Ripple wants FTX assets. But why?

About FTX

FTX was one of the leading cryptocurrency exchanges in the world. Infact, by volume FTX was the second largest exchange after Binance sometime back.

Founder of FTX

Sam Bankman-Fried is the founder of FTX. He's also the founder of Alameda Research, the investment arm of FTX.

The Bankruptcy

Acc. to a statement released by Sam, FTX requires over $9 billion to overcome bankruptcy. It has filed for bankruptcy.

The Domino Effect

FTX crash eroded the crypto market. Crypto markets are now valued at $870 billion down from $1 trillion 10 days back. In its peak it was worth $3 trillion

About Ripple

Launched in 2012,  Ripple network help merchants &  users transfer money anywhere across the world using XRP tokens on a blockchain network

Ripple FTX conversation

Ripple CEO stated that Sam reached out to him two days before filing bankruptcy. He proposed Ripple to buy FTX affiliated companies.

Will Ripple buy FTX?

Its difficult for Ripple to buy FTX assets after its bankruptcy. However, the company is interested in buying the parts that served business customers

FTX Liquidation Process

Insolvency lawyer Stephen Earel has clarified that the liquidation process will be enormous exercise and it will take years  to resolve the mess.

Exchanges holding ground

Binance, & Coinbase are the top exchanges still holding good ground after FTX crash and record withdrawal of Bitcoin from exchanges.

What's next?

FTX is likely to dissolve and with it crypto markets will face an intense sell-off. User's funds aren't safe anymore & also they shouldn't use the app.

Why Binance didn't buy FTX?

Swipe up to learn why the deal failed to take-off.

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