FTX Exchange Scam !!!There have been several reports of suspicious activity regarding a possible Ponzi scheme operated under the name FTX Exchange, with the aim of defrauding investors. The FCA also confirmed in their publication that FTX Exchange is a scam platform.
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This week, the cryptocurrency industry was thrown into disarray after a crypto exchange previously valued at almost $32 billion said it would file for bankruptcy and its top executive would leave.
After declaring on Wednesday that an examination of FTX’s books had uncovered “mishandled client assets,” and amid concerns that U.S. regulatory authorities were surrounding the smaller exchange, industry leader Binance backed out of a proposed takeover on Tuesday.
In allusion to the once-mighty investment firm whose fall contributed to the 2008 financial crisis, this rapid collapse has been dubbed the crypto industry’s “Lehman Brothers” moment. A leading authority on the subject even went so far as to call it “apocalyptic” for the industry.
Hackers apparently stole over a million dollars’ worth of digital assets from a crypto trader’s FTX Exchange account by gaining access to the account using a vulnerable API.
An FTX Exchange user who uses the 3Commas API reportedly lost $1.6 million worth of Bitcoin, Ether, and FTX tokens after discovering that his account had exchanged the DMM: Governance (DMG) token more than 5,000 times.
In the beginning, on November 2nd, Coindesk revealed that Almeda Research, Bankman-trading Fried’s business, controlled $14.6 billion in FTT coin, a token produced by his crypto exchange FTX Exchange. It’s never a good indication when one business has a token worth $14.6 billion. This was seen as highly problematic for a number of reasons. Each token was valued more than $70 at its peak. Depending on when the tokens were purchased, their value has dropped to below $4, representing a loss of roughly 95%.
FTX Exchange and Binance
A “run on the bank,” if you will, ensued when Binance, the largest cryptocurrency exchange in the world and FTX Exchange’s major rival, tweeted that this didn’t seem good. The token’s worth plummeted. Trading platform Binance made a bid for FTX Trading. After reviewing FTX Exchange’s financials, it decided against doing business with them. Now, after being worth $32 billion only a few months ago, FTX Exchange is seemingly going bankrupt as it faces probes from regulators, prospective litigation, and the possibility of insolvency.
This past week, CoinDesk released an article that referenced a confidential document and suggested that there may be more ties between FTX Exchange and Alameda Research than had been previously stated. Many of Alameda’s assets were allegedly invested in FTT, a cryptocurrency generated by FTX Exchange, which casts doubt on the viability of Bankman-businesses Fried’s should FTT’s value plummet.
A big number of FTX Exchange investors began withdrawing their funds after Binance CEO Zhao revealed on Sunday that Binance will sell around $530 million of FTT, reducing the value of the token. However, despite Bankman-best Fried’s attempts to reassure its clients, about $654 million was withdrawn from FTX Exchange on Monday.
On Tuesday, Zhao made public his plans to acquire the struggling market. The next day, however, he changed his mind and walked away from the contract after discovering that FTX Exchange had “mishandled consumer monies.”
With Binance’s announcement on Wednesday that it will no longer pursue the acquisition of FTX, Sam Bankman-crypto Fried’s empire appeared to be on the point of collapse.
Just yesterday, Binance CEO Changpeng Zhao said that the largest cryptocurrency exchange has signed a nonbinding agreement to purchase FTX Exchange’s non-U.S. companies for an unknown value, saving the company from a liquidity problem. Private investors put FTX Exchange’s worth at $32 billion earlier this year.
We had hoped to be able to serve FTX Exchange’s consumers by providing liquidity,” Binance stated in a tweet on Wednesday. However, we cannot solve these problems on our own.
According to those familiar with the situation, on Monday night Bankman-Fried was frantically trying to gather money from venture capitalists and other investors before he went to Binance because of a severe lack of cash. When rumors surfaced of “mishandled customer monies and purported U.S. government investigations,” Zhao’s business abruptly reversed course.
No one knows who will be the next to acquire the struggling cryptocurrency exchange. According to the individual acquainted with the situation, Bankman-Fried informed investors that the business may lose up to $8 billion due to withdrawal demands and would require immediate liquidity to prevent the situation from worsening.
This week, the crypto market has been shaken by a series of startling collapses, the latest of which being the unraveling of the Binance-FTX transaction. Only on Monday did Bankman-Fried try to convince shareholders that everything was alright with the company’s assets. Binance’s public announcement that it was selling its holdings in FTX Exchange’s native token FTT set up a sell-off that FTX Trading had no control over.
The Importance and Consequences
Experts say the collapse of FTX Exchange, which had posed as the cryptocurrency industry’s model of dependability, raises serious worries about the uncontrolled state of the market. Reena Aggarwal, director of Georgetown University’s Psaros Center for Financial Markets and Policy, has stated that individual investors who have put confidence in FTX Exchange and the crypto market may lose money because to the turmoil this week.
Are you a victim of FTX Exchange?
Don’t get frustrated if some of your funds are stuck in FTX Exchange. Others have gone before you, and many more will follow. Even the most careful investors will make mistakes every once in a while, and this is something to be used as a learning experience.
We have found the solution: CHARGEBACK.
The bright side is that help is easily available. The staff at Zorya Capital, a business that specializes in helping victims of FTX Exchange scam get their money back, is available around the clock and has helped people all over the world get back millions of dollars.
Using a trustworthy agency like Zorya Capital is crucial in this endeavor since the conventional chargeback procedure may be confusing and time consuming without the right guidance. Recover your FTT Tokens and funds from FTX Exchange.