If you missed this information, know that the world of cryptocurrencies was shaken by a major disaster at the end of last November. The popular FTX exchange suspended all withdrawals for its clients indefinitely.
FTX’s collapse shakes the market
Given previous similar cases, it was only a matter of time before the company announced its collapse. And indeed, a few days later, FTX officially declared bankruptcy.
Such a situation naturally had a negative impact that affected the entire Bitcoin market. In this context, it may have seemed contradictory to the statement made by Elon Musk at the time. The CEO of global brands Tesla and SpaceX stated that despite the current circumstances, he still believes in crypto (referring specifically to Bitcoin, Ethereum, and DOGE).
Photo by CoinMarketCap
Small investors shed tears over their earnings
The heartbreak of the situation was further accentuated by the stories of some small investors. Many of them, whether due to naivety or lack of knowledge, believed that FTX operated as a strong, healthy, and above all secure repository for their funds. This perception was largely influenced by the marketing tactics and media hype that surrounded the exchange, propagated by established players in the field.
Unfortunately, there were a lot of people who fell for this deception. Most of them unanimously confirmed that they had invested a significant portion of their savings in digital assets because the world of cryptocurrencies appeared to be a stable financial system.
The resurrection of FTX.com?
Photo by FTX
Now, imagine that after all the turmoil and legal disputes, there is an unexpected turn of events, as reported by Reuters, citing The WSJ.
Behind the scenes, plans are being hatched to bring the former flagship of cryptocurrencies back into the limelight. “The company has initiated the process of engaging with interested parties for the restart of FTX.com,” even states an official statement. The once unsuccessful crypto company is currently engaged in fervent negotiations with investors regarding the future of FTX.com, including the possibility of a comeback.
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