Binance as part of a strategy to exit investments in FTX received $2.1B in BUSD and FTT. And due to "unethical" actions, Sam Bankman-Fried plan to sell their stake in tokens FTT of $ 600M within 1-2 months on the open market. CEO at Alameda Research, Caroline Ellison, has publicly called for CZ to sell all FTT tokens at $22 to reduce the market impact on the FTX exchange's native token rate. The current showdown between owners of major cryptocurrency exchanges is happening when the cryptocurrency market is "fragile" and tough regulation from the U.S., including DeFi market, is still looming. Sam Bankman-Fried with FTX has taken a proactive regulatory stance, trying to significantly limit the rights and freedoms of DeFi protocol creators so that US users / other territories with strict laws cannot use DeFi infrastructure. And the winning side of course would be centralized exchanges a-la FTX. He also hinted in one of his tweets that he lobbies for interests in Washington, and for the head of Binance - entry to those chambers is closed, which has caused the current CZ / FTX / Alameda feud. The principle of the current actions of the head of Binance is quite simple - collapsing quotes FTTUSD. Also actions CEO Binance causes a mass "flight" from the exchange FTX in its favor, and also many lenders may withdraw their loans from FTX, due to the depreciation of collateral in the FTT. Better that CZ / FTX as soon as possible stopped this "war" because such a battle will not only hurt the price of FTT or the exchange FTX, which is being abandoned by the traders and their liquidity. A lot more crypto community participants are likely to suffer. Because in such a weak crypto market, coins with smaller liquidity and capitalization can go down very, very hard, and almost all of us have them. If we look at the global chart of the FTTUSDT price, it becomes clear why the price of $22 per FTT is critical. Below you can see the liquidity level is only about $10. In general, the strong liquidity area where "big money" was taking a long position is in the $2.5-4 range. We don't want to see another collapse like with "Luna". We hope for a quick and peaceful outcome of this conflict, but each participant in the crypto community should make conclusions for themselves. _____________________ Did you like our analysis? Leave a comment, like, and follow to get more
F
by P_S_trade
25
BTCUSDT | Goals for next week.Hello trader Today I have prepared a new idea for you. Like and subscribe to the channel there is a lot of useful information✅ Weekends are boring as always, we are waiting for the opening of all markets tomorrow. If we talk about the bitcoin chart from the technical side, then we are holding in the range of $17,000-16,350, forming a structure for a further level of support and resistance. The question is how long will we be kept below $17,000 because everyone already wants a strong increase, right? I think we will still go through $16,000 and make a DD on 12H and then I expect a take-out towards $18,000 (my first take profit), then we will act according to the situation. Now we are in a strong manipulation zone, people are waiting for the price to drop even lower in order to buy and enjoy life, but let's think together, the market always works the way we think? I think no. And then inexperienced traders start buying in a panic, watching the rocket fly away without them. By the way, I'm in LONGE!
Long
by DanilBlinkov
DefiLlama: Total Value Locked by Protocols"Exchange is not your wallet". "Not your keys, not your coins" Despite the strong turmoil due to the FTX crash, DeFi dApps (Decentralized Finance applications that run on blockchains) remain intact, at least for the most part. And given this bad context of the crypto market, it is worth noting that Dexes (decentralized exchanges) and Landing Protocols have proven to be much more resilient and secure than centralized exchanges, since the former have a more open administration and a source code that can be accessed and audited. On the other hand, centralized exchanges are a black box, and at this delicate moment, there are doubts if they really have enough balance to honor all withdrawals. DefiLlama TVL (Total Value Locked) The graph presented here shows the monetary values ​​locked in the main dApps, also called protocols. What the graph indicates is that the DeFi ecosystem remains intact, and so far the application that has suffered the most withdrawals and losses has been Mango Markets, which runs on the Solana blockchain. Due to the Alameda/FTX contamination, some Solana dApps may suffer more. The worst case scenario in case of eviction According to DefiLlama, the total amount locked in DeFi is $76.13b. Doing a very quick baker's account with approximate values: + Total TVL: $76,000,000,000.00 - FTX Leak: $10,000,000,000.00 - Investments by Alameda/FTX in Solana and some dApps: $6,031,139,675.00 ------------------------------- = $59,968,860,325,000 (-21%) So, if the market drops more, we could have a drop of another 21%, distributed among these protocols. But, again, this is just a quick calculation and could be wrong, and it is not investment advice. Final word This will be a time of consolidation, in which ecosystems with solid governance will prove their worth and emerge from this crisis even stronger.
DEFILLAMA:AAVE_TVL
by andre_007
FTX is Just Another Market Correction: Liquidity and RegulationsI'm sure you've probably already heard the news about FTX so I won't cover everything - but there's a few things we might expect, longer-term, from the scandal this week. - More Regulations: This incident embarrassed a lot of powerful people as well, so the likelihood of more substantial regulations coming down the pipe is now much higher. - Increased Liquidity: Lots of people are pulling money outside of crypto right now, which explains why the prices have dropped so much this week, as a whole. (Especially Solana, which took an outsized hit compared to the rest.) But the money is still there - some will leave, but some will come back...hopefully with better research. It may present an opportunity for smaller alts to grow after the dust settles. The crypto ecosystem has gone through a few exchange collapses already (ex. Mt. Gox) so crypto itself will still continue to press on. But I fully expect for more stories like these to unfold as we head further into the recession - the money printer has run out of ink, after all.
Long
by RyanTanaka
6
FTX and the end of an eraThe fall of FTX will go down in history as something similar to the crash of 2008. On Friday, 11/11/2022, a court-supervised reorganization was requested, the first step towards filing for bankruptcy. In this chart, we can see the balance of assets belonging to the hodlers of the FTT token, used on the FTX exchange. Surreptitiously, on September 26, someone with inside information already knew the boat was going to sink. And these managed to get a lifeboat before everyone else... This can be proven by comparing the same type of chart in other cryptocurrencies, where nothing absurdly out of the ordinary is noticed: BTC ETH AAVE ADA BUSD (Binance) COINEX Curve dYDX GUSD (Gemini) HT (Huobi) HUSD (Huobi) KCS (Kucooin) CRO Polygon Magic Internet Money OKB (OKX) QuickSwap (Polygon) USDC USDT ------------------------- Another indicator that demonstrates the problem to come is the Volume of transactions with a value of $100,000 or greater in USD . On FTX’s FTT token, there was a strangely unusual volume, ahead of other cryptocurrencies: FTT BTC ETH USDC (note that high volume happened just days later, in the desperation of multiple withdrawals and moves) ------------------------- The Amount of asset held by Whales is another indicator that I bring here to compare some exchanges, but not all of them are available. FTT (FTX) BUSD (Binance) (this information does not exist for BNB) Coinex CRO dYDX GUSD (Gemini) HT (Huobi) (⁉️) HUSD (Huobi) KCS (Kucoin) OKB (OKX) USDK (OKX) Uniswap Better times will come.
INTOTHEBLOCK:FTT_HODLERSBALANCE
by andre_007
FTT short squeeze soon.Hi Traders, Just as we saw with LUNA and other major crashes the short squeeze prior to another major dump is how the market moves. CZ still has his bag to sell and i'm sure has no problem with a minor pump and dump to clear the massive build up of leverage shorters and unload his stack. IF i was sam or any other MM this would be the same thought on my mind. I spotted LUNA's short squeeze and this looks just the same. 0.50-$7 You must set the sell orders for the long position ahead of time as its unlikely unless you are 24/7 watching price to catch the very quick move. Target areas are $4-5 and also $7-9 This is a low leverage play (i'm in from 2.70 12x) Goodluck, Assetmastery
FLong
by AssetMasteryandInvesting
1
🔥-35% OR +35%: the main trading plan for RIPPLE❗🔥Hi friends! Ripple is make a pullback to the closest value area of $0.27-0.34, where a lot of whales accumulate it's long trades. Price made a rebound by +25%. Seems like a lot of traders got the liquidations and sell their crypto in loss. But 30-40 min ago was released the news about the $10-50B loan of Alameda (FTX fund). 🚩 Also the CEO of Binance CZ made a statement before: this crisis in the crypto industry is similar to the financial crisis of 2008. Crisis could lead to the collapse of a number of companies in the coming weeks. SO we should expect the HIGH VOLATILITY AT THE MARKET AND GREAT OPPORTUNITIES FOR TRADERS. ✅ TRADING PLAN FOR XRP I show you 2 trading plans that allow you to make a profit no matter whether the price is falling or rising. SHORT PLAN 📊 The main preconditions to open a short: 🔥 close below the key level of $0.31 🔥 test this level as the resistance 🔥 huge sell orders during the test. I prefer to use DOM and Footprint to identify the real whales orders, but you can use simple volumes at the exchange ✅ The targets for short: 1. $0.27 - the lower boundary of closest value area 2. $0.22-0.24 - the next value area LONG PLAN 📊 The main preconditions to open a long: 🔥 squeeze to the local trendline (you can identify it on lower tomeframes such as 1-4h) 🔥 false breakout before it and return od XRP to the trendline will give you fdittional confirmation that bulls support the price 🔥 huge volumes/buy order to buy on sclaping indicators such DOM and Footprint, which help you to identify the biggest one ✅ The targets for short: 1. $0.42 - the mirror level 2. $0.51 - the key level and strong resistance 3. $0.56 - the key level and local highs 🚩 I recommend you to book the profit partly , because in any case the market can make a rebound and you don't get the profit at all. 📊 I think this weekends will be "EXTREMELY FUN", so stay tuned and remember about risk management❗ What do you think the next crypro market and RIPPLE movement? Is it 12k or 20k for BTC soon? Write your thoughts in the comments! 💻Friends, press the "boost"🚀 button, write comments and share with your friends - it will be the best THANK YOU. P.S. Personally, I open an entry if the price shows it according to my strategy. Always do your analysis before making a trade!
by Yuriy_Bishko
4
FTT FALL AND GOLD RISEFTT has fallen by 90% ... the entire crypto market is falling. And gold is growing. Why and how is this related? Chronology November 6 : An analyst under the pseudonym Lookonchain noticed that 23 million FTT coins (about $530 million) were transferred from a "cold" wallet to the Binance exchange. Only one person (with the exception of Alameda itself) had such a large stock, so there could be no doubt about it. It was CZ. Actually, he did not hide much, confirming with a slight delay on Twitter that he decided to sell these shitcoins to FTT . After that, a series of news came out confirming the presence of big problems at Alameda. The founder of Alameda started looking for funds because the company started having liquidity problems. And even Binance did not dare to help Alameda. On this news, the entire crypto market began to fall rapidly. People started selling cryptocurrency and tried to withdraw money. Just at this time, a record was set for transactions with stablecoins. People wanted to protect their funds, but where to invest their funds now? Gold Gold has historically been considered a lifeline for investors. In times of crisis, gold has always been considered the tool that can save you from losing money. On November 3 , gold began its growth. To date, the growth has amounted to 9%. What does it mean? The crisis continues, bitcoin has been falling for a year. November 10, 2021: $BTC 69000$ November 10, 2022: $BTC 15600$ All problematic companies close down and accelerate the decline of the crypto market. The bottom is not visible yet. Be careful, especially if you decide to open long positions.
OANDA:XAUUSD
by UnknownUnicorn15614419
8
🔥SAM BANKMAN-FRIED: how to become a millionaire❓Chinese recipe❗🔥Hi friends! This is an urgent update for ALL traders. Alameda Research (Sam Bankman-Fried fund), which is an FTX exchange fund, has a large amount of altcoins on its balance. A massive sell-off could happen very soon if the situation does not stabilise. ✅ Also it's a great opportunity fot the traders. 📊 HOW TO BECOME A MILLIONAIRE FOR 1 DAY? SBF CASE! The Bloomberg Billionaires Index has been updated, according to which FTX CEO Sam Bankman-Fried's (SBF) net worth is now $992 million, up from $16 billion yesterday. SBF become a millionaire, but still the multi-millionaire!:) ✅ As far as you know, CZ tweet about FTX token (FTT) force traders to withdraw their money from FTX exchange. This forced CEO Sam Bankman-Fried to start negotiation on selling the exchange due to the risk of bankruptcy. 🚩 ‼️ It is possible that Binance and CZ itself will face legal issues, because many traders lost money because of such "manipulations". More details later. 📊 THE POSSIBLE HUGE DUMP OF ALAMEDA'S ALTCOINS! Alameda Research hold almost 41 crypto coins as FTX echange reserves. If the withdrawal from FTX continues, they will be forced to sell some holding to cover the losses and allow the traders to withdrawal money. 🔥 This is a list of tokens and coins (>$100,000 assets) that can be sold by ALAMEDA in the closest future. 🚩 Such situations is always the opportunity for the well prepared investor or trader. So if you find the best entry point to long or short, the price will FAST reach your take profit on such volatile market. 📊 SOLANA IS UNDER THE BIGGEST PRESSURE! Approximately $320m in Solana tokens could take Alameda Research out of stacking in the next 24 hours. This is approx. 18 M of SOL. Be carefull with this token. 🚩 As far as we know, there are a lot of news that force retail traders to sell while the whales continue to buy. I use DOM and Footprint sclaping tool to track such whales buy/sell orders and share this data with my subscribers. According to this data I will decide to long or to open a short the alts or BTC. 📊 TECHNICAL ANALYSIS ON FTX CHART Now FTT fall for almost 97% from the ATH. The traders in such situations say that the chart is "broken". But I marked 2 value areas for you: 1. $22-33 value area where a lot of tokens were bought and IF price return to this area, a lot of traders/investors will sold their tokens at the breakeven. So we can assume that it will be BIGGEST resistance for the price. 2. $3.4-4.5 very old value area which become the support for the price and already bounced to $5. If everything going OK to FTX and it will not announce bankruptcy, the price can consolidate above or inside this area. At least it will be the most positive scenario for FTX. The worst scenario if FTX token fall below the $3.4-4.5 area and test it as the resistance what will be the disaster for someone who don't use the risk management and opportunity for the short traders. 🔥 Traders, do you buy or sell crypto on this DUMP? BTC or alts? Write in the comments and stay tuned for more updates! 💻Friends, press the "boost"🚀 button, write comments and share with your friends - it will be the best THANK YOU. P.S. Personally, I open an entry if the price shows it according to my strategy. Always do your analysis before making a trade
by Yuriy_Bishko
20