People are doubting about SBF's story of making millions in arbitrage and FTX is just a ponzi setup to coverup Alameda (that gives access to more liquidity).
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A total of 18,775,348 $SOL ($330M) will hit the market in 23 hours from now.
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Yesterday was the biggest longs liquidation event since the luna crash
Open interest is down about 35% from its October highs, returning to June levels this year indicating that much of the leverage stack built up over the past 5 months has been removed.
At this moment, most of the market is in a short position trying to capture the drop in prices and the funding rate goes back to the lows of June, reaching the values of June this morning.
Traders are mostly positioned in shorts and pessimism takes over the market in what could cause a squeeze in the opposite direction through a price recovery in the short term.
For the medium/long term, we will need to calmly reassess the whole situation before inferring forecasts.
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Open interest is down about 35% from its October highs, returning to June levels this year indicating that much of the leverage stack built up over the past 5 months has been removed.
At this moment, most of the market is in a short position trying to capture the drop in prices and the funding rate goes back to the lows of June, reaching the values of June this morning.
Traders are mostly positioned in shorts and pessimism takes over the market in what could cause a squeeze in the opposite direction through a price recovery in the short term.
For the medium/long term, we will need to calmly reassess the whole situation before inferring forecasts.
📍 Follow @Coins for the hottest news in crypto.
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FTX freezes user withdrawals but continues to send funds to Alameda.
CT is furious.
While few pointed that etherescan has mislabeled the wallet as Alameda.
https://etherscan.io/tx/0x9a243ccfa09c93ef5a7071240bfdece69227434993d6235322805ee2e70129bc
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CT is furious.
While few pointed that etherescan has mislabeled the wallet as Alameda.
https://etherscan.io/tx/0x9a243ccfa09c93ef5a7071240bfdece69227434993d6235322805ee2e70129bc
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Ethereum (ETH) Blockchain Explorer
Ethereum Transaction Hash (Txhash) Details | Etherscan
Ethereum (ETH) detailed transaction info for txhash 0x9a243ccfa09c93ef5a7071240bfdece69227434993d6235322805ee2e70129bc. The transaction status, block confirmation, gas fee, Ether (ETH), and token transfer are shown.
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https://twitter.com/cz_binance/status/1590351182513729544/photo/1
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Coins ( ₿ )
https://twitter.com/cz_binance/status/1590351182513729544/photo/1 📍 Follow @Coins for the hottest news in crypto.
For folks who are busy and wants the crux of it:
CZ recommends not to trade $FTT token.
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CZ recommends not to trade $FTT token.
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BREAKING: Binance strongly considering dropping out of FTX deal after looking at financials - CoinDesk.
https://www.coindesk.com/business/2022/11/09/binance-is-strongly-leaning-toward-scrapping-ftx-rescue-takeover-after-first-glance-at-books-source/
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https://www.coindesk.com/business/2022/11/09/binance-is-strongly-leaning-toward-scrapping-ftx-rescue-takeover-after-first-glance-at-books-source/
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CoinDesk
Binance Is Strongly Leaning Toward Scrapping FTX Rescue Takeover After First Glance at Books: Source
Backing out would be one more stunning development in the collapse of Sam Bankman-Fried’s crypto empire.
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Remember, no user funds on FTX are insured, if this deal doesn't go through, user funds are lost.
Ok, outta here for real, now!!
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Ok, outta here for real, now!!
📍 Follow @Coins for the hottest news in crypto.
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Most of FTX's Legal and Compliance Teams Just Quit.
https://www.semafor.com/article/11/09/2022/ftx-legal-and-compliance-teams-quit
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https://www.semafor.com/article/11/09/2022/ftx-legal-and-compliance-teams-quit
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Semafor
FTX ditched by Binance while also losing most of its legal and compliance staff
The future of the beleaguered crypto exchange is up in the air after Binance pulled its emergency financing.
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https://twitter.com/cz_binance/status/1590463239925944320
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Coins ( ₿ )
BREAKING: Binance strongly considering dropping out of FTX deal after looking at financials - CoinDesk. https://www.coindesk.com/business/2022/11/09/binance-is-strongly-leaning-toward-scrapping-ftx-rescue-takeover-after-first-glance-at-books-source/ 📍 Follow…
Binance announcement on FTX deal, 2h ago:
As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX.com.
In the beginning, our hope was to be able to support FTX’s customers to provide liquidity, but the issues are beyond our control or ability to help.
Every time a major player in an industry fails, retail consumers will suffer. We have seen over the last several years that the crypto ecosystem is becoming more resilient and we believe in time that outliers that misuse user funds will be weeded out by the free market.
As regulatory frameworks are developed and as the industry continues to evolve toward greater decentralization, the ecosystem will grow stronger.
📍 Follow @Coins for the hottest news in crypto.
As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX.com.
In the beginning, our hope was to be able to support FTX’s customers to provide liquidity, but the issues are beyond our control or ability to help.
Every time a major player in an industry fails, retail consumers will suffer. We have seen over the last several years that the crypto ecosystem is becoming more resilient and we believe in time that outliers that misuse user funds will be weeded out by the free market.
As regulatory frameworks are developed and as the industry continues to evolve toward greater decentralization, the ecosystem will grow stronger.
📍 Follow @Coins for the hottest news in crypto.
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FTX claimed to be a $40B entity and Alameda, a $10B hedge fund and yet struggling to clear $9B user funds?
Something is wrong!
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Something is wrong!
📍 Follow @Coins for the hottest news in crypto.
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Sequoia writes off their $150M investment made in FTX.
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📍 Follow @Coins for the hottest news in crypto.
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Rumors are that Alameda Research has stopped market making. They are one of the biggest market makers in crypto. If true the impact on liquidity for smaller tokens and projects will be massive.
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