According to CoinMarketCap, among the top gainers, only SNX finds itself within the top 100 in terms of market capitalization, currently ranking at 48th place.
* In the 101-200 market cap range, ENJ has experienced a surge of around 20%.
* In the 201-300 range, DORA led the pack with a 15% increase. Additionally, four other coins—HPO, UNFI, DODO, and PEG—posted gains of 70%, 17%, 14%, and 10%, respectively.
* In the 301-400 range, six coins—TSUKA, CEL, BAKE, TLM, LEVER, REEF—saw increases of around or above 10%, with gains of 28%, 11%, 11%, 10%, 10%, and 10%, respectively.
* In the 501-600 range, no coin increased by more than 10%, although RFR did show a modest increase of 9.3%.
A Historic Decline
It’s crucial to note that all these coins have depreciated by over 90% in value since 2021, underlining the extreme volatility and associated risks in the cryptocurrency market.
One Key Factor to Observe
Most of these coins have surged by over 20% in the last two months.
* SNX previously surged by 25%, with an amplitude of 52%, on July 14.
* FORTH saw a 14.5% surge with a 46% amplitude on July 18, and again by 36.6% with a 55.6% amplitude on July 27.
* DODO experienced a 36.3% surge with a 43% amplitude on August 7.
* BAKE increased by 31% and 15% consecutively on August 13 and 14.
Additional Info
Top 10 Gainers in the Last 24 Hours on Binance:PERP, FORTH, UNFI, ENJ, SNX, DODO, BEL, BAKE, REEF, TLM.
Coins to Watch
Based on the following criteria:
1. Having surged over 20% in the previous two months,
2. Not having surged in recent days,
3. Holding a market cap between ranks 300-400,
Some coins to keep an eye on include: MOVR, MLN, RSS3, FTT, CVC, C98.
Conclusion
While the top gainers on Binance offer promising prospects, it’s essential to remember the inherent volatility of the cryptocurrency market. Investors are advised to conduct their own research and consider various factors before making any investment decisions.
Disclaimer: The information provided in this article is for informational purposes only and should not be considered as financial advice.
The document, dated July 31, 2023, outlines the draft plan of reorganization for FTX Trading Ltd. and its affiliated debtors, collectively referred to as “the Debtors.”
The Debtors have decided to file this draft plan at an early stage to facilitate creditor feedback and consensual resolution of certain issues. They expect to amend the plan in response to feedback and file an amended plan of reorganization in the fourth quarter of 2023.
Key aspects of the plan include disputes regarding the ownership of assets held on the FTX.com and FTX US exchanges, identification of three primary recovery pools corresponding to segregated assets, and recognition of special “shortfall” claims by the FTX.com and FTX US exchanges for unauthorized borrowing or misappropriation of assets.
The draft also covers the cancellation of intercompany claims, consolidation of the estates of most of the Debtors, subordination of certain claims to the pecuniary losses of customers and creditors, and extinguishment of FTT claims along with other equity interests.
Additionally, the document highlights the liquidation of the Debtors’ estates, with distributions to be paid to customers and creditors in cash, subject to certain voluntary elections in connection with a restart of an offshore exchange or otherwise.
The draft plan does not purport to resolve certain open questions under discussion among the Debtors, Consulting Parties, and other stakeholders.
This draft plan of reorganization for FTX Trading Ltd. addresses complex legal and financial matters, including asset pools, treatment of claims, and liquidation procedures. It reflects the current stage of negotiations and investigations and serves as a basis for further discussions and amendments.
Stakeholders are encouraged to review the entire draft plan, as additional modifications and clarifications are expected in the coming months. The document’s detailed approach emphasizes the importance of transparency and collaboration in managing the multifaceted challenges faced by the Debtors and their stakeholders.
Binance has announced that it will “not pursue the potential acquisition of FTX.”
Binance on Twitter announced the crypto exchange would end the acquisition plans because, among other reasons, FTX has mishandled customer funds.
The first investor that funded FTX was Binance, the largest global crypto exchange.
“As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX.com,” Binance tweeted.
Prior to the cancellation, Binance had been planning to support the US-based crypto exchange’s customers to provide liquidity. However, the company has stated that the issues troubling FTX is “beyond our control or ability to help.”
One Twitter user replied to Binance’s tweet saying, “it’s really easy! If you try to add 2+2 and it equals -5, then there is a problem no one can fix!” referring to the financial problems surrounding FTX.
Possibility of bankruptcy?
Binance has not provided detailed information about the issues troubling FTX. Still, press reports have stated that the crypto exchange might have discovered a deep gap between the liabilities and assets of FTX, which amounted to over $6 billion.
Furthermore, FTX CEO Sam Bankman-Fried has informed investors that the crypto exchange would need to file for bankruptcy if it fails to procure a cash injection, according to Bloomberg, who received this information from a person with direct knowledge of the matter.
Bankman-Fried – who was once worth $26 billion – also informed them that his crypto exchange faces a shortfall of up to $8 billion and is in need of $4 billion to remain solvent.
FTX CEO Sam Bankman-Fried, until recently, had been buying up crypto firms struggling due to a credit crunch caused by the sudden collapse of the cryptocurrencies Luna and UST or TerraUSD.
FTX is now on a mission to raise rescue financing in the form of debt, equity or a combination of both, the person familiar with the matter informed Bloomberg.
Facing Legal Challenge
FTX’s sudden implosion this week has also brought them under investigation from the Securities and Exchange Commission (SEC) and Justice Department, a person familiar with the matter informed the Wall Street Journal (WSJ).
The SEC will scrutinise FTX for violating civil investor-protection laws, while the Justice Department will be investigating for criminal violations.
Meanwhile, the crypto exchange’s US branch, FTX.US, has been under investigation by the SEC for months as they believe that some of the crypto tokens listed by the exchange might fall under securities, which should have been registered under US law with the SEC before being sold to investors.
Crypto Market Meltdown
The crypto market witnessed further decline following the cancellation of the FTX takeover. Bitcoin fell as much as 15% to $15,987 on Wednesday – the least since November 2020 – which was also the two-day decline to about 23%, the highest since June 2022.
FTX’s native token, FTT, collapsed by more than 40%.
While Solana was down by about 46%. The Solana blockchain is associated with both FTX and Bankman-Fried’s crypto trading house Alameda Research.
The market sentiment brought about by the FTX-Binance drama has shown a similar phenomenon among traders when Celsius Networks collapsed, leaving multiple investors bankrupt.
Customers have been unable to retrieve assets since FTX halted some withdrawals earlier in the week, similar to the failure of crypto firms Celsius and Voyager, which saw billions in client money tied up in bankruptcy proceedings.
The issues surrounding FTX kickstarted after Binance CEO Changpeng Zhao (CZ) planned to sell off their entire FTT tokens on November 6. Following his move, the price of FTT tumbled by 15% to $18 in Singapore.
Prior to the tumble, Bankman-Fried’s trading house Alameda Research had offered to buy all of Binance’s FTT tokens at $22.
The offer had come after CZ on Sunday had offered to sell the crypto firm’s roughly $530 million holding of FTT.
CZ has denied claims that selling FTT tokens was a “move against a competitor,” but his later tweets have implied that he has been unhappy with FTX.
CZ and Bankman-Fried have been caught in an ongoing discussion on Twitter over issues ranging from lobbying US politicians to allegations of front-running trades for the past few months.
Amid the meltdown of FTX, Coinbase CEO Brian Armstrong tweeted that Coinbase has no significant exposure to FTX and its platform currency FTT, as well as Alameda’s exposure.
Coinbase CEO Brian Armstrong said that the crash of the FTT token on the FTX exchange appears to be the result of high-risk business practices, including conflicts of interest between related entities and misuse of customer funds (lending user assets).
The Coinbase exchange said it would not engage in this type of high-risk activity. Without customer instructions, Coinbase said it never uses customer deposits for other businesses, and users can withdraw assets at any time.
As a publicly listed exchange in the United States, Coinbase’s financial audit is open to all investors and customers. Coinbase has never issued its platform token.
Armstrong emphasized that Coinbase should continue to work with regulators and policymakers around the world in the future to establish reasonable regulations for centralized exchanges or custodians in each market to build trustworthy and reliable products for the industry, but currently, there is not yet a level playing field.
Sam Bankman-Fried, founder and CEO of cryptocurrency exchange FTX, manages assets through Alameda Research, a quantitative cryptocurrency trading firm he founded in October 2017.
This summer, FTX CEO Sam Bankman-Fried has been buying up crypto companies that have been caught up in the credit crunch caused by the sudden collapse of cryptocurrencies Luna and UST or TerraUSD.
However, the leaked balance sheet of Alameda Research shows that the balance sheet of Alameda Research is mainly composed of FTT, a token issued by FTX. However, the liquidity of FTT is not ideal, which has raised investors’ concerns that Alameda may encounter a liquidity crisis.
This news is bound to lead to hyperinflation of the exchange’s native token, FTT. While FTX native token FTT has fallen 71.6%, CoinGecko showed, and the firm’s net crypto asset holdings have plunged 83% in just the past two days.
In the long run, the crypto industry is expected to build a better system using DeFi and self-custody wallets, not relying on third parties. Everything can be publicly audited on-chain.
Analysis suggests the weakness in cryptocurrency exchange FTX this time may provide short-term benefits to other exchanges such as Coinbase. Still, FTX’s liquidity risk has also raised concerns about the overall vulnerability of the industry. Retail investors may consider moving assets to private wallets if the centralized exchange problem persists.
Binance is liquidating its remaining FTT holdings, according to the crypto exchange CEO Changpeng “CZ“.
However, CZ has not clarified the reason behind liquidating FTT – the native token of rival FTX exchange, besides simply stating “recent revelations that have come to light.”
“As part of Binance’s exit from FTX equity last year, Binance received roughly $2.1 billion USD equivalent in cash (BUSD and FTT). Due to recent revelations that have came to light, we have decided to liquidate any remaining FTT on our books. 1/4”
CZ also took to Twitter to publicly announce that the liquidation is not a tactic to take a shot at FTX.
In response to the latest move from CZ, Alameda’s CEO, tweeted that her trading firm’s financial condition is more robust. She also offered a buyback offer by responding to the Binance CEO’s post.
“@cz_binance if you’re looking to minimize the market impact on your FTT sales, Alameda will happily buy it all from you today at $22!”
The move from Binance has come after weeks of criticism put against FTX’s founder and Chief Executive Sam Bankman-Fried for his regulatory proposals.
Bankman-Fried published a proposal on October 19, which has turned controversial. It is a detailed blueprint for regulatory oversight and industry standards in the digital asset space.
According to critics, Bankman-Fried’s proposal to set industry standards threatens DeFi’s core ideology and threatens the space’s leading DeFi teams and platforms. However, Bankman-Fried has taken a step back to reconsider his stance on DeFi regulation.
The funds held by Binance were received from FTX last year as part of its exit from an equity position in the company, which it had since 2019.
FTX bought out Binance’s stake in the company with a $21 billion mix of FTT and stablecoin native to Binance’s exchange, BUSD, according to CZ.
He added that the liquidation would take a few months due to the ongoing negative market sentiments and limited liquidity. Furthermore, the company is aiming to conduct liquidity in a manner that will reduce the impact on the market.
Nonetheless, FTT has dipped 9.5% over the past day to $23.03 from $25.55, according to CoinGecko.
Data from Etherscan showed that 22,999,999 FTT, worth $584 million at the time, was transferred from a wallet to Binance’s exchange on Saturday. While CoinGecko stated that the amount is equivalent to 17% of the circulating supply of FTT.
CZ has confirmed that the amount was shifted funds, which are part of Binance’s move to liquidate its position in FTT.
The cryptocurrency ecosystem is gradually seeing a comprehensive recovery, and while there is still a bit of volatility in the market, exchange tokens are on a bullish tear as investors return back to trading actions.
The market plunged by shedding more than $200 billion in a couple of days this past week as every digital currency experienced a ripple effect of the fall of the Terra blockchain network. The LUNA coin lost 99% of its value while the protocol’s native token, UST, is currently changing hands at $0.1765 instead of $1 according to CoinMarketCap’s data.
How Exchange Tokens are Performing
Led by Binance Coin (BNB), the cryptocurrency of the world’s largest trading platform is up 6.32% to $297.72, a significant trading level considering its plunge to almost a 12-month low of $216.32 earlier in the week. Despite the broad-based sell-offs the coin has recorded, it is still ranked as the fifth-largest digital asset with the USD Coin (USDC) displacing it from the fourth position.
FTT, the native coin of the FTX Derivatives Exchange is changing hands at $31.45, up 3.5% in the past 24 hours. KuCoin Token (KCS) is also seeing a remarkable run in its price, equally surviving the similar onslaught that was experienced by its peers.
The cryptocurrency is up 11.34% to $13.57, a figure that is 52.53% from its All-Time High (ATH) of $28.80.
The rejuvenation seen in these exchange tokens is evident that demand is picking up from traders as many took the ‘wait and see’ approach amidst the extreme volatility that engulfed the ecosystem a few days ago.
Exchange tokens serve a very vital role in the functioning of their respective platforms, and unlike other tokens with limited utility, their rates of growth can be projected to exceed other prominent tokens in the medium to long term.
A large Ethereum (ETH) whale has spent over half a billion dollars to load up on the native asset of a crypto derivatives exchange.
New data from whale-surveilling platform WhaleStats shows that the 105th-ranked Ethereum whale purchased 15,720,427 FTX Tokens (FTT) worth $637.14 million in a single transaction.
🐳🐳🐳🐳🐳🐳🐳🐳🐳🐳 An ETH whale just bought 15,720,427 #ftx token ($637,148,906 USD).
Ranked #105 on WhaleStats: https://t.co/2do7yJzgy7
— WhaleStats – the top 1000 Ethereum richlist (@WhaleStats) January 29, 2022
FTX Token is the utility token of FTX, a cryptocurrency derivatives trading platform for futures, leveraged tokens and over-the-counter trading.
The whale’s massive transaction pushes FTT to the top spot of tokens that have been bought the most across the largest 1,000 Ethereum wallets in the last 24 hours with an average purchase amount of $637,149.
FTT towers above Wrapped Ethereum (WETH), a crypto asset representing Ether at a 1:1 ratio, as well as stablecoin Tether (USDT) and Ethereum itself with average purchase amounts of $132,682, $42,230 and $30,641, respectively.
Source: WhaleStats
Excluding Ethereum, FTT is now the token with the largest aggregate US dollar value among the top 1,000 ETH addresses, overtaking popular meme coin Shiba Inu (SHIB). At time of writing, the largest Ethereum whales collectively hold $1.49 billion worth of FTX Tokens. Meanwhile, the same group of investors holds a total of $1.17 billion worth of SHIB.
Other coins that Ethereum whales are currently holding in large amounts include stablecoins USD Coin (USDC) and Tether, as well as OKB, the utility token that allows traders on crypto exchange OKEx to pay for fees, earn interest and participate in new digital asset projects.
Source: WhaleStats
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In 2021, crypto exchanges chose a new marketing battleground: professional sports. Binance, Coinbase, Crypto.com, and FTX all inked multiple sports sponsorship deals—but none of them went in quite as aggressively as FTX did.
In the span of eight months, FTX signed deals with the Miami Heat (for stadium naming rights), Major League Baseball (official crypto exchange, including an FTX logo patch on every umpire’s uniform), the Golden State Warriors (international rights), the Washington Wizards and Capitals (official crypto exchange and NFT partner), and giant esports team TSM (naming rights).
The Heat deal in particular raised eyebrows, especially after FTX CEO Sam Bankman-Fried declared on a panel at the Ethereal Virtual Summit last May that he could happily pay off the 19-year, $135 million commitment upfront if needed: “Without going into the details, it’s been a pretty good year for us. To the point where, frankly, we don’t need to rely on the other 18 years to have the funds for this.”
So: is the sports marketing push working? SBF says it is—anecdotally, at least.
“Everyone we talk to who knows us a little bit, or a lot, or barely, or intimately, this is top of mind for them,” he said on the first episode of Decrypt‘s gm podcast. “Clearly this has penetrated more than everything else we’ve done combined, in terms of people’s perception of us. Not in terms of installs per dollar spent, though. So if that’s what you’re maximizing for, I don’t necessarily want to vouch for it.”
SBF acknowledges he doesn’t have the data yet to prove that the marketing is directly leading to customer acquisition.
“If you measure it by something like downloads per dollar spent on advertising, it’s not going to come out well, it’s just not going to look good by that metric,” he said. “That’s not the metric that it’s aiming to look good by. It’s aiming to look good by a different metric. And what’s the most compelling evidence that I can bring about the impact that it’s had on our business? There are some statistics we have, but I think it was maybe a much more direct response: in the last five minutes, new evidence has been brought to my attention that this has had a really big impact. And that evidence is you deciding it was important to ask me about it.”
Of course, if SBF thinks sports marketing is working for his company, he must figure it’s working for his competitors too. Crypto.com slapped its name on an even more prominent NBA arena, the home of the L.A. Lakers. And Coinbase made a huge NBA play to be the “exclusive cryptocurrency platform partner” of the NBA and WNBA. Game on.
Crypto exchange FTX has reached a staggering new valuation after it completed its latest round of fundraising.
According to a press release, the company closed $400 million during its Series A round of funding today, which now has FTX valued at $8 billion.
Brett Harrison, FTX’s president, says that the crypto exchange’s valuation reflects its rapid growth in 2021 and will serve as the foundation for its future.
“FTX US scaled rapidly throughout the course of 2021, and our Series A valuation reflects both what we’ve concretely accomplished and what we’ve laid the groundwork for in 2022.”
With the newly raised funds, the company plans to launch new business lines, grow out its user base, offer more crypto derivatives, and challenge Coinbase for the leading crypto exchange operating in the United States.
Harrison says that as long as FTX cooperates with regulations, he feels confident that FTX will develop into the top digital asset exchange.
“As lawmakers and regulators continue to develop a US regulatory framework for digital assets, we expect crypto to play a much larger role in the broader financial landscape in 2022 and beyond.
We’re excited to continue working cooperatively with them, and feel confident that FTX US will emerge as the leading US-regulated crypto spot and derivatives exchange.”
Some of the blue-chip investors that participated in FTX’s Series A fund include Japanese tech investment giant Softbank and state-sponsored Singaporean holding company Temasek.
FTX’s native coin, FTX Token (FTT), is exchanging hands at $37.31 at time of writing, a 25% decrease from its seven-day peak of $49.60.
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The top 1000 richest Ethereum wallets are gobbling up the popular memecoin Shiba Inu (SHIB) at an alarming rate.
Those top Ethereum wallets purchased more than $88 million worth of SHIB over a 24-hour period, according to the whale-monitoring bot WhaleStats.
One address, the 262nd-largest Ethereum wallet, purchased more than $34 million worth of Shiba Inu during that 24-hour period.
Another whale, the 29th-largest Ethereum wallet, bought nearly $40 million worth of SHIB.
Shiba Inu is trading at $0.000021 at time of writing, down 25% from where it was priced a week ago. The 14th-largest crypto asset by market cap is also down nearly 45% in the past month.
SHIB is a meme token that aims to be an Ethereum-based alternative to Dogecoin (DOGE). The crypto asset can be used for payments at various retailers or on its decentralized exchange ShibaSwap for non-fungible token (NFT) purchases and staking.
In total, the top 1000 Ethereum wallets hold more than $1.155 billion in SHIB, representing 13.78% of their non-Ethereum (ETH) holdings, according to WhaleStats. That’s second only to FTX Token (FTT), which represents about 15.56% of the addresses’ non-ETH holdings.
FTT is the exchange token of FTX, a cryptocurrency derivatives trading platform for futures, leveraged tokens and over-the-counter trading.
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