FTX collapsing ??

Big week ahead of us guys and it did not began very well with the crypto space. Yesterday we had an announcement from CZ Binance that they will liquidate their remaining FTT ( Ftx exchange native token ) position that they received last year. The value is arrount 600 million dollars, for that kind of market we are in its very very big.
He stated that the liquidation will take months so that they can make something of soft landing and minimize the effect on the selling.
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The reason they gave for that is the recent rumors about FTXs financial holdings. Alameda ( ftx tradings and investment company) is keeping big sums of $FTT its native token and $SOL solanas native token and small percentage of cash while overleveraging its ftt holdings. Keep in mind that they issue ftt and they have more than 50% of its circulating supply.As of June 30, the company’s assets amounted to $14.6 billion. Its single biggest asset: $3.66 billion of “unlocked FTT.” The third-largest entry on the assets side of the accounting ledger? A $2.16 billion pile of “FTT collateral.”
There are more FTX tokens among its $8 billion of liabilities: $292 million of “locked FTT.” (The liabilities are dominated by $7.4 billion of loans.)
https://www.coindesk.com/business/2022/11/02/divisions-in-sam-bankman-frieds-crypto-empire-blur-on-his-trading-titan-alamedas-balance-sheet/

In my opinion the numbers are bad. We are already seeing a sell of on FTT$ and a bank run on FTX Alameda is trying to support the exchange but for how long ??

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While big number of BTC is being added that suggests a sell off
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And all of that is coming in a week with the American Election and the Inflation stats to be announced. So its going to be a hell of a week.

We sure dont want to see a collapse on FTX because its going to be bigger that LUNA and it will hurt the crypto space but is Binance declaring a War????

Posted Using LeoFinance ^Beta