Solana (SOL) is on the track to log its worst daily performance on record. On Nov. 9, SOL's price dropped more than 40% to around $16 primarily due to its association with Sam Bankman-Fried, the founder of crypto-focused hedge fund Alameda Research and cryptocurrency exchange FTX. Sam tokens get 'fried' Fried was an early investor in the Solana blockchain project via Alameda Research. On Nov. 8, the entrepreneur's estimated wealth plunged from a whopping $15.6 billion to around $1 billion, according to Bloomberg Billionaires Index. At the core of this wipeout was a near-collapse of FTX. On Nov. 6, Binance, …

The rumors about the possible liquidity crisis for the world’s third-largest crypto exchange turned out to be true. Just a day after assuring funds are fine, and they have the assets to back customer’s funds, FTX CEO Sam Bankman-Fried (SBF) announced on Tuesday that Binance has shown intent to acquire the global crypto platform to help with the liquidity crisis. The liquidity crunch came as a surprise to many, given FTX bailed out numerous firms during the crypto contagion caused by the downfall of LUNA and the insolvency of 3AC. Even as the crypto community process the events of the …

As the liquidity crisis and acquisition of cryptocurrency exchange FTX continues, Binance CEO Changpeng “CZ” Zhao assured his community of insurance of sufficient funds backing the network. In a tweet on Nov. 9, CZ said that the exchange has once again topped its Secure Asset Fund for Users (SAFU) at $1 billion equivalent in light of “recent price fluctuations.” To adjust to recent price fluctuations, #Binance has topped up the #SAFU insurance fund to $1 billion USD equivalent again. BUSD AND BNB address about 700m: https://t.co/OMoB6HeR6r BTC address 300m: https://t.co/6kOJ1MZhMM Transparency. 1/2 — CZ Binance (@cz_binance) November 9, 2022 The …

The feud between the CEOs of crypto exchanges FTX and Binance — Sam Bankman-Fried (SBF) and Changpeng “CZ” Zhao — not only crashed cryptocurrency prices but also reminded regulators to step in and avoid similar fallouts in the future. Ever since CZ publicly announced Binance’s intent to liquidate its FTX Token (FTT) holdings, investors anticipating a price dump began selling off their FTT holdings as a means to minimize their losses. What followed was a steep 86% drop in FTT’s market value, down from the $22 range to $3 in a matter of hours. However, the eventful day concluded with …

Sam Bankman-Fried, founder and CEO of the troubled cryptocurrency exchange FTX, appears to have retracted his words about the safety of client holdings on FTX. Bankman-Fried has deleted a Twitter thread where he tried to assure customers that FTX and the assets on the platform were “fine.” FTX CEO took to Twitter to post the thread of four different tweets on Nov. 7, claiming that FTX had “enough to cover all client holdings.” Bankman-Fried also stated that the firm didn’t invest client assets and has been processing all withdrawals and “will continue to be.” “We have a long history of …

Crypto billionaire Sam Bankman-Fried may not be able to claim the "billionaire" accolade anymore after an estimated 94% plummet in his personal wealth overnight, according to the Bloomberg Billionaires Index. Bankman-Fried was once a high rider in Bloomberg’s wealth index with an estimated net worth of $26 billion at his peak. However, the crypto entrepreneur is now no longer appears in the top 500. On Nov. 9, the outlet reported that his personal fortune is "likely" to be "eviscerated” should the sale of his FTX exchange to rival Binance go through. Before the Binance takeover announcement, Bankman-Fried’s 53% stake in …

"Who needs Netflix when you are in crypto?", commented a user on Twitter as the crypto industry attempts to digest the acquisition of cryptocurrency exchange FTX by its rival Binance. The deal, disclosed on Nov 8., has been compared with a "chess move" by some, insinuating that Binance's strategy intentionally led to the deal. Users on Twitter claimed that "CZ just executed the most gangster play we've seen in Crypto, ever, period," referencing the series of tweets from Binance CEO Changpeng Zhao that triggered the acquistion. CZ just executed the most gangster play we've seen in Crypto, ever, period. The …

FTX Token (FTT) and Solana (SOL) endured a tough weekend of trading which saw altcoins take double-digit losses in the 15% to 30% range, but the tide turned as news broke that Binance could be in the process of acquiring FTX. On Nov. 8, FTX CEO Sam Bankman-Fried first took to Twitter to announce a liquidity sharing partnership with Binance exchange. Changpeng Zhao “CZ”, the CEO of Binance agreed to step in and provide liquidity to what was beginning to look like a bank run. Bankman-Fried billed the development as user-focused which benefits the entire industry. 1) Hey all: I …

Following Binance CEO Changpeng Zhao announcing the company would liquidate its position in FTX Tokens, FTX CEO Sam Bankman-Fried took to social media seemingly in an effort to quell rumors of conflict between the major crypto exchanges. According to a Nov. 8 Twitter threads from Bankman-Fried, FTX has “come to an agreement on a strategic transaction” with Binance following attempts to clear out its withdrawal backlog. SBF said he had asked Binance to step in, aiming to “clear out liquidity crunches” and cover assets on a 1:1 basis. “I know that there have been rumors in media of conflict between …

The recent concerns related to the volatility of FTX Token (FTT) seeped into FTX CEO Sam Bankman-Fried’s other business operation, Alameda Research, as the BitDAO community requested information about Alameda’s BitDao (BIT) holding commitment. On Nov. 2, 2021, BitDAO swapped 100 million BIT tokens with Alameda in exchange for 3,362,315 FTT tokens with a public commitment to hold each other’s tokens for three years, so until Nov. 2, 2024. Given the rising uncertainties and speculations, the BitDAO community was quick to react to the sudden fall of BIT prices on Nov. 8, 2022, suspecting Alameda of dumping the BIT tokens …

Changpeng “CZ” Zhao, CEO of cryptocurrency exchange Binance appears disinterested in Alameda Research’s offer to buy out the crypto exchange's FTX Token (FTT) holdings. Zhao responded to a question on Nov. 7 on Twitter asking if he would take up the offer by Alameda Research CEO Caroline Ellison to buy Binance’s FTT holdings for $22 per token. Zhao said: “I think we will stay in the free market.” The offer from Ellison came after Zhao said Binance would be liquidating its FTT position due to “post-exit risk management” as part of “learning from LUNA," on Nov. 6. At the time, …

FTX founder and CEO Sam Bankman-Fried took to Twitter again on Nov. 7 to claim that "a competitor is trying to go after the cryptocurrency exchange with false rumors", while also calling for collaboration with the rival exchange Binance. The comments follow a statement from Binance CEO Changpeng “CZ” Zhao concerning the liquidation of the exchange's position in FTX token (FTT) as “post-exit risk management” over the weekend. 1) A competitor is trying to go after us with false rumors. FTX is fine. Assets are fine. Details: — SBF (@SBF_FTX) November 7, 2022 FTX "assets are fine", according to SBF, …