A Long Week Has Come to an End for FTX
Over the last 24 hours, the price of the cryptocurrency FTX Token (CRYPTO: FTT), the in-house digital currency of the large crypto exchange FTX, had fallen another 29% as of 5:03 p.m. ET today. Over the last seven days, the cryptocurrency has fallen more than 88%.
What started as rumors about solvency issues earlier this week quickly turned into a run on the exchange and by Tuesday, FTX faced a full-scale liquidity crunch. For a short time, it looked like the rival exchange Binance would step in to purchase FTX, but the company walked away from the deal less than 24 hours later.
Today, FTX, along with its sister companies FTX.US and Alameda Research, filed for bankruptcy and its CEO Sam Bankman-Fried resigned from the company.
Source Fool.com
