FTX exchange is going to be bankrupted. What happens to FTX Token? - page 2.

eaLiTy

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Quote from: tbct_mt2 on November 12, 2022, 06:21:03 AM

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Think positively, it won't go to very low price like LUNA because FTT does not have (and will not have ?) super hyper inflation by minting as same as LUNA.

Seed investors will be having a huge stash of coins and they will be selling the coins, it is a different situation than LUNA but you need to remember that Binance has around 10 million tokens sitting in their hot wallet and then there are reports coming out $400 million worth of FTT tokens are released by the team and hence some of the exchanges have halted deposit, so it is a shit show and it is better to avoid holding them.

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Quote from: 5W-KILO on November 13, 2022, 01:21:20 PM

Binance exchange have stop the deposit of FTT token on their exchange.

With the way things are going it seems every exchanges will delist FTT and so there for the token will go to zero.

I am kinda not sad about this whole situation because it will favour crypto on the long run. People will take decentralised exchanges more seriously and they will now understand how very important a crypto hardware wallet is.

A somewhat late decision. Binance, on its account, had announced that $400 million had already been transferred, and had not announced its decision to stop deposits.
The platform itself is affected by everything that happened with the FTX platform, especially since there is no detailed news about what happened and how it happened. Not to mention the wholesale damage as a result of the decline in the price of cryptocurrencies, including Bitcoin and Ether.

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Binance exchange have stop the deposit of FTT token on their exchange.

With the way things are going it seems every exchanges will delist FTT and so there for the token will go to zero.

I am kinda not sad about this whole situation because it will favour crypto on the long run. People will take decentralised exchanges more seriously and they will now understand how very important a crypto hardware wallet is.

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

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...

Nevertheless, today the Binance will delist FTT margin pairs, USDⓈ-M futures contracts and Binance flexible products - https://www.binance.com/en/support/announcement/3b4c7c08479b48d48189191e37a7adca. And as we know, other exchanges may follow Binance example, so I wouldn't be surprised if FTT delisting is announced on one of the exchanges tomorrow.

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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

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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.

Shitcoin has no space in the crypto world. They scam to every user who believe them. And now FTT has no future and the CEO has run.
So keep away from these kind of coins.
I only believe in one coin and that is the king. I only believe in...

BTCitcoin

Calm N Patience

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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.

How long for the bankruptcy to settle? And if someone wants to take over FTX, then how long it takes for the ownership transfer?

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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.

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.

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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?

It is possible that it gets dumped since every holder will rush to sell their holding in order to cut losses. The longer they take to sell the coins, the bigger their losses will be. There is also a possibility that FTX tokens will become worthless.

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

Will it get delisted? Sad day for the crypto space.

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.

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I'm guessing that this platform is beyond saving therefore your FTT will become valueless, moreover the fact that you could't even get your FTT back is already such tremendous failure in their side, eventually everyone will just short this coin since moving over other investment seems makes more sense that just holding onto this coin, therefore so many will actually suffer from loses in investing in this coin which isn't their fault but still this loss couldn't be avoided since the company already declared bankruptcy.

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you just could never be sure whether your coin/money is gonna be safe or not since it's all depends in the platform itself but always ready for the worst, since the platform itself is already in such bad state, there's big chance that the coin will just lost its value, it will quite likely lost 95% of its value in the future even if you can get back your coin, moreover binance refuses to help this platform in the very recent news so I guess there's no future for this platform.

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Quote from: Bobrox on November 12, 2022, 01:26:46 PM

Quote from: coinerer on November 12, 2022, 12:54:34 PM

FTX token has not been delisted from anywhere yet. But its price has come down a lot and is constantly going down. Which may be valuless at some point like LUNA but it looks like it will not be delisted from any exchange. As happened with LUNA. And is it now open for Binance Future trading as well. Which is really incredible because many traders are making huge profits through Sell Short from here. I still don't know what to do with FTT in the coming days

Still open yet with future trading I think best alternative if want to earn much profit with FTX coin with short position opening, due still exist and not delisted yet I don't think FTX coin will back to higher price again after confirmed with bankruptcy. The exchange of FTX have withdrawing trouble and I think impact with FTT coin later slowly going down if not any investor try to help or acquisition to be new owner of FTX exchange.

It is still possible to make profit with FTX token FTT by short position in future trading but since Future trading is high risky and FTT token is behaving strangely now. And sometimes suddenly it shows high pump and dump so a wrong entry can cause Leqidation. So it would be very risky to do so . So it is better not to think about doing it now

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Quote from: coinerer on November 12, 2022, 12:54:34 PM

FTX token has not been delisted from anywhere yet. But its price has come down a lot and is constantly going down. Which may be valuless at some point like LUNA but it looks like it will not be delisted from any exchange. As happened with LUNA. And is it now open for Binance Future trading as well. Which is really incredible because many traders are making huge profits through Sell Short from here. I still don't know what to do with FTT in the coming days

Still open yet with future trading I think best alternative if want to earn much profit with FTX coin with short position opening, due still exist and not delisted yet I don't think FTX coin will back to higher price again after confirmed with bankruptcy. The exchange of FTX have withdrawing trouble and I think impact with FTT coin later slowly going down if not any investor try to help or acquisition to be new owner of FTX exchange.

Until several days price going down constantly not have any confirmed from the owner for new progress or trying how to make FTT back to higher price, however FTX exchange right now faced withdrawing trouble and make investor worry not only with FTX coin price going dump but also their assets disable to withdraw.

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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.

FTX token has not been delisted from anywhere yet. But its price has come down a lot and is constantly going down. Which may be valuless at some point like LUNA but it looks like it will not be delisted from any exchange. As happened with LUNA. And is it now open for Binance Future trading as well. Which is really incredible because many traders are making huge profits through Sell Short from here. I still don't know what to do with FTT in the coming days

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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?

Dead. I see other word that much more suitable for FTT rathan dead. FTT has become a useless token and this token was also a ponzi owned by sam and friends. The possible scenario to be the same like luna but i do remember that if FTT was not a native coin like luna and so this has more chance to be a dead token rather than luna caused by what? The community can't take over it.

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

Will it get delisted? Sad day for the crypto space.

I will/won't. There will always be dump exchange site who will always be actively making trading pair available but yeah that gonna have small liquidity as FTT holders already drained all of volume in the market other than FTX itself.

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there is no definite news about this FTX token. but I'm sure they'll be removed soon given the considerable FTX hacks. but we are uncertain whether FTX can cope with all this, even if they have to lose a lot of confidence will be able to account for these losses or they will be able to take responsibility for these losses.

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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.

tbct_mt2

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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.

Calm N Patience

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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.

tbct_mt2

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Bankruptcy according to Chapter 11 means that company (FTX exchange) can go with reconstruct and reorganization of company operations. It does not mean FTX will vanish after that so there will be chances for them to come back.

However, trust is very important and with all the bad management, risk taking and lack of transparency, FTX already lost trust in investors and users. It is super hard for them to come back after the bankruptcy with Chapter 11.

Think positively, it won't go to very low price like LUNA because FTT does not have (and will not have ?) super hyper inflation by minting as same as LUNA.

Topic: FTX exchange is going to be bankrupted. What happens to FTX Token? - page 2. (Read 442 times)