In the world of cryptocurrency nothing is really stable, it is something very complex, but I have always tried to mention or make some posts that deal with whales and how these whales can manipulate the market price.
Today I will be writing a little bit about my opinion about what is happening with the FTX exchange and I have really read very little and it seems to me that this is the work of the whales. Another important point is that the money that is in cryptocurrencies is not really safe and we have to be very clear about that.
I just took it as a reflection, when people invest in cryptocurrency they should be willing to take losses and this is simply what has happened with FTX.
What really happened in FTX?
What really happened I cannot say for sure because from my point of view is something very complex, we only have information from the media and that's all, we can not go deeper into the subject for the simple reason that it is really almost impossible to know what the media or perhaps the FTX exchange itself is hiding.
I just want to say that I don't trust the news very much, whenever I read a news item I usually just do my own version of what is reported in the article.
As many people know FTX has lost millions of dollars due to lack of liquidity, I believe this is due to their FTT token and it really is something to keep in mind, tokenomics is not easy.
Many people have been affected by this and it is really unpleasant, according to Coinex report more than 600 million dollars have been lost. According to the cryptocurrency exchange FTX this was thanks to a "backdoor" they had in their system and they didn't know it.
But, now, did the CEO really run away and leave the country? Many media claim that the CEO escaped from the country and that it was intentional, but I really don't believe it.
FTX has a proprietary token called FTT, which brokers or traders use for operations such as payment of transaction fees.
Source: NYTimes
Conclusion
As I said before this is because of the FTX token and I really think this makes sense. Why does it make sense? When the selling pressure of a cryptocurrency always increases the cryptocurrency usually decreases in price and I will quote some sources so you can see my point of view and why I am sure it was tokenomics issues and this you really have to take into account.
Binance announced on November 6 its intention to sell its FTT tokens "due to recent revelations." In response, the price of FTTs plummeted and traders rushed to abandon FTX, fearing it would become yet another cryptocurrency company in disgrace.
Source: NYTimes
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