FTX is one of the most popular crypto exchanges for buying, selling, and trading cryptocurrencies in the world.
In this FTX exchange review, l will be sharing with you whether FTX can be trusted and every other factor around this platform.
Over the past years, FTX used to be a good exchange platform for buying and selling crypto all over the world. But, recently on FTX, something happens, and that's what I'm about to share with you here in this article what happens.
if you can still go ahead to use this trading platform. If you would agree with me you will know that FTX is one of the active trader's platforms, as it offers competitive trading fees.
And It also has a great selection of NFTs and stocks, and this helps you to keep all your investments in just one place.
Ftx Exchange Review: What Went Wrong with FTX?
FTX’s collapse took place over 11 days in November 2022. FTX was one of the largest exchange platforms in the world for cryptocurrency. Recently, FTX's had issues that threatened the entire industry.
Sam Bankman-Fried the founder of FTX had to resign. For the past few weeks, FTX was also declared bankrupt and this has cost so much loss to the trader in the world market.
And not just that, the company also firm that some money disappeared over hundreds of millions of dollars. The sudden collapse of FTX is a real shock to the crypto industry, which has costed so many problems.
Bitcoin the world’s biggest cryptocurrency has also dropped about 65 percent in value for the year.
Why did FTX go bankrupt Suddenly?
Because of the sudden bankrupt investors who came to FTX fled a few weeks ago over fears about whether the firm had enough money. And FTX also agreed to sell itself to another crypto exchange platform Binance.
But we learned that the deal was not successful after Binance found out about the problems facing FTXs. And also last few days several other connected companies filed for bankruptcy of FTX.
And Bankman-Fried the chief executive of FTX has also resigned.
Why did the deal between Binance and FTX unravel?
On the 9th of Nov, Binance announced it would no longer partner with FTX, saying it had arrived at that decision “as a result of corporate due diligence.”
It also cited regulatory investigations and reports of mishandled funds. Binance said in a statement.
“We have seen over the last several years that the crypto ecosystem is becoming more resilient and we believe in time that outliers that misuse user funds will be weeded out by the free market.”
Was FTX hacked?
I know you might be worried to know or ask was FTX the largest trading platform in the cryptocurrency market was hacked.
Well, you will get to know that very soon. Just recently, FTX said there had been “(unauthorized access)” to its accounts, after a few hours of the bankruptcy filing.
And not quite long debate started on social media about whether FTX was hacked or a company member had stolen money. How much money was involved was still unclear to everyone.
But analytics company Elliptic estimated that $477 million was missing from the exchange platform (FTX).
Is FTX under investigation?
The recent happing on FTX has made it to be under serious investigation. The Bahamas-headquartered crypto exchange has additionally led Bahamas authorities to issue an investigation.
For the past days and weeks, the FTX crypto platform has been sundered with various investigations.
The Future of FTX
FTX’s liquidity crisis has destroyed the crypto market, with contagion spreading that crypto investors now fear another trading platform. And over the past weeks, Bitcoin (BTC) and Ethereum (ETH) have also dropped by more than 20%.
And research has it too that other popular leading altcoins are also down. The most notable one among them is Solana, Solana was accepted because Bankman-Fried the chief executive of FTX is a prominent backer.
Therefore, research has it that the liquidations in Solana are accepted because FTX is a big investor in SOL tokens and could dump the assets to mitigate losses.
Meanwhile, I'm sure by now that many traders on FTX never thought that the biggest trading exchange platform FTX was too big to fail,
one thing is for certain, “no crypto platform is too big to experience what happens to FTX. So, any trading firm can also have the same issue.
( FTX) What Will Happen Next?
We can see that the outcome of FTX’s bankruptcy is uncertain to everyone in the trading industry.
And its failure also will likely result in doubts about cryptocurrencies in the coming months or years.
And before now, Bankman-Fried had been the subject of some criticism before FTX got collapsed. And research has it that "Bankman-Friend operates FTX outside of U.S. oversight from his headquarters in The Bahamas.
Is my Bitcoin safe on FTX?
Are you wondering whether your Bitcoin is safe?
According to Cory Klippsten, he said People who own Bitcoin should be fine if they keep them off exchanges such as FTX.
He also said that any exchange is a security risk.
People who own Bitcoin have a free mind because their coins are safe, however, it also important to trade and exchange with caution.
Conclusion on Ftx Exchange Review: Can FTX Be Trusted?
With the information you have gathered from this article, I'm sure you can make a firm decision to know whether FTX is still the crypto or trading platform that you should trust.
The largest trading platform you know FTX has gone bankrupt so stay away from trading from the platform.
So, you have to Protect yourself from this.
Therefore, If you have crypto, NFTs, or other assets at any of these crypto platforms that operate with money-transmitter licenses, make sure you get your money from there.
However, if you enjoy this article don't forget to leave me a comment down below, and don't forget to also share it with friends.