BlackRock CEO: FTX Token Caused Downfall, but Tech Still Revolutionary
The CEO of the worlds largest asset management firm, BlackRock, believes that the reason why FTX failed is because it created its own FTX Token (FTT), which was centralized and therefore at odds with the “whole foundation of what crypto is.”
Just In: Blackrock CEO Larry Fink Says FTX Failed Due To FTT Token
Asset manager Blackrock is one of the big names associated with investments in bankrupt crypto exchange <a href="https://coingape.com/tag/ftx/">FTX</a>. In a latest, Larry Fink, the chairman and CEO of BlackRock, made some interesting comments on the Sam Bankman-Fried crypto empire collapse. He said Blackrock had a $24 million investment in FTX, which filed for bankruptcy earlier in November. The crypto exchange faced a significant liquidity crunch linked to alleged diversion of user funds to other companies owned by <a href="https://coingape.com/tag/sam-bankman-fried/">Sam Bankman-Fried</a>.
Sam Bankman-Fried Still Thinks FTT Was ‘More Economically Underpinned’ Than Most Tokens
On Tuesday, Sam Bankman-Fried (SBF)’s first long-form interview since FTX’s bankruptcy was published to YouTube by citizen journalist Tiffany Fong.
What Is a Crypto Exchange Token and How Did It Help Blow up FTX?
The FTT exchange token played a key role in the downfall of the crypto exchange FTX and affiliated trading firm Alameda Research. It was the use of FTT to inflate both entities’ balance sheets, reported by CoinDesk’s Ian Allison on Nov. 2, that raised the first doubts that sparked the collapse.
Indonesian Authority Orders Crypto Exchanges to Discontinue FTX Token Trading
Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti) has instructed digital asset exchanges in the country to stop trading the FTX token, also known by its ticker <a href="https://coinmarketcap.com/currencies/ftx-token/" target="_blank">FTT</a>. According to a statement cited by Reuters, the order is in force since Monday, Nov. 14.
Binance Scraps FTT-USDT Trading Pair From Both Spot and Perpetual Contracts
Binance, the world’s leading cryptocurrency exchange, has halted trading for the FTT/USDT trading pair following the FTX fallout.
Kraken CEO Discusses Impact of FTX Failure — Says Damage to Crypto Industry Is Huge, Will Take Years to Undo
The CEO of cryptocurrency exchange Kraken has outlined the impact of FTX’s failure on the crypto industry. After listing multiple red flags, the executive stressed: “The damage here is huge … We’re going to be working to undo this for years.”
New FTX Tokens Worth About $380 Million Appear Out of Thin Air
The deployer contract of FTX Exchange (FTT) tokens mysteriously printed 192 million new tokens today and sent them to a freshly created wallet, according to on-chain data. The total value of these tokens at current prices is about $380 million.
$390M Worth of FTT Has Been Transferred to a New Address
According to PeckShieldAlert, 195.9M <a href="https://twitter.com/search?q=%24FTT&src=cashtag_click">$FTT</a> (~$390M) has been transferred from thee address labeled as FTX Deployer to a new address 0x2a4F...0d3. The address 0x2a4F...0d3 become Top1 holder of <a href="https://twitter.com/search?q=%24FTT&src=cashtag_click">$FTT</a>.
FTX Token Is Going to Zero but Experts Believe These Coins Will Pump Instead
Each day, the value of the FTX Token, FTT, decreases. And, as more information about FTX becomes available, the digital asset appears to be on its way to $0. Nonetheless, several other coins offer opportunities for investors to make gains.
