On Saturday, FTX, which filed for bankruptcy on Friday, was even more in disarray.
Changpeng Zhao, the chief executive of cryptocurrency exchange Binance, announced on Sunday that the company no longer accepts deposits of FTX’s FTT token on its platform and urged other competing exchanges to follow suit.
The crypto exchange FTX, which declared bankruptcy on Friday, stated it had discovered illegal access on Saturday.
“To avoid the possibility of problematic extra supply impacting the market, (Binance) has ceased FTT deposits. We’ll keep an eye on everything, CEO Zhao tweeted.
“FTT contract deployers moved the $400 million worth of FTT supply that was still available. Not really sure what’s happening,” he continued in a subsequent tweet.
This week, one of Sam Bankman-affiliates Fried’s experienced a financial crisis, which caused the empire to fall. Customers should cancel down any holdings they choose to, according to FTX.US, its US exchange, which said on Thursday that trading may be suspended in a few days. Sam Bankman-Fried introduced FTX in the year 2019. Soon after, major trading firms in the sector, including Almeda Research, OTPP, Temasek, BlackRock, Coinbase Ventures, and Sequoia Capital, endorsed the stable currency.
A few months ago, FTX appeared to be a lifesaver for several crypto exchanges that were experiencing illiquidity problems. Bankman-Fried was well-known for his extensive investments and arbitrage trading. When the cryptocurrency markets were struggling after the Terra crisis in May, FTX even helped out lending site BlockFi in June. Bankman-Fried was also one of the bidders for Voyager’s assets, and it was even discussed bailing out Celsius.
