Following the crisis in FTX, the firm’s CEO, Sam Bankman-Fried (SBF), has been trying to salvage the exchange. He has been gathering resources and funds from other subsidiaries and SBF-owned companies like Alameda to support FTX.
FTX crypto exchange has been struggling recently due to liquidity issues. As a result, the firm is gradually sinking as its reserve balances keep moving to the south. Also, the native token, FTT, has lost over 20% of its value within a few days.
The trauma on FTX is linked to the unfolding drama with Binance, another giant crypto exchange. Some days ago, the CEO of Binance, CZ, announced that the firm would soon liquidate all its FTT holdings. This created a crack for FTX, and its token started going down the next day.
Sam Bankman-Fried Drops In Bloomberg’s Wealth Index
The entire event has cut down the net worth of the crypto billionaire. According to Bloomberg Billionaire…
