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Showing posts with the label FTX

This Bloody FTX

Looks like the entire crypto market is still very cautious and reeling back from the FTX collapse, just checked  coinmarketcap.com , the total market cap is around US$795B, compared to two weeks ago it was around US$1.02T, roughly US$225B wiped out. Now my portfolio looks sibeh jia lat lol, down by about 75%, really sian half, but I still have confidence in Bitcoin and Ethereum, I actually read the whitepapers and also took some courses, so I know these two confirm will make it. As for exchanges, personally I use Crypto.com , kns hope they don't collapse, nowadays very hard to say, anything can just collapse in a matter of days, but so far they seem pretty stable, their CEO also did a nice AMA  addressing quite a number of key concerns, I also hold their CRO tokens because I find that it has several utility and is the native token i.e. fuel of two blockchains namely Cronos and Crypto.org, they also promised a Proof of Reserve Audit in coming weeks to show that they indeed hold cust
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Temasek Holdings Lost US$275M on FTX Collapse

https://www.channelnewsasia.com/singapore/ftx-cryptocurrency-exchange-temasek-write-down-investment-275-million-3079086 Wow, even Temasek Holdings also kena burned, but US$275M peanuts la, not their money anyway, but might as well give every Singaporean better, better than throw into a blackhole, still want to increase GST and public transport fares, power sia, I wonder what the leadership of Temasek Holdings have to say to Singaporeans, or nothing to say. Anyway after the collapse, everybody started to dig out all the dirt on Sam Bankman-Fried and his partners in crime, even I also curious who the heck this guy is, to be honest I have never even hear his speech or anything, went to google his interviews, he sounds like a gin na, a bit like Donald Duck, cannot imagine how this gin na managed to convince all the big names to invest in his ponzi scheme, names like BlackRock. Knn, back in May I still thought of signing up for an FTX account, but lucky didn't sign up because I can'
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Temasek Holdings Invested in FTX

https://www.forbes.com/sites/chasewithorn/2022/11/10/exclusive-these-investors-stand-to-lose-the-most-from-ftxs-implosion/?sh=6cc6c4862670 https://en.wikipedia.org/wiki/Temasek_Holdings Hmm, estimated US$205 million gone, so it's around SG$281 million... it's a huge amount for me but compared to Temasek's SG$403 billion portfolio, it's just 0.05%. This damn FTX, hai si so many people. TEMASEK Stake in FTX: 1% Est. amount invested: $205 million Value at January 2022 peak: $320 million An investment company owned by the government of Singapore, Temasek is the second-largest outside investor on the capitalization table, with 7 million shares. The $297 billion (assets) business, which owns big stakes in Singapore’s DBS Group and Singapore Airlines, invested in all three of FTX’s major funding rounds. With its $320 million stake on the brink of being worthless, a Temasek spokesperson told Reuters on Wednesday that they were “aware of the developments” and were “engaging FTX
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FTX Filed for Bankruptcy

Sam Bankman-Fried steps down as CEO, FTX filed for bankruptcy, wow, all in one week: Press Release pic.twitter.com/rgxq3QSBqm — FTX (@FTX_Official) November 11, 2022 A clarification tweet: Press Release: Clarification on Certain Entities Not Included in Chapter 11 Filings. pic.twitter.com/rxmY2f2iTB — FTX (@FTX_Official) November 12, 2022 Hmm, I'm wondering what holders of FTT tokens can do, with FTX going down, will it become another worthless token, at least LUNA and LUNA 2.0 have their own blockchains but interest is wavering, I mean after that crash, I doubt many people will be building on it, why use their blockchain when there are plenty out there which are way more popular and stable.
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FTX Token Brings Down Entire Crypto Market

https://marrythaigirlsingapore.blogspot.com/2022/11/ftx-token-tanked.html After yesterday's post, this morning I woke up and saw the token trading at around US$5, wah seh, like around 3/4 of the value got wiped out within 24 hours. Then CZ of Binance said they signed a non-binding letter of intent to fully acquire FTX and they will conduct a full due diligence in coming days. What a rapid turn of events, even worse than UST/LUNA, at least they took 3-4 days to collapse, this FTX within one day 3/4 of value gone just like that. I wonder who have huge exposure to FTX, sure kena flushed out. This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-binding LOI, intending to fully acquire https://t.co/BGtFlCmLXB and help cover the liquidity crunch. We will be conducting a full DD in the coming days. — CZ 🔶 Binance (@cz_binance) November 8, 2022
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FTX Token Tanked

Today the price suddenly fell from US$22 to around US$15+, damn scary, reminds me of LUNA and UST but hope it doesn't turn out that way. Can read more about the story here:  https://www.coindesk.com/markets/2022/11/08/ftt-plummets-as-market-fears-possible-alameda-contagion In crypto things happen damn fast, one minute FTX is the kid with the shiniest toy, next minute kena trashed until upside down. I see this FTX and the Sam Bankman-Fried machiam have unlimited money, then now suddenly have rumours of insolvency all over Twitter, and what printing money out of thin air via their FTT token. Anyway the FTT price now recovered to around US$17, at least it didn't death spiral to 0, hope not another collapse. Bitcoin and Ethereum still the best, most solid. Crypto.com's CRO token also not bad I think, so far they seem very prudent, which is a good thing, but a lot of people complaining about their various sponsorships haha.
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