Sam Bankman-Fried (SBF) talked about the FTX token (FTT) and claimed that it was much better than other existing flagship assets because of its unique mechanism.
FTX was a popular second-ranked crypto exchange but on 8 November the exchange collapsed badly, thanks to the mismanagement of the user’s fund by the FTX backend team. The key members of the FTX exchange moved the user’s fund to FTX subsidiary Alameda Research. Under the panic situation, the exchange failed to give withdrawal to all of its users. Finally, on 12 November, Exchange filed for bankruptcy.
On 30 November, Sam Bankman-Fried (SBF), founder & former CEO of FTX exchange, appeared in an interview with Wong began.
In the interview, he talked about the downfall of the FTX exchange and the major reason behind the liquidity crunch.
In the interview, SBF admitted that he was not working behind the FTX exchange ecosystem to fight against challenges as an alternative path.
“I certainly wasn’t building some backdoor in the system,” answered SBF during the call. “I don’t know exactly what they’re referring to.”
About the FTX token (FTT), SBF said that FTT was better than the many flagship assets because of its unique mechanism, fee discounts, and cash flow.
These statements from the FTX exchange founder are showing that the FTX ecosystem was better but the better business model of the exchange with unfair financial activities degraded the interest of the customers, which further collapsed the exchange into a bankrupt platform.
In early November 2022, the price of the FTX token was approximately $20 and now the current price of this token is $1.31, which is enough to show the downfall of the trust of FTX customers in the FTX exchange ecosystem.