We all know that cryptocurrency and prices of stock somewhat corresponded to each other after accounting for the volatility of cryptocurrency. So if any changes come both get affected. That is why we often share which new firm is offering an IPO and the price prediction of the coins but today we are not talking about any of these things instead of that we will talk about the crash down of FTX collateral. Those who are looking to know the details of this crash down not need to go anywhere and we will talk about it in this blog. So read it carefully. Follow Our website TheGossipsWorld Media for the latest updates!!!!!
Why Did The International FTX Collateral Crash Down?
As per the report, Sam Bankman-Fried (SBF) who is the owner of the bankrupt crypto exchange FTX and Alameda Research which is a trading house, “lost it in the face of pressure” this thing happened after his firm collapsed, get this show on the road collateral down to $ 8 billion from the amount $60 billion. Now after watching the matter, ex CEO of FTX penned a letter to the employees of FTX which is taken by CoinDesk. In the shared letter he apologised to the employees stating that he is “really feeling sad and deeply sorry for whatever occurred.”
International FTX Collateral Crash Down Reason
He further penned in the letter that “I did not mean for any of this thing to occur, and I would give whatever to be able to go back and decide to do the things from the starting. I know whatever has happened it’s all my fault and you all suffered but right now I can only say sorry to all of you as you were like my family. I have lost that, I have lost everything and our house in a vacant warehouse of advisers. Due to my mistake, I have no single person to talk to.”
What Happened To FTX?
As per the former CEO of FTX, the firm had around $60 billion in security and $ 2 billion in liabilities this year, but now the crash of the market meant that the value of the collateral was cut in half. He further added in the letter that “I lost it in the face of leaks and pressure and the Binance and stated nothing.” The report states that firm FTX lodged for insolvency because of “a high amount of harmonious pressure,” which the former CEO stated he get acquiesced to “reluctantly”. As per the previous report, the hard-pressed crypto exchange secured around $420 million in the month of Octo