It turned out that among the receivables of the bankrupt cryptocurrency exchange FTX, Turkish banks. Here are the details…
Sinking cryptocurrency exchange FTX has Turkish creditors
FTX, founded by crypto billionaire Sam Bankman-Fried, declared bankruptcy last week. The situation the stock market is in is based on numerous “criminal” elements, from misusing client funds to growing its sister company Alameda with its own token.
Now, new sources indicate that Turkish banks are among the bankrupt stock exchange’s receivables. These Turkish banks include Deniz Bank, Garanti Bank, Akbank, Fibabank and Vakif Bank.
Individual investors are not the only victims of the FTX collapse
FTX’s downfall is based on its close relationship with Alameda Research, the crypto hedge fund also founded by Bankman-Fried. In June 2021, the exchange raised $1 billion from investors such as Paradigm, SoftBank, and Sequoia Capital. Three months later, Singapore government-owned investment firm Temasek had its valuation increased to $25 billion, with a $421 million stake from investors such as Tiger Global Management and Ontario Teachers’ Pension Plan. Until January of this year, crypto prices were on the decline. Despite this, the stock market has taken a step ahead of its competitors. The investors behind it have invested another $400 million in FTX at a $32 billion valuation. That $32 billion figure was in smoke in November.
Meanwhile, at least $1 billion in client funds are estimated to have been lost from the now-crashed crypto exchange FTX. Founder Sam Bankman-Fried secretly transferred $10 billion in client funds from FTX to its sister company, Alameda Research. Much of that total has since been lost. One source reports that the amount lost was approximately $1.7 billion. Other reports say the difference is between $1 billion and $2 billion. cryptocoin.comAs you follow, the whole chain of events started with a tweet from Binance CEO CZ on November 6th.
Cryptocurrency market tries to make up for heavy losses
Market leader Bitcoin (BTC) is currently holding steady compared to last week after a double-digit drop. The crisis has cooled down in recent days, it had to spend time around $16,500. The number 2 cryptocurrency, Ethereum (ETH), has lost around 2% in this process. It is trading just above $1,200 towards the new week. Most altcoins lost more than 5%, including Cardano, Polygon, Dogecoin (DOGE) and Shiba Inu (SHIB). The greatest devastation surrounded Solana, who moved away from the top 10 after the crisis.
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