FTX exchange is going to be bankrupted. What happens to FTX Token?

antsam

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Quote from: Maidak on November 12, 2022, 08:45:31 AM

Quote from: tbct_mt2 on November 12, 2022, 08:17:52 AM

Quote from: ?? on ??

If indeed FTX goes bankrupt, it will be a big disaster for the crypto world and you can be sure that the FTX token will no longer be valuable, because it is no longer used. Hopefully there is still a way to save it

I think the exchange will still exist but with another ownership. There will be a long procedure to take over FTX exchange after the bankruptcy. FTX token will be fine in aspect that it won't die and disappear.

I don't know what is the price of FTT token in its ICO, lowest price. Maybe we have to prepare for the bad when the token will fall to ICO price. I still positively think that the token won't be divided hundreds or thousands of times like Terra $LUNC.

At least Sam did more quickly response than Do Kwon and it reduces panic. More than that, there is no billions of FTT token minted from the air like LUNC token.

FTX just filed for bankruptcy, and they are not really bankrupt yet, the chance for FTX is still but very low. If someone agrees to buy back FTX, it means they have to pay off FTX's debt to be able to use FTX, otherwise it's gone forever. FTT is the native token of FTX, it will not exist if FTX is no more, no exchange accepts a useless token for circulation.

Its reputation has been damaged if it remains, people will think to use it and make it a place to put big investors' funds. It took a long time to restore that trust.

Yes, I hope FTX can be saved because there are a lot of investors' funds that need to be saved in it

zasad@

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https://decrypt.co/117646/ftx-now-seeking-prompt-return-sam-bankman-frieds-political-donations
FTX Now Seeking 'Prompt Return' of Sam Bankman-Fried's Political Donations
The now-bankrupt FTX plans to recover political contributions from former management, even if the recipients donated funds to charities.

OpenSecrets.org | FTX/Alameda Research Contributions
https://docs.google.com/spreadsheets/d/13Wq2kPw3C4X_50Tqc8H9mMrNynuwTlURDX1QWT3T_ck/edit#gid=550801249

sana54210

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Quote from: $anounimus$ on November 15, 2022, 09:04:03 AM

Some good points are raised here. FTX's reputation may have been torn down but personally, I don't think it's over. However, the fact that the management team did little to explain and provide updates on the matter worries everyone.

For now this might be your chance to buy it cheap. What holds the value of other tokens is the number of exchanges listed, so it might be a good idea to buy them now before they are written off on all exchanges. But still, don't expect anything good anymore because of what happened.

It’s all done. You may think that it’s not going to crash and burn and be zero, but I guarantee you that it will be. There were a lot of people who bought Luna at $0.50 to $2 and all their logic was "it dropped from 80 dollars to 50 cents, how low could it get?" and the reality was harsh, it dropped a lot more.

All in all, I have to say that it’s not going to really worth anything in the long run, FTX token will be gone, and FTX will be gone as well, there is no way to recover from the current situation. I am not saying this because I dislike them or anything, this isn't emotional to me, I have been around for a decade, I know what I am talking about when its bankrupted exchanges, it always ends up like that.

$anounimus$

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Some good points are raised here. FTX's reputation may have been torn down but personally, I don't think it's over. However, the fact that the management team did little to explain and provide updates on the matter worries everyone.

For now this might be your chance to buy it cheap. What holds the value of other tokens is the number of exchanges listed, so it might be a good idea to buy them now before they are written off on all exchanges. But still, don't expect anything good anymore because of what happened.

tvplus006

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Quote from: Calm N Patience on November 14, 2022, 02:05:32 AM

...The only chance for FTT to come back is based on the exchange itself. If someone can take over it then there might be hope, the only hope.

In this case, it will be very difficult for a new FTX exchange investor to regain the loyalty of former exchange participants. And to do this, at least will need to return all the money to creditors, who are currently absent from the exchange. It may be easier to create a new cryptocurrency exchange than to revive FTX.

tabas

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Quote from: Calm N Patience on November 14, 2022, 09:44:36 PM

Quote from: tabas on November 14, 2022, 06:36:19 PM

Yes, they're all done.
At thought he's a young good lad that's really helping everyone. But with the misuse of people's fund, this is where it is going and his evil acts towards people's money have been exposed and saw by CZ and everyone.
No pardon for this guy for using a lot of money that have gained his trust, but he didn't reciprocate to those.

There was also $400 million worth of FTT have been moved from the exchange. It was a clear sign that the insiders were trying their last effort to squeeze the last bit of valuable assets out of the exchange right before or after SBF declared bankruptcy.
CZ has foreseen this dodgy activity and stopped depositing FTT. Hopefully, the rest of the exchanges will follow suit. Don't let these criminals cash out all those FTT and run away with it.

And CZ has tweeted another disclaimer that he hasn't dumped any of the FTT that he has received. Well, he's taken another loss because of FTX and SBF.
Well, this is going to be added to one of the biggest scandals that has happened in the crypto market/community that has taken a lot of money from too many people around the world as their customers.

Calm N Patience

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Quote from: LogitechMouse on November 14, 2022, 02:52:27 AM

Quote from: Calm N Patience on November 11, 2022, 09:41:02 PM

FTX is filing for bankruptcy. Do any Crypto masters know what will happen to FTX Token? Will it get delisted? Sad day for the crypto space.

It's the beginning of an end for FTX exchange both the main one and the FTX.us and also the end for Scam-Bankman Fried (well that's how he's being called right now after what happened).

Scam-Bankman Fried is the right new name for him and it'll carry for the rest of his life.

Calm N Patience

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Quote from: tabas on November 14, 2022, 06:36:19 PM

Quote from: Calm N Patience on November 14, 2022, 01:58:22 AM

Quote from: tabas on November 13, 2022, 09:53:17 AM

That makes sense and now, Sam is on the loose and I guess he's trying to escape with his jet as per the news[1] that I've seen. But also, it's said that he's still in Bahamas and we don't know when he's going to be out of the radar. It's possible that he'll just disappear, with the ruckus that he's made, very likely to happen.
[1] Flight Radar Report Shows FTX Co-Founder's Private Jet Flew to Argentina, SBF Says He's Still in the Bahamas

His company is over. The only money he could get on hand was users' funds. This evil man can really do the worst.

Yes, they're all done.
At thought he's a young good lad that's really helping everyone. But with the misuse of people's fund, this is where it is going and his evil acts towards people's money have been exposed and saw by CZ and everyone.
No pardon for this guy for using a lot of money that have gained his trust, but he didn't reciprocate to those.

There was also $400 million worth of FTT have been moved from the exchange. It was a clear sign that the insiders were trying their last effort to squeeze the last bit of valuable assets out of the exchange right before or after SBF declared bankruptcy.
CZ has foreseen this dodgy activity and stopped depositing FTT. Hopefully, the rest of the exchanges will follow suit. Don't let these criminals cash out all those FTT and run away with it.

tabas

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Quote from: Calm N Patience on November 14, 2022, 01:58:22 AM

Quote from: tabas on November 13, 2022, 09:53:17 AM

That makes sense and now, Sam is on the loose and I guess he's trying to escape with his jet as per the news[1] that I've seen. But also, it's said that he's still in Bahamas and we don't know when he's going to be out of the radar. It's possible that he'll just disappear, with the ruckus that he's made, very likely to happen.
[1] Flight Radar Report Shows FTX Co-Founder's Private Jet Flew to Argentina, SBF Says He's Still in the Bahamas

His company is over. The only money he could get on hand was users' funds. This evil man can really do the worst.

Yes, they're all done.
At thought he's a young good lad that's really helping everyone. But with the misuse of people's fund, this is where it is going and his evil acts towards people's money have been exposed and saw by CZ and everyone.
No pardon for this guy for using a lot of money that have gained his trust, but he didn't reciprocate to those.

Orange89

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If any Exchange are hacked or bankrupt then it will effect it's native Token that's FTT on FTX case, CZ recent Tweet also promote other exchange to Delist the FTT token and Yes Huobi kucoin are started Delist it after their announcement I believe FTX are just making all the scam that's my opinion only so never trust any exchange
Be should purchase a hardware wallet it is the great option to store our Funds for the long run

fuguebtc

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Quote from: Calm N Patience on November 11, 2022, 09:41:02 PM

Hi All,

FTX is filing for bankruptcy. Do any Crypto masters know what will happen to FTX Token? Will it get delisted? Sad day for the crypto space.

Currently, FTT tokens are still traded on other exchanges but today binance will officially delist FTT and I believe other exchanges will do the same sooner or later when FTX officially goes bankrupt.

FTX just filed for bankruptcy and they have 3 months to resolve the matter before officially going bankrupt, so FTT token will be active for at least next 3 months and then it will be removed from all exchanges soon.

LogitechMouse

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Quote from: Calm N Patience on November 11, 2022, 09:41:02 PM

FTX is filing for bankruptcy. Do any Crypto masters know what will happen to FTX Token? Will it get delisted? Sad day for the crypto space.

It's the beginning of an end for FTX exchange both the main one and the FTX.us and also the end for Scam-Bankman Fried (well that's how he's being called right now after what happened).

As for FTX, delisting on different exchanges will happen. Binance already started and some other exchange will do the same. As for the token, it might still have a value but don't expect the confidence of people will return because of what happened. They might still use the token to pump and dump depending on how many exchanges it's still listed.

Too unfortunate for those who have funds in FTX exchange and for those who lost their money holding FTT token, but the one who is most affected right now is the employees who trusted SBF so much that most of their salaries are being put into FTT token. They only didn't lose their jobs, but they also lose months' worth of work because of what happened.

Calm N Patience

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I believe it's still not fully confirmed or official that they hacked. Let's hope it's not true because if so, they are totally fucked up, all their money is gone if it is legit.
[/quote]

This is the thing that started to get me nervous since the beginning of this saga. This is the last source of money that could use to compensate the users whose funds are trapped in the exchange.

Calm N Patience

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Quote from: ?? on ??

Quote from: Calm N Patience on November 11, 2022, 09:41:02 PM

Hi All,

FTX is filing for bankruptcy. Do any Crypto masters know what will happen to FTX Token? Will it get delisted? Sad day for the crypto space.

Since the website had been hacked then that is a big problem for the team and the FTX assets. Hearing about the hack and how the crypto market was affected by this huge loses makes me ponder on who is next to have this similar problem.
Many investors would ha e lost their hard earned money for those who had coins on the platform with their life savings. This is why keeping fund in wallet is better than keeping it on exchanges.

There are still some risks to keeping all the funds in your wallet. It can be lost or stolen. Putting it in a couple of different locations is safer. keep some in your wallet and some in exchanges.

Calm N Patience

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Quote from: WalkerIVIV on November 13, 2022, 05:21:07 PM

I think the future of this token is already sealed, it's definitely just gonna vanish and gets delisted or maybe it's just gonna become the next luna, after all it's a coin that's backed by the exchanges behind it but when the exchange itself is becoming bankrupt then there's no utility for this coin meaning it's becoming useless coin, it's unlike smart contract coin like eth and even matic, it's just coin that represents the exchange itself basically if the exchange itself is bankrupted surely the coin will.

Totally agreed with you. The only chance for FTT to come back is based on the exchange itself. If someone can take over it then there might be hope, the only hope.

Calm N Patience

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Quote from: tabas on November 13, 2022, 09:53:17 AM

Quote from: Calm N Patience on November 12, 2022, 06:21:22 AM

Quote from: tabas on November 12, 2022, 04:39:16 AM

Quote from: Calm N Patience on November 11, 2022, 10:15:16 PM

Yeah, I'm one of those unfortunate guys who got 37k trapped in the FTX exchange.

Sorry to hear that. They've been hacked just this day and the filing of bankruptcy really makes sense at all because the remaining funds that's assigned that's likely to pay for their customers, it's no longer there.
I've heard that some has been retrieved but I don't think that this is going to be enough to pay the millions of users that have trusted their funds onto them and sadly, you're one of those. It's a big lesson that everyone will learn from this incident.

Obviously, it's an inside job. They misused customers' funds and now they stole the last remnant of the customer's money.

That makes sense and now, Sam is on the loose and I guess he's trying to escape with his jet as per the news[1] that I've seen. But also, it's said that he's still in Bahamas and we don't know when he's going to be out of the radar. It's possible that he'll just disappear, with the ruckus that he's made, very likely to happen.
[1] Flight Radar Report Shows FTX Co-Founder's Private Jet Flew to Argentina, SBF Says He's Still in the Bahamas

His company is over. The only money he could get on hand was users' funds. This evil man can really do the worst.

GreatArkansas

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Quote from: Calm N Patience on November 11, 2022, 09:41:02 PM

Hi All,

FTX is filing for bankruptcy. Do any Crypto masters know what will happen to FTX Token? Will it get delisted? Sad day for the crypto space.

I am thinking FTT (FTX token) will go like what happened to Terra Luna tokens. It will be lost its value and become volatile. I am also wondering why the FTT token still not dropping to $0 or below $1, it's still above $1. Some people saying that there is some FTT token that is still locked, that's why we still can't see below $1 or $0 for FTT.

Quote from: ?? on ??

Quote from: Calm N Patience on November 11, 2022, 09:41:02 PM

Hi All,

FTX is filing for bankruptcy. Do any Crypto masters know what will happen to FTX Token? Will it get delisted? Sad day for the crypto space.

Since the website had been hacked then that is a big problem for the team and the FTX assets. Hearing about the hack and how the crypto market was affected by this huge loses makes me ponder on who is next to have this similar problem.
(.....)

I believe it's still not fully confirmed or official that they hacked. Let's hope it's not true because if so, they are totally fucked up, all their money is gone if it is legit.

FinneysTrueVision

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Quote from: Calm N Patience on November 11, 2022, 09:41:02 PM

Will it get delisted?

Exchanges will probably wait a while to delist it. They can make a lot of money in fees right now since there are so many people trying to dump it.

WalkerIVIV

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I think the future of this token is already sealed, it's definitely just gonna vanish and gets delisted or maybe it's just gonna become the next luna, after all it's a coin that's backed by the exchanges behind it but when the exchange itself is becoming bankrupt then there's no utility for this coin meaning it's becoming useless coin, it's unlike smart contract coin like eth and even matic, it's just coin that represents the exchange itself basically if the exchange itself is bankrupted surely the coin will.

BitcoinPanther

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Quote from: tbct_mt2 on November 12, 2022, 07:50:08 PM

Quote from: serjent05 on November 12, 2022, 05:49:44 PM

If it doesn't meet the required trading volume then obviously it will get delisted. But if the trading volume is maintained I think the exchange will keep it unless the SEC declares that FTX is a fraudulent company. If that happens, exchanges will be forced to delist FTX.

I believe FTT token will not face with all two bad things: delist because of low trading volume and SEC declaration that it is a fraud company.

With the scandal and hacking that happened on FTX, there is a huge possibility that people will stop supporting the FTT token. They might even dump them on the market crashing the price. But with manipulators and whales that owned huge bag of FTT, I think they will keep the market alive and even pump it so that they can exit with profit. Once SEC declare the company is involved in a fraud, the exchange of token will be ceased.

Quote from: tbct_mt2 on November 12, 2022, 07:50:08 PM

But it will take a lot of time for FTX to come back, maybe with some external help and investment after the bankruptcy procedure completes. For people who have interest to catch FTT token, I would like to suggest that if it is me, I would prefer to wait for 2 more months when things are cooled down and become clearer, less panic on the market and bottom is in, I will consider to buy FTT token.

At the moment, stay neutral, stay cautious are the best.

I would say, stay away from FTT because the governing body that is managing the project behind the token is already dissolved.

Topic: FTX exchange is going to be bankrupted. What happens to FTX Token? (Read 442 times)