Does this mean that FTX site is down and they have officially scammed its users? The people funds saved in FTX are gone forever and there is no hope of getting them back
Yes, that's sad part from that. I've seen lot of people put their lifesavings money, their future children money, planning to buy a house money, to FTX because it "seems" safe. But if you keep follow the news, you already know if those money is used by them to buy property for their employee, do trading with no stop loss and other illegal things with their customer's money.
FTX has not only impacted their investors and holders it reverberated to the whole industry latest update is
Lender BlockFi and brokerage Genesis have already suspended cash withdrawals by their customers
there will still be many victims but the good news is the head of Binance Changpeng Zhao is allocating a total $2 billion to firms and companies affected by the collapse.
This is very weird for market experts because Zhao's decision started the beginning of the problem of FTX if he has not sold the $530 million worth of FTT, things still is going to be ok
History will remember that it was the decision of Zhao and Binance to sell $530 million worth of FTT, the cryptocurrency issued by FTX, which was the beginning of the end for the Bankman-Fried empire. Indeed, after the announcement of this decision on Twitter on November 6, there followed a run on the platform of panicked FTX customers. Five days later, the firm was bankrupt, after Binance had given up on acquiring it two days earlier.
Now he wants to be a savior of this collapse by allocating $2 billion to companies and firms that will be affected
More on this article:
FTX Collapse: Binance Stores $2 Billion to Save Struggling Firms
