CryptoWatch's scoop for this week centers on the massive downfall of FTX and Sam Bankman-Fried's loss as the company went under due to its bankruptcy in this economic climate. There is a significant decline in the cryptocurrency industry now, and this bankruptcy also saw a denied acquisition for the supposed Binance-FTX deal.
Nevertheless, ALT coins are taking the charge in these times, especially with a market retracement that top coins are experiencing now.
FTX Now Bankrupt, Sam Bankman-Fried Lost $16B
(Photo : MARVIN RECINOS/AFP via Getty Images)
FTX's famous cryptocurrency exchange announced its bankruptcy to the world, and it is a massive collapse in this current crypto and finance industry as it is one of the most famous global operations in the world. Soon after its bankruptcy announcement, Sam Bankman-Fried, one of its co-founders, reportedly lost all of his wealth, a massive $16 billion down the drain.
It is a massive loss for both FTX and Bankman-Fried, especially as there were no indications of this at the beginning of the week.
According to Bloomberg, the wealth lost by the young executive is a massive turn of events for him and the company, as his firm, Alameda Research, also joins its owner's downfall.
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Binance FTX Deal Went Under, So Did the Company
Binance was supposedly purchasing FTX amidst its financially challenging days, but the global company backed out of the acquisition deal before it supposedly went on its way to acquire Bankman-Fried's startup. During this time, crypto values also saw a downward trend in its graph, with the deal thought of as one of the reasons behind it.
Nevertheless, it seems like FTX Trading's last hope to survive was with Binance's acquisition of the company, but that deal did not happen and left the company in its rubble.
FTX now went under, and the entire cryptocurrency industry seems to be joining this massive down with the company, especially with the events unfolding now.
ALT Coins are Going Against the Current
A market retracement is a way for financial figures to drop their prices but not necessarily affect their numbers in the long run, being a temporary solution to the economic climate it faces hardship in the present. There are three coins noted by TradingView regarding those which resisted the retracement, with the three ALT coins which went against the current and rallied high for their prices.
These ALT coins namely REEF, Vechain, and Chainlink all saw a push towards upping their prices and aiming to rally past their support price and break the walls.
It is a massive turn of events as even top coins are experiencing the retracement to recuperate in this industry, one towards the push out of the slump the market is facing.
Related Article: FTX Is Probing Possible System Intrusion After Filing for Bankruptcy
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Written by Isaiah Richard
