The value of the tokens logically went down, bringing its rival Binance to its knees, and on November 8, FTX suspended withdrawals. Binance decided to “buy the company to protect customers” only to decide not to do so a day later due to numerous irregularities in FTX’s accounting. This, of course, added fuel to the fire, Binance dealt another blow to rival FTX, and FTX now lacked about 8 billion USD to meet its obligations. It filed for Chapter 11 bankruptcy on November 11.
SBF apologized for the whole thing two days ago and, according to him, he never wanted this to happen (which we may or may not believe him). He claimed that he never fully realized the overall impact of the amount of financial stocks held and the level of risk represented by the significant fall of cryptocurrencies and the “run on the bank” (which was caused by its behavior primarily by the competitor Binance and, based on this, by FTX users). He also added that he believes FTX still has value and was reportedly able to raise billions of USD just eight minutes after filing for bankruptcy. He believes that there is still interest among investors in FTX, which could help the company, but that is no longer in his power and his choice. The question is how much of it is just his belief and how much other investors will really be found who would like to pump even more money into the project, especially when it is known how SBF is wasting it.
Source: Svět hardware by www.svethardware.cz.
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