Is this the beginning of the end for FTX and Alameda Research? Or will both organizations come out stronger on the other side? As NewsBTC reported, Binance’s CZ smelled blood in the water and announced his exchange was selling their FTT reserves. That created a sort of a bank-run that left FTX in a dangerous position. Are both of the Sam Bankman-Fried-led organizations’ destinies tied to the FTT token? Or will they be fine even if it falls? In the most recent Bitcoin Magazine Pro report, they describe the current situation as, “a wave of panic taking shape that questions the solvency of both FTX and Alameda Research. As a result, we’ve seen nearly $1 billion in assets and token values fly out of known FTX and Alameda addresses over the last week.” Not only that, both FTT and BNB are falling. And Alameda and FTX are working overtime to keep FTT over $22. We’ll cover all of that and more, but first, let’s go to another BM Pro report in which they described the situation that led to all of this. A document detailing Alameda Research’s reserves leaked and the whole world learned that the firm held approximately 90% of the total FTT token supply. Their sister company, FTX, issues that coin. And that’s problematic. “It’s reported Alameda was holding $5.82 billion of FTT on June 30th, while the market cap of FTT at the time of the report was $4.2 billion. This is a result of some of their asset allocation being held in locked altcoin...
