In the beginning, our hope was to be able to support FTX's customers to provide liquidity, but the issues are beyond our control or ability to help.Įvery time a major player in an industry fails, retail consumers will suffer. "As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX.com. Ether, meanwhile, has plunged more than 30% over the past two days and is close to falling below $1,000. It's trading below $16,000 for the first time since November 2020. It dropped by more than half on Wednesday to around $2.30, shrinking the total value of circulating tokens to roughly $308 million.Ĭryptocurrencies have plummeted amid the deal turmoil, with bitcoin falling 15% on Wednesday after a 13% drop on Tuesday. "DO NOT buy or sell."įTT had already lost 80% of its value between Monday and Tuesday, falling to $5 and wiping out more than $2 billion in a day. "If you have a bag, you have a bag," he wrote. He also told them not to trade FTT tokens while this ordeal unfolds. He said FTX going down is "not good for anyone in the industry" and employees should not "view it as a win for us." Zhao told Binance employees in a memo earlier Wednesday that he "did not master plan" the collapse of FTX. He also deleted tweets from the prior day indicating that FTX had enough assets to cover clients' holdings. Personal Loans for 670 Credit Score or Lowerīankman-Fried said Tuesday that customers had demanded withdrawals to the tune of $6 billion. Personal Loans for 580 Credit Score or Lower You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.Best Debt Consolidation Loans for Bad Credit Stocks and commodities are more normally bought and held for longer. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.ĬFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. But with traditional trading, you buy the assets for the full amount. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.ĬFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. You can still benefit if the market moves in your favour, or make a loss if it moves against you. The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD. The difference between trading assets and CFDs He also tweeted: “We will try to disable all API keys that was used by Skyrex, figuring out how to identify them now.” Zhao claimed Skyrex had leaked his API key, which allowed a hacker to access his Binance account. A Twitter user who goes under the handle CarlosOMFG said someone had accessed his Binance account and bought millions of dollars worth of axie infinity ( AXS).Īfter talking with Carlos, Zhao discovered the exploit was actually down to the Skyrex trading bot platform, which had control of his API key. Stay away.” The Skyrex exploitīinance appeared to have problems of its own. He tweeted: “If an exchange have to move large amounts of crypto before or after they demonstrate their wallet addresses, it is a clear sign of problems. While these funds were eventually recovered by the team, Zhao attacked the exchange. Kris Marszalek, the exchange’s CEO, said they intended to move the funds to a new cold storage address on 29 October, but accidentally transferred the assets to Gate.io, another trading platform. News recently broke that the trading platform had accidentally sent $400m ETH to the wrong address.
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