One of the largest cryptocurrency exchanges in the world lost 93% of its stablecoins in a year

The reserves of stablecoins on the FTX exchange amount to 53 million, down 93% over the year. In addition, the platform’s balance in ethereum has decreased from 400,000 to 108,000 ETH. According to some crypto analysts, FTX is at risk of becoming insolvent.

Investors are currently leaving the exchange en masse, withdrawing funds to crypto wallets. In addition to the information about the decrease in stablecoin and ethereum stocks, it became known that the largest cryptocurrency exchange Binance plans to completely sell its stocks of FTT tokens, which are tokens of the FTX exchange. The decision was made due to the recent information that Alameda, a company close to FTX, owns $ 14.6 billion worth of assets, a significant part of which is related to the FTT token.

«When we sold our stake in FTX last year, Binance received about $ 2.1 billion in BUSD and FTT tokens. Due to therecent revelations, we have decided to liquidate all FTT in our accounts,» Чанпен Чжао" href="https://noworries.media/biography/chanpen-chzhao/" data-bio-id="3681">Changpeng Zhao said. Amid the news, the value of FTT has fallen by 3.09% over the past 24 hours, and the token is currently trading at $ 22.4.

So far, FTX founder Сем Бенкман-Фрід" href="https://noworries.media/biography/sem-benkman-frid/" data-bio-id="3697">Sam Bankman-Fried has not commented on this information. Last week, it was reported that Fried spent a record amount of $ 39.2 million on the US election campaign. The generous donations helped Bankman-Fried become one of the largest campaign contributors (and his stock exchange is apparently on the verge of collapse). Earlier, the FTX founder had ambitions to spend $ 1 billion on the campaign for the next US presidential election, but in early October, Sam Bankman-Fried took back his words about a billion, calling it a «foolish statement.»

Perhaps the owner of FTX will also call his statements about Coinbase-2/">buying Coinbase rash in a few months. During the Tech Live conference organized by the Wall Street Journal, Benkman-Fried emphasized that his exchange has long been looking for new sources of growth and diversification of funding — the acquisition of Coinbase can significantly improve the situation and expand the audience of FTX. And in March 2022, the FTX parent was ready to buy Twitter.