Last week the second largest crypto exchange, FTX (FTT), imploded, and the fallout has seen the top cryptos decline. It’s happened again, the crypto market has crashed, and everyone has questions about why and what will happen next.
But all is not lost. There are still positive micro and macro events that could lift the current crypto gloom. Big Eyes Coin’s (BIG) presale is one of them, along with the approaching 2022 FIFA World Cup sponsored by Algorand (ALGO) and Crypto.com.
Could large presales and crypto marketing campaigns stave off some of the crypto winter depression? Lets take a look at what actually happened to FTX.
What happened to the FTX?
Last Wednesday, FTX landed in hot water after an article appeared on CoinDesk. The article claimed that FTX had been using its own cryptocurrency, FTT tokens, to bail out its sister company Almeda a crypto hedge fund. The FTX founder Sam Bankman-Fried owns both Almeda and FTX.
This article spiked fear that the two companies would not survive if either of them suffered any losses, and this was kicked into a panic when the chief executive of Binance, another top crypto exchange, Changpeng Zhao, announced on Twitter that Binance was selling its FTT tokens because the companies Almeda and FTX were both compromised.
The chief executive of Binance, Changpeng Zhao, sold $500 million and publicly tweeted about it. This caused mass hysteria as everyone rushed to pull out of FTX; meanwhile, the value of FTT plummeted. $6 billion was withdrawn in total.
Zhao offered to make a deal to save FTX but had to pull out because there was no clear way through the US investigations, which had ensued by that time. As a result, FTX filed for Chapter 11 bankruptcy.
FTX was Hacked hours after going under
Late on Friday, the 11th of November, FTX’s bad week worsened. A hacker siphoned off around $400 million only hours after FTX had filed for bankruptcy. Many people are speculating that the hacker is likely to be an FTX insider who had access to the cold wallets that FTX were using to store assets.
The blockchain security auditing firm Hacken investigated the breaches and transactions of the FTX hacker and identified a revealing stupid mistake. The hacker had made a blunder which made it possible to reveal their identity.
The hacker tried to send TETHER using the Tron network but didn’t have enough of Tron’s native token, TRX, to cover the transaction fees on Tron. Here’s where they made a crucial mistake, they used their verified personal crypto account on Kraken to send 500TRX to cover their transaction fees.
Hacken contacted Kracken to find the culprit, and now the investigation is reaching out to relevant law enforcement. The chief security officer of Kraken, Nick Percoco, announced on Twitter that they knew the hacker’s identity but that he could not announce it on Twitter.
It appears that the new chief, the founder John J Ray III, will make an official statement soon. John J Ray III has taken over FTX from the previous chief and founder, Sam Bankman-Fried.
Big Eyes Coin Presale Safe Haven amid FTX Tremors
Of course, the implosion of FTX has had knock-on effects on the rest of the crypto world. Experts expect a long winter, with prices set to drop even lower. But not everything is doom and gloom, and the crypto industry is likely to recover, as experts have said that the blockchain revolution is unstoppable.
Big Eyes Coin is showing signs of future greatness in its presale stages. This new meme coin has raised nearly $10 million, and its community and value are multiplying. This cat-themed meme coin was created to do two things, move wealth into the Defi system and preserve and protect our oceans and marine life.
The Big Eyes BIG token presale allows investors to get in on some early presale savings, which will give them guaranteed gains when Big Eyes Coin eventually launches. This kind of opportunity is ideal for those looking to survive a prolonged crypto winter and flourish on the other side.
Big Eye presale gains are a surefire way to remove some of the anxiety plaguing the rest of the crypto world, which is struggling to move past the recent crash.
Final Thoughts
Crypto winters are all too familiar to the crypto industry after 2022. FTX and Almeda have a challenging journey ahead of them if they want to recover from last week’s events. The new chief director of FTX, John J Ray III, is an expert in navigating the chapter 11 bankruptcies, which should help the exchange on its way to recovery.
But, for the rest of us, we need to make intelligent decisions and look to find long-term solutions and investments to tie us over till the bull market returns. Big Eyes Coin presale could be one such good investment option.
When you buy BIG tokens, use this PROMO CODE to get more for your money: BIGE367
For more information on Big Eyes Coin (BIG) and its community, please visit the following links:
Big Eyes on Youtube: https://www.youtube.com/watch?v=4uGZcVbeB08
The Big Eyes Coin Presale: https://buy.bigeyes.space/
The Big Eyes Website: https://bigeyes.space/
The Big Eyes Telegram: https://t.me/BIGEYESOFFICIAL
