Crypto Index Tracker: All Sectors Plummet After FTX Chaos
- By Dalvir Mandara
- 4 min read
The big news this week has been the FTX collapse and subsequent liquidity crunch. Here is a quick overview of how the events unfolded:
- On Wednesday last week (2 November), Coindesk reported that the hedge fund, Alameda Research, owned by FTX CEO, Sam Bankman-Fried (SBF), had much of its $14.6bn in assets in FTT – an exchange token issued by FTX. Bitcoin closed the day around $20,100.
- On Sunday (6 November), Changpeng Zhao (CZ), the CEO of Binance, revealed that they would be liquidating any remaining FTT on their books. Bitcoin closed the day around $20,900.
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