Expert Chaslau Koniukh
  • Companies
  • Global investment
  • Investors
  • Terminology
  • Economy
  • Stock Market
  • World exchanges
  • Tech and Marketing
FTX.com
World exchanges

Crypto exchange Binance absorbs FTX.com

21.01.2023
2 min read

FTX.com will now be part of the Binance cryptocurrency exchange

Crypto exchange Binance announced the takeover of a unit of its competitor FTX.com. FTX initiated the transaction after it started having severe liquidity problems.
According to the FTX management, such a move will improve the state of affairs on the site and protect the interests of users. The head of Binance Changpen Zhao accepted the offer from a competitor, and the procedure of due diligence has already begun. In this case, the buyer reserves the right to refuse the deal, if its terms will not satisfy the interests of the business.
The reason for FTX’s problems was the changes in the policy of Binance, which decided to refuse to use its own tokens instead of cryptocurrency FTX ones. The site explained its position by the insufficient protection of digital assets. This led to a 22% drop in the FTX token in just one day, whose value was $1.65. A few days later, its price rose to $2.Binance absorbs FTX.comAfter the parties announced the deal, it became known that the equivalent of $663 million worth of tokens was stolen from the crypto exchange. Investigations are underway and the head of FTX is being questioned by police. According to Elliptic, $475 million disappeared from users’ accounts as a result of illegally conducted transactions. Stablecoins and other tokens that had been transferred to Ether on various decentralized exchanges were used. According to experts, this approach is often used by hackers so that stolen funds cannot be recovered. The investigation revealed that the site had only $900 million in assets and $9 billion in debt.
Kraken cryptocurrency exchange management decided to help the investigation and announced that they could find out the identity of the hacker who stole funds from FTX. The fact is that he transferred some of the money to a wallet on Kraken, which in turn froze access to some of it. Now the case is in the hands of the U.S. Securities Commission and the police.
Experts say that the amount stolen from FTX accounts could be more than $1 billion. In addition, the debt of the site to major creditors is about $3.1 billion. It’s still unknown what will happen to the exchange, most likely it will declare bankruptcy and its head Sam Bankman-Fried will leave his post. At the same time, management promises to compensate users for losses by paying $8 billion. Bankman-Fried is collecting money to pay damages, but how and where he will get such an amount is still unclear, given that the credibility of the exchange by creditors has dropped significantly.

Tags: World exchanges
0
Previous Post Google Wallet: the new name of the old service Next Post Bosch invests 10 billion euros in digital business

You Might Also Like

Laos cryptocurrency exchanges
World exchanges
Two cryptocurrency exchanges in Laos received approval from the country’s Central Bank
24.06.2022
Saudi company Luberef
World exchanges
A subsidiary of Saudi Aramco Luberef holds IPO
14.02.2023
NTPro
World exchanges
Moscow Exchange wants to buy NTPro platform
31.03.2021
Singapore Exchange
World exchanges
Huobi Singapore Exchange introduces new tools for traders
01.03.2021
NASDAQ launches a platform
World exchanges
NASDAQ launches a platform for working with shares of private companies
25.04.2022
Ithaca Energy plans IPO
World exchanges
Ithaca Energy plans to enter the London Stock Exchange
13.01.2023

Recent Posts

  • 1Mary Erdoes
    Mary Erdoes: the most powerful woman on Wall Street
    02.06.2023
  • 2Pilatus Aircraft
    Pilatus Aircraft: the history of the Swiss aircraft manufacturer
    01.06.2023
  • 3investment triangle to select a particular asset
    Investment triangle: how to choose the best asset for investment
    31.05.2023
  • 4Nissan and Renault
    Nissan and Renault invest $600 million in a joint venture
    30.05.2023
  • 5Noventiq
    Noventiq plans to float on the Nasdaq exchange
    29.05.2023

Popular Posts

  • Businessman Chuck Feeney: the man who gave the world Duty Free
  • Field of activity of the American Monsanto Company Corporation
  • Skolkovo analysts: the Russian energy market is suffering losses
  • China’s stock exchanges are the world leaders in the number of IPOs

Social media

Editor's Picks

Chaslau Koniukh
Analytics

American bankers from JPMorgan and Goldman Sachs advise to invest in gold: review by Chaslau Koniukh.

Press Secretary
17.08.2020
Expert Chaslau Koniukh
Analytics

Chaslau Koniukh on the analysts’ opinion on the key stake size change soon

Press Secretary
18.06.2020
expert Chaslau Koniukh
Analytics

Chaslau Koniukh: Internet trade market in Russia may reach 2.78 trillion rubles.

Press Secretary
30.05.2020
Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh
Analytics

Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh

Press Secretary
16.05.2020

Latest Posts

inflation in the UK
Inflation in the UK will decline: analysts’ forecasts
03.06.2023
Mary Erdoes
Mary Erdoes: the most powerful woman on Wall Street
02.06.2023
Pilatus Aircraft
Pilatus Aircraft: the history of the Swiss aircraft manufacturer
01.06.2023

Chaslau Koniukh

Expert Chaslau Koniukh

Chaslau Koniukh – an expert in marketing and project management, IT consulting, international investments, investor, financial analyst. A commodity trader, private consultant, entrepreneur, lecturer, author of several articles on the stock market.

Popular Posts

  • Businessman Chuck Feeney: the man who gave the world Duty Free
  • Field of activity of the American Monsanto Company Corporation
  • Skolkovo analysts: the Russian energy market is suffering losses
  • China’s stock exchanges are the world leaders in the number of IPOs
  • Forbes: bitcoin transactions on exchanges have a high risk of fictitiousness
Expert Chaslau Koniukh
  • Facebook
  • Twitter
  • Instagram
  • Biography

Chaslau Koniukh – an expert in marketing and project management, international investments, financial analyst.

Social media

Menu

  • Biography
  • Companies and corporations
  • Global investment
  • Investors and Entrepreneurs
  • Economy
  • Market terminology
  • Stock Market
  • World exchanges
  • Tech and Marketing
  • Analytics