FTX is bankrupt, but you can still act with crypto there
FTX is bankrupt, but you can still act with crypto there
The Bankrotte FTX continues to allow crypto trading, although customers are unable to withdraw money. From 3 p.m. ET, the trade works normal on the FTX.com website and in the mobile FTX app.
according to ftx.com/markets have been traded in the last 24 hours spot bitcoins worth over 200 million US dollar.
Among the FTX Futures markets that offer up to 20 times the leverage effect, the website still has a volume of over $ 300 million for unlimited Bitcoin and Ether contracts.
Volumina steadily returned according to the bankruptcy applications of the complex network of companies from which Sam Bankman-Frieds consists of dizzying corporate structure.
The crypto tracker Coingecko, Coinmarketcap and Messari have all deleted FTX from their volume ranking, but the markets of the platform remain fully functional, which raises the obvious question:
why? What does it bring to act on a stock exchange where you cannot get out?
One reason could be the gap in the regulations of the Bahamas, which made it possible to continue to stand out, a fact that is used by users who are willing to risk legal problems in different ways.
For example with The NFT marketplace of FTX can set up user self-trade auctions from otherwise low-quality NFTS and then withdraw the proceeds as USDT stable accounts via user accounts on the Bahamas.
NFTS without benefits - and therefore without expecting a secondary market value - suddenly you can see Millions of dollar
people who now withdraw FTX credit by buying NFTs from Bahamic accounts for six- and seven-digit amounts, the buyer then receives an additional payment and Bahaman raises money So far, tens of millions have been taken pic.twitter.com/uvnz5fubnt - Foobar (@0xfoobar) 11. November 2022
FTX users would have to store merchant data
There are good reasons why the website and the user accounts remain accessible - at least for a while.
Customers of FTX need records of their investments and activities, both for tax returns and for participation in an asset creation process in bankruptcy.
given the fact that the FTX site will probably be canceled soon, I have created a (free dependency) python script to create FTX fillings/financing/lending/loan/etc. Call up for taxes/bookkeeping.
It is here: https://t.co/4bpredhl45
Here only an API key has to be created: https://t.co/xi3pgojc
- Shane Barratt (@Shanebarratt) 10. November 2022
While this is also possible when the website itself is closed, it is obviously easier for users to use the account tools that are made available to them by the FTX frontend, and numerous industry observers have done this Recommend Users do exactly that.
but trade?
. .
The contribution "FTX is bankrupt, but you can still act with crypto" is not a financial advice.