FTX: is a new Celsius coming?

In recent days, news has spread of serious problems with the FTX exchange due to rumors of possible insolvency. In December 2019 FTX began a partnership with Binance, which became FTX’s first external investor.

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In a recent tweet Changpeng Zhao, CEO of Binance, announced that his company has decided to liquidate any FTT remaining on their books.


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He also added that this liquidation will be completed in a few months because they do not want it to cause too negative consequences for the cryptocurrency market.

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23 million FTT tokens (roughly $ 585 million) have been moved to the Binance wallet.

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At the heart of this situation is Alameda Research, a trading company founded in 2017 by Sam Bankman-Fried (also founder of FTX). Rumors have been circulating for days that Alameda could be insolvent. According to Coindesk, Alameda had $14.6 billion of assets as of June 30 and much of it is the FTT token issued by FTX, not a fiat currency or another crypto.

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On Twitter Sam Bankman-Fried reassured his customers, saying that FTX is fine and that they are false rumors spread by a competitor.

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CZ tweeted this afternoon that FTX has asked for Binance’s help due to a severe liquidity crisis. Binance could acquire 100% FTX.

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Do you see any similarities with Celsius, which collapsed after the vicissitudes of Three Arrows Capital? But above all, what will happen to the cryptocurrency market?

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