The FTX Saga Continues | Where Does the Domino Go? (Updated to November 16)

Latest updates (sorted from top to bottom according to the time of occurrence):


🔹 November 16th

- FTX depositors may be able to recover 40-50% of their assets. According to Messari analyst Kunal Goel's calculation, FTX's liquid assets are approximately $600 million, while its Robin Hood equity is not included in the asset list. In addition, FTX holds a large number of FTT and SRM assets, but the liquidity is very low. To sum up, FTX depositors may recover 40-50% of their assets.

- Alameda made a profit of $60 million on the FTX platform through insider information. According to BlockBeats, Alameda Research has accumulated $60 million worth of tokens in FTX through insider information, involving projects including IndiGG, LooksRare, Guard of Guardians, Render, Boba, etc.

- Bloomberg: FTX Bahamas entity applies for bankruptcy to the Southern District Court of New York

- PeckShield: 20 million USDCs transferred from Binance to FTX-related addresses

- Well-known litigation lawyers on Wall Street plan to file a class action lawsuit against celebrities promoting FTX.

- Australian regulators will suspend the local FTX financial service license until the middle of May next year.

- The crypto lending platform Salt suspended deposit and withdrawal due to the impact of FTX bankruptcy.

- According to the Financial Times, FTX is seeking emergency funds of up to $10 billion and has sent a letter of intent to potential investors. Two schemes are provided in the letter of intent: 1. traditional investment, which is divided according to the investment mode (equity and conversion, etc.) and scale (more than or less than $2.5 billion); 2. all-together set (AT), similar to crowdfunding activities with the lowest goal. If the total investment of investors to FTX exceeds $6 billion, it will involve starting "overall portfolio investment", but investors cannot specify any investment terms.


🔹 November 15th

- Zhu Su from Three Arrows Capital questioned Alameda's high-interest lending and provided evidence to The Block, but it was not reported.

- The main address of the FTX hacking incident received 21,155 ETH from other hacked addresses. According to PeckShield data, the primary address of FTX hacker attacks received 21155 ETHs from three addresses, namely, "FTX Accounts Container 2", "FTX Accounts Container 5" and "FTX Accounts Container 6".

- FTX creditors may exceed 1 million. Presently, relevant creditors are cooperating with dozens of regulators around the world to investigate. According to a court document, John J. Ray III, FTX's new CEO and senior bankruptcy supervisor, is cooperating with dozens of regulators around the world to investigate. In addition, the document shows that FTX's potential creditors may exceed 1 million.

- NBA Golden State Warriors suspended cooperation with FTX.

- Turkey's Financial Crime Investigation Bureau is investigating FTX's local branches.

- SBF: Alameda's margin position on FTX is "much larger than expected". According to BlockBeats, SBF said in an interview with the New York Times on Sunday, "You would think I can't sleep at all, but in fact I sleep very well. Because it would have been worse." In addition, SBF stated that Alameda had accumulated a large amount of "margin positions" on FTX, which meant that it had borrowed funds from the trading platform. "It's much bigger than I thought. In fact, the downside risk is extremely high." He added that the size of these positions was billions of dollars, but refused to provide more details.

- Alameda used to hoard relevant tokens before the FTX was launched. According to the analysis of Argus' on-chain data cited by the Wall Street Journal, during the period from the beginning of 2021 to March this year when FTX announced the listing of tokens, Alameda held tokens worth approximately $60 million, involving 18 listed tokens related to the Ethereum blockchain.






🔹 November 14th

- Visa has terminated its cooperation with FTX. According to Reuters, Visa, a global payment processor, stated that it had terminated its global credit card agreement with the bankrupt cryptocurrency trading platform FTX. A Visa spokesman said, "The situation of FTX is very unfortunate. We are closely following the development of the situation. We have terminated the global agreement with FTX, and their US debit card program is being terminated by the relevant issuer.

- Chiliz plans to allocate 38 million CHZ, and FTX individual users who hold CHZ can receive compensation of up to $10,000.

- The developers of Solana are forking the Serum to create a new protocol that is not controlled by FTX.

- The Bahamas Police officially launched an investigation into FTX.

🔹 November 13th

- Binance suspended FTT’s deposit service. CZ, the founder of Binance, tweeted that Binance had suspended FTT depositing to prevent problematic additional supply from affecting the market.

- According to the Financial Times, before bankruptcy, FTX had liabilities of $8.9 billion and current assets of only $0.9 billion.

- SBF has been monitored by the Bahamas authorities and tried to escape to Dubai. Cointelegraph quoted insiders as saying that SBF and two FTX staff members have been monitored by the Bahamas authorities. It is reported that they have sought ways to escape to Dubai, or because there is no extradition treaty between Dubai and the United States.

- FTX restructuring officer and CEO: The transaction and cash withdrawal functions are being removed, and the assets are transferred to a new cold wallet custodian.

🔹 November 12th

- Tether has blacklisted the FTX’s hacked address, which has cleared $12 million LINK and $2.4 million MATIC.

- Galois Capital, a hedge fund, admitted that nearly half of the company's assets were still trapped in FTX.

- The NBA Miami Heat terminated the exclusive naming rights of $135 million with FTX. According to CoinDesk, Miami Dade County, Florida, and the Miami Heat issued a joint statement just hours after the FTX filed for bankruptcy, announcing that they would immediately terminate their business relationship with FTX. Presently, the FTX logo has been removed from the arena.

- Australia Capital: FTX's funds of approximately $380 million were transferred, and it is suspected that insiders absconded with the funds.

🔹 November 11th

- SBF tweet: We will clarify the user compensation as soon as possible and write a complete article.
Mercedes AMG announced the suspension of its partnership with FTX.

- FTX announced that it has implemented bankruptcy proceedings in the United States and SBF has resigned.

- CZ: Because FTX has a huge financial "loophole" that needs to be filled, plus user overlap, regulatory intervention and other factors, it gave up the acquisition of FTX.

- The Cyprus regulatory authority suspended the operation license of FTX.

- FTX users may be withdrawing money from their Bahamas accounts. According to the crypto market blogger Cobie on Twitter, the previously discovered account that withdraws nearly $30 million of stablecoin from FTX belongs to the FTX Bahamas user account, which is helping FTX users in other regions to withdraw money. FTX replied that it had started to deal with the matter.

- The FTX Future Fund team resigns collectively. The FTX Future Fund issued an open letter: The team has resigned collectively this morning, and we are unable to carry out our work or handle the allocation. I'm sorry, the FTX Future Fund may not be able to honor many of its promised donations.

- SBF seeks a $9.4 billion rescue plan for FTX. According to Reuters, SBF is seeking a $9.4 billion FTX rescue plan, which has achieved little so far, but SBF refused to file for bankruptcy and refused to appoint restructuring advisers.

- FTX is open to fund withdrawal in the Bahamas.

🔹 November 10th

- CZ: The President of El Salvador does not have any BTC in FTX, and has no business relationship with FTX.

- Galaxy Digital CEO: I heard that El Salvador's crypto assets are stored on FTX.

- FTX has suspended all new user registrations.

- Reuters: SBF has previously transferred at least $4 billion from FTX to support Alameda, including user deposits.

Story review:
🔹 The Domino Effect Involves USDT, CPI is Temporarily Favorable, and Panic is Still Spreading

🔹 Disclosure About Alameda and FTX | How Can Users Avoid Risks When Organizations Are in Chaos?

🔹 FTT Plummeted by More than 80% and BTC Dropped Below the $20,000 Threshold, Indicating a Gloomy Day in Crypto Winter

🔹 FTX Event Tracking | The Crisis is Far from Over, and "De-trust" is Gradually Evolving into “Non-trust”


Author: Gate.io Researcher Jill Ma&Byron B. Translator: Joy Z.
This article represents only the researcher's views and does not constitute any investment advice.
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