The collapse of the cryptocurrency exchange FTX, Disgraceful Ex-CEO Sam Bankman-Fried’s Behavior— threw most of the crypto market into the sun. And, unsurprisingly, the coins most closely related to Bankman-Fried are the hardest hit.
Coins such as FTX exchange Token (FTT), Solana (SOL), Serum (SRM), Maps.me (MAPS) and Oxygen (OXY) were called “Sam coins” for obvious reasons. Created by Bankman-Fried, FTX, or Alameda Research, a trading company founded by Bankman-Fried.
“It is clear that the failure of FTX has caused a surge in risk aversion, and investors, like herds of wildebeest, are doing whatever they can to offload as much risk as possible, including a surge in self-control. We offloaded it in a way,” said Ryan Shea, Crypto Economist at Trakx. luck.
FTT 95% tanked According to CoinGecko, in the last 30 days. It is currently trading at around $1.29, down 98% from its September 2021 high of $84.
FTT that was obviously abused By Caroline Ellison, CEO of Bankman-Fried and Alameda, At the heart of the FTX collapse. Report from CoinDesk As of June 30, Alameda is $3.66 billion of “unlocked FTT” and $2.16 billion of “FTT collateral” on the balance sheet. Likewise, that crash isn’t surprising, but it’s devastating for investors.
SOL is another victim FTX-Alameda-SBF-mess. Solana, its ecosystem, and tokens were heavily supported by three people.exchange alone Holds $982 million According to SOL FTX balance sheet It was shared with investors shortly before the company filed for bankruptcy in November.
The cryptocurrency has fallen 58% in the last month and is currently trading around $13.60.
However, “SOL was not completely dependent on Alameda. [and] Even though FTX is a key backer, the market seems to be pricing it,” said Nansen’s Andrew Thurman. “Certain projects may have stalled, but the Solana ecosystem has already surpassed Sam’s influence.”
SRM, the token of Serum, a Solana-based “decentralized” exchange created by Bankman-Fried, has fallen 69% over the past 30 days.
MAPS and OXY, the tokens of two Alameda-invested DeFi projects, fell 78% and 46% respectively over the same timeframe.
“It is unclear whether any of these projects will continue to operate without FTX. [and] Alameda’s support, and their price action, reflects that,” Thurman said. We are trying to understand how to price
In addition to “Samcoin,” prominent cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) have also been hit. Bitcoin currently trades at around $16,000, while Ether is around $1,275.
“The most obvious sign of risk aversion is the fall in cryptocurrency prices, with major tokens such as Bitcoin and Ethereum dropping by 15-20%, meaning the crypto winter has been extended. ”
“One thing that has weighed heavily on sentiment and will continue to weigh heavily is the fact that people don’t have a real idea of where bodies are buried.” Directly or indirectly. Because we have significant exposure to FTX and/or have adopted similar practices. ”
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