It's been an unprecedented couple of days for the crypto industry, following the Binance-FTX saga. The failure of an entity as important as FTX has triggered an industry-wide sell off. Most of the crypto market is in the red (see the image below).
With a lot of information flowing around regarding what event, it can be difficult to understand where to start.
We have put together a story about the most important things to know about the Binance-FTX saga.
We covered:
- How it started
- How FTX bailed out Alameda Research — both owned by Sam Bankman-Fried — in the second quarter with publicly disclosing it.
- Why FTX isn't allowing customers to withdraw their funds
- How Binance triggered a bank-like run on FTX.
Give it a read and let us know your thoughts in the comments.
Binance to acquire FTX.com in a shock-inducing move after a $6 billion liquidity crisis
