First Mover Americas: FTX Fallout Heats Up

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First Mover Americas: FTX Fallout Heats Up
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The fallout from FTX’s agreed sale to Binance has heated up with crypto prices sliding and firms scrambling to distance themselves from the exchange. JamieCrawleyCD reports.

amid the seismic events involving crypto exchange FTX’s proposed sale to Binance, the world's top crypto exchange by volume. Bitcoin and ether have declined by over 11% and 20% respectively, in the past 24 hours, catching many traders off guard. Meanwhile, futures tracking bitcoin and ether saw $390 million in losses due to liquidations in the past 24 hours.

detailing how its sister firm Alameda Research’s balance sheet was full of FTX's native token, FTT, causing a widespread exodus from the asset.over contagion risks following FTX’s liquidity woes. In the past 24 hours, seven exchanges, including Binance, Huobi and OKX, have said they will publish their audited fund reserves to increase transparency. Binance founder Changpeng Zhao urged industry players to provide “proof of reserves” following the FTX debacle.

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