The Ongoing FTX and Binance Saga: Everything That Happened So Far

The story between cryptocurrency exchanges Binance and FTX unfolded quickly and wreaked havoc on the crypto market , here's a breakdown of where she started and where she is now.

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All dates are Coordinated Universal Time (UTC).

November 2 – Reports that the company founded by SBF held significant amounts of FTT

The saga began on Nov. 2 after reports that a leaked balance sheet from trading firm Alameda Research, founded by Sam Bankman-Fried, suggested the company held a significant amount of FTX Token (FTT), the native token of the FTX. cryptocurrency exchange.

A large trading company holding such a large chunk of an asset has the crypto community worried and raised questions regarding the relationship between Alameda and FTX.

November 5 - Trackers detect significant FTT movement to Binance

On November 5, Twitter account Whale Alert, which tracks major crypto movements on the chain, informed its users that nearly 23 million FTTs worth over $584.5 million had been transferred on Binance.

22,999,999 #FTT (584,818,174 USD) transferred from unknown wallet to #Binancehttps://t.co/Nm2jz9MKW0

— Whale Alert (@whale_alert) November 5, 2022

At the time, the amount was worth about 17% of the circulating TTF supply.

Nov. 6 — Alameda CEO Explains Balance Sheet

Alameda CEO Caroline Ellison tried to quell any panic in a Nov. 6 tweet saying the leaked balance sheet didn't tell the whole story and noted that this balance sheet, in particular, was only about '"a subset of our corporate entities". and other assets worth more than $10 billion "are not included".

- the ball...