Big time in the world of cryptocurrencies. And it is the crypto-asset exchange platform FTX (FTX.com) that is drinking the cup. The agreement to acquire its activities outside the United States through its rival Binance has been broken, we learned on Wednesday, November 9, 2022. This agreement, which is bad news for the independence of FTX and the boss in its media, Sam Bankman-Fried, announced something the other day. Swallowed by its competitor Binance, FTX has to cope with a “currency crisis”while the cryptocurrency market has already seen a number of similar bailouts this year, with investors turning away from riskier assets in the face of rising interest rates.
Coinbase lost 85% of its stock market value in one year
Binance and FTX, like other digital structures such as CoinBase and Kraken, are dematerialized stock exchanges where cryptocurrencies are traded. They are instruments of regulation in a universe that still suffers from a “far west” image where achievements are made and undone at breakneck speed. And there, the trend decreased … The crypto market now represents only two thirds of its peak, which reached more than 1,000 billion dollars. If in 2021 the American exchange platform Coinbase conducts a fanfare IPO – the largest since Facebook – ever “He lost 85% of the stock market in one year”writing The echoes.
Sam Bankman-Fried in bad form
The general manager of FTX overcame his guilt in a message sent to employees: “I’m so sorry it came to this”writes Sam Bankman-Fried. “It’s my fault, it’s only my fault, and it’s sad. I’m sorry even if it doesn’t change anything.” Sam Bankman-Fried said that he is studying all the options available to him after this failure of a takeover agreement with his rival Binance. “After considering reports of mismanagement of its clients’ funds and allegations of investigations by US agencies, we have decided not to proceed with the acquisition of FTX.com,” it said. Wednesday Binance in a statement. US regulators are investigating FTX.com’s operations, including the management of its clients’ funds, as well as its cryptocurrency lending business.