Binance is Mad That SBF is snitchin' to the FEDS.

From best-in-class to bankruptcy

“Sh*tstorm.” “Insane.” “Chaos.”

Those are terms crypto investors and pundits have used to describe the failure of FTX, which was launched in 2019 by Sam Bankman-Fried, a 30-year-old wunderkind once hailed as a modern-day J.P. Morgan.

The company was valued at $32 billion in its latest funding round, and had recruited high-profile backers including SoftBank, Tiger Global, Singapore’s Temasek, as well as celebrities like Tom Brady, Gisele Bündchen and Naomi Osaka. Its name is on the arena where the Miami Heat play.

This week, investor Sequoia Capital said it had marked the value of its FTX stake down to $0. The exchange — said to be short between $8 billion and $10 billion — was unable to meet customers’ withdrawal demands. Bankman-Fried resigned Friday and FTX filed for bankruptcy protection in the United States after a bailout from rival Binance fell through.

“Everyone’s a little bit in shock,” said Shan Jun Fok, co-founder of Moonvault Partners, a crypto investment firm based in Hong Kong. “A lot of people trusted FTX as the gold standard.”

He compared the collapse of FTX to Enron, the 2001 corporate fraud scandal that resulted in the surprise bankruptcy of the US energy company.

As we all know CZ from Binance and SBF from FTX Exchange are going at it online. This is a quick look at the situation as I see it. Plus a general crypto market update.
November 8th, 2022
⁣Market Update-2022-11-08 17-36-09