FtxThe FTX story is extraordinary and the details are just trickling outs .At least as big if not bigger Than the Madoff affair .Poliitics ,drugs and money all involved in a complex web of deception and fraud .The details are just beginning to come out ,lots of interrelated companies ,will likely bust Block Fi which was heavily involved with FTX ,the remnants of Voyager are involved .It will be the subject of mutliple books and a movie .FTX used thier tokens as money and basically printed them without any control in a desperate attempt to stay solvent .
It is going to have a huge effect on the Crytpo world and the companies involved in it.BTC and Ethe as far as I can tell are not involved and according to BNXA neither are they (hopefully thier news release on this topic was accurate ).It is going to result in a massive government investigation involving politics in the us and the SEC in the US.It is going to produce a tidal wave of regulation worldwide to prevent it happening again .This is going to have a profound effect on Crypto world and I am not sure if the impact has fully happened yet .
There will be collateral damage on Coin and BNXA .Whether this represents the bottom of the Crypto bear market or not is hard to say .It is going to cause a huge loss of confidence in Crytpos with a resultant huge drop in the amount of trading volume I would think ,NFTS and stuff like that will likely be toast .It is going to take a long time for the Crypto markets to heal ,it will eventually but likely not for at least a couple of years ,perhaps longer ,hard to say .
No news on the audit at BNXA etc ,no news when it might resume trading .Impossible to say at what level it will trade at .I have no idea once the audit is completed how long it will take before the regulators allow trading resumption .Once confidence is lost hard to get it back.Credibiltiy in any business is key and as I have previously discussed in my personal opinion this is dry low right now .
I hope some people on this bb listened to me and got out as I did in almost all my Cryptos ,block fi and bnxa.
Still have small position in Coin (covered calls)and BTC in the trust I mentioned before .Good luck to all ,sad situation that's for sure .