Cryptocurrency prices have plummeted amid reports of FTX going bankrupt. Over the past week, there has been a sharp drop in cryptocurrency prices following the news of the FTX bankruptcy. As a result, many cryptocurrency businesses are now unstable and widespread skepticism towards the technology has been sown.
Sam Bankman-Fried, a cryptocurrency billionaire, went from industry hero to villain in the space of a week, losing the vast majority of his fortune when his €32 billion company went bust and drew the attention of the SEC and the Justice Department.
Bankman-Fried's empire collapsed last week when a run on deposits left its crypto exchange FTX in an $8.000 billion deficit, prompting the firm to file its balance sheet. He had been compared to financial magnates like John Pierpont Morgan and Warren Buffett.
Bankman-Fried, 30, didn't say much publicly last week, other than a few tweets, comments to colleagues and random text messages to reporters. Many sorrows over FTX's passing were expressed in the interview he gave on Sunday.
However, he was reluctant to elaborate on the more pressing issues surrounding him, including whether FTX was misusing billions of dollars in client funds to support Alameda Research, a commercial company he co-founded.
The DOJ and the SEC are investigating the nature of this connection. Bankman-Fried said that Alameda had built up a large "margin position" in FTX, which basically means that he had borrowed money from the exchange.
As a result, the price of FTT fell by more than 93% last week.
FTT Pricing and Tokenomics
The current price of the FTX token is €1,61 and the 24-hour trading volume is €137 million. The FTX token is up more than 2% in the last 24 hours. CoinMarketCap is now ranked 209th, with a live market capitalization of €529 million. It has 328.895.112 FTT coins in circulation and a maximum supply of 352.170.015 FTT coins.