My take on FTX -- what will happen next
3y ago•
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- ftx is not bankrupt ,IMO, ---- it just owes a lot of money to its creditors and it got rug pulled by CZ + then got margin called + subsequently had the biggest bank run in crypto industry ( lets face it, no exchange is 100 % collateralized , they are all insolvent to some degree) .
- the exchange (ftx) is alive .there are millions of users who trade there . the revenue stream from trading fees is alive
- now the interesting part - since FTX has filed for chapter 11 , ( essentially meaning they are bankrupt) , the gate is now open as to what will happen to the exchange ?
i think other industry players like bitfinix, huobi , maybe even binance may step in and simply buy ( gobble) the troubled FTX for pennies since the prospect of a running exchange with millions in trading fees is too lucrative to ignore ( ofcourse, this is after the dust settles)
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3y ago•
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