Alameda Research and FTX Ventures websites shut down
Quantit trading firm and venture capital arm pages have been taken offline and made private.
New
Websites linked to crypto exchange FTX were taken down on November 9 following a liquidity crunch and the pending acquisition of the company by rival Binance. The websites of Alameda Research and the company's venture capital subsidiary, FTX Ventures, were offline and made private, while the main FTX website and FTX US website remain accessible.
>Cointelegraph contacted Alameda on November 9, but did not hear back at press time. Latest developments include unconfirmed reports that most of FTX's legal and compliance staff resigned on November 8.
FTX Founder and CEO Sam Bankman-Fried, or SBF, disclosed the cash crunch on Nov. 8, just hours after he assured "client assets are doing well," adding that the exchange is not did not invest clients' assets, even in treasuries.
The crisis unfolded after Binance CEO Changpeng Zhao, or CZ, revealed Binance's decision to liquidate its position of 23 million FTX (FTT) tokens - worth over $520 million at the beginning of this week - for risk management reasons. The news triggered a sell-off for FTT, which was trading at $3.00 at press time, down 87.11% in seven days.
As reported by Cointelegraph, some FTX shareholders learned of the deal via Twitter on November 8. In its letter to exchange investors, SBF apologized for being “difficult to contact” in recent days, acknowledged that it had no idea what the deal with Binance exactly means, and finally , closed the letter saying he will be "quite overwhelmed" in the next few days and will write again "when I have time too".
The next steps remain unclear. Binance would exercise due diligence and may opt out of the deal after reviewing the company's structure and books,
Quantit trading firm and venture capital arm pages have been taken offline and made private.
New
Websites linked to crypto exchange FTX were taken down on November 9 following a liquidity crunch and the pending acquisition of the company by rival Binance. The websites of Alameda Research and the company's venture capital subsidiary, FTX Ventures, were offline and made private, while the main FTX website and FTX US website remain accessible.
>Cointelegraph contacted Alameda on November 9, but did not hear back at press time. Latest developments include unconfirmed reports that most of FTX's legal and compliance staff resigned on November 8.
FTX Founder and CEO Sam Bankman-Fried, or SBF, disclosed the cash crunch on Nov. 8, just hours after he assured "client assets are doing well," adding that the exchange is not did not invest clients' assets, even in treasuries.
The crisis unfolded after Binance CEO Changpeng Zhao, or CZ, revealed Binance's decision to liquidate its position of 23 million FTX (FTT) tokens - worth over $520 million at the beginning of this week - for risk management reasons. The news triggered a sell-off for FTT, which was trading at $3.00 at press time, down 87.11% in seven days.
As reported by Cointelegraph, some FTX shareholders learned of the deal via Twitter on November 8. In its letter to exchange investors, SBF apologized for being “difficult to contact” in recent days, acknowledged that it had no idea what the deal with Binance exactly means, and finally , closed the letter saying he will be "quite overwhelmed" in the next few days and will write again "when I have time too".
The next steps remain unclear. Binance would exercise due diligence and may opt out of the deal after reviewing the company's structure and books,
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