Crypto Exchange FTX which declared bankruptcy two years ago and which is now setting itself to pay back $16 billion to its clients. According to some of its clients, this is going to be the turning point as the investors and FTX war has been for almost two years. More notably, we have FTX founder, Sam Bankman Fried and his girlfriend Caroline Ellison as the main culprits.
We have the experts turning their focus to an indication that this fund release will be the way to the crypto market.
This new update has taken the whole crypto sphere by energy as the year comes to the last months. The fact that this freeing up of funds will happen will be a milestone in the crypto market. It is pointed out that this $16 million fund release may be reinjected into the market in order to achieve perhaps even record growth before the end of the year.
This money will be reinvested back in the account of the people already interested in crypto to make them whole again. Majority of these people are likely to ciclo back this money into the crypto market for its subsequent growth.
Money flowing back to investors in cryptocurrencies is good for the market for the digital asset since it depicts bullish trend. One of this will be to move a liquid that has low liquidity out of a particular market and then bring it back into the market. This liquidity will make its investors able to grab the opportunities of some changes in the trend of the market.
Comparing FTT Prices
It was at $1.406 for FTT yesterday while the trade volume was $ 8.45 million one the given period of one day. In the last 24 hours it has an up of 0.85% with a market circulation of $ 328.90 Million. It can be purchased from different exchanges like Binance, Kraken, Kucoin.
FTX Token has a market capitalization of $462.56 million, it was on September 8th, 2021 and the price of FTT was $85.016 prior to the FTX’s bankruptcy. The behavioural change of having the price rise and fall for FTX tokens means that the level of fake trust in the market rose significantly.
Sam Bankman Fried and Caroline Ellison
Sam is Bankman Fried is the former founder and CEO of the Cryptocurrency Exchange Firm FTX, alongside being the chief executive of the Alameda Research firm. He lost all his money and people’s faith in him after he was linked with the FTX crypto scam. He had resigned after there was a sensational crash of his trading firm FTX that saw him lose nearly $35 million of investors funds.
Several years ago the former founder was estimated to have $16 bln of wealth while the present valuation is only $3 mln. This sharp fall has been occasioned by what Selerity regards as his connection to seven criminal fraud cases including FTX as shown below. However, this was not always the case and for some time he was also known by rather unpleasant nickname from the Crypto King because of enormous success of FTX.
Caroline Ellison is the former chief executive officer of Alameda Research, and is also a partner of Sam Bankman Fried. She is a quantitative trader and was earlier employed in the FTX that was a defunct crypto exchange. The Wall Street Journal’s report made it look like Alameda Research has always used $10 billion which belongs to FTX but never repaid.
Awarded compensation for and was dismissed by FTX; was linked to two criminal fraud charges, which she sued on to bankrupt herself. Charged with the FTX fraud case, was sentenced to a prison term of 2 years on September 24th.
