FTX to file for U.S. bankruptcy, CEO resigns

Re:FTX to file for U.S. bankruptcy, CEO resigns by crypt1d on Friday November 11, 2022 @11:23AM (#33562728)

Its hard to tell, but looks like the fall out is far from over. There are a lot of rumours running around so unsure what is true and what is not, but we've gotten confirmations from a lot of crypto companies to be affected one way or another. Genesis (a big OTC trading company) lost about 160M but their parent company wrote them a check. BlockFi seems to be in the hole and has closed withdrawals. Blockfolio (an FTX owned company) paused withdrawals. Anything SOL/SRM related is likely affected. Any market maker worth its salt had money on it as well... think we will see a lot of blood in the coming days/weeks.

[ Parent | on HN ]

Re:FTX to file for U.S. bankruptcy, CEO resigns by acover on Friday November 11, 2022 @12:22PM (#33563650)

For those curious I think srm is serum and sol is solana.

https://www.kraken.com/learn/what-is-serum-srm

> Serum is a decentralized exchange software built on Solana where cryptocurrencies can be bought and sold by traders

[ Parent | on HN ]

Re:FTX to file for U.S. bankruptcy, CEO resigns by crypt1d on Friday November 11, 2022 @01:34PM (#33564773)

Correct. I've been in this world so long I forget 'normal people' don't really know all the acronyms :)

more rumours are surfacing, including Yuga Labs (biggest name in the NFT space), Jump Crypto, Paradigm... this is basically our Lehman Brothers moment

[ Parent | on HN ]

Re:FTX to file for U.S. bankruptcy, CEO resigns by adriand on Saturday November 12, 2022 @12:46AM (#33570342)

What's your take on this for the NFT market more generally?

[ Parent | on HN ]

Re:FTX to file for U.S. bankruptcy, CEO resigns by crypt1d on Saturday November 12, 2022 @04:56AM (#33571679)

Everyone's confidence is shook, so I expect a lot projects will be delayed due to lack of funding/interest, and volume will dry up significantly in the coming weeks/months. NFT market was never particularly liquid to begin with, so it might grind to a halt for a bit. But there's light at the end of the tunnel, I'm sure. With regulators focusing their eyes on tokens and exchanges, NFTs might get a bit of a revival some time down the road. Especially if money starts flowing into it again looking to escape the regulatory hammer.

[ Parent | on HN ]

Re:FTX to file for U.S. bankruptcy, CEO resigns by RustyConsul on Monday November 14, 2022 @05:23AM (#33592159)

I was at the Jump Crypto hackathon during the terra luna depeging. Jump crypto has a unique structure because as part of their investment, they get a chunk of coins to market make with. They have no requirement to be on the long side of the market making so during the terra luna collapse they made an absolute killing (Even though terra/luna was one of their biggest investments). Also, jump has it's other business running HFT on the stock market that is much more profitable so it can always bail out it's other side.

[ Parent | on HN ]

Re:FTX to file for U.S. bankruptcy, CEO resigns by bmitc on Friday November 11, 2022 @01:08PM (#33564398)

Does anyone know the effect on Nova Labs and the Helium Network? It was my understanding that they recently switched the network from the Helium Network token (HNT) to Solana (SOL).

[ Parent | on HN ]

Re:FTX to file for U.S. bankruptcy, CEO resigns by coffeebeqn on Friday November 11, 2022 @03:31PM (#33566388)

FTX also bailed out a ton of crypto companies. Now I don’t know what those deals were like but it’s likely some of these will fold soon

[ Parent | on HN ]