New statement from FTX Turkey after filing for bankruptcy

FTX Turkey made a new statement on Twitter after filing for bankruptcy after the crisis with Binance, the world’s largest cryptocurrency exchange in terms of trading volume. The Turkish unit of the bankrupt cryptocurrency exchange asked users to fill out a form to get their balance back. The company also underlined that during this sensitive process, no personal information should be sent to any account other than the official account and that no help should be requested.

New statement from FTX Turkey after filing for bankruptcy

The following statements were included in the shared statement:

“Dear users,

Users who have a balance on the FTX TR platform but do not have IBAN information, please fill out the form below completely so that we can send their balance.

After we receive your account and IBAN information, your balance will be transferred to your bank account as soon as possible.

Important note:

This form has been created only for our users who do not have IBAN information registered on FTX TR.

Different forms will be shared by FTX TR regarding all your other requests.

Many thanks for your patience and understanding.”

What happened?

Recently, the cryptocurrency market has been shaken by news that indicates that 22 million 999 thousand 999 FTX native tokens (FTT) have been transferred to Binance from an unknown wallet. Upon this; Binance CEO Changpeng Zhao has announced that Binance will liquidate all of its FTT holdings. Zhao, in his statement on the subject, “We learned from Terra LUNA; That’s why we’re leaving FTT” used his statements. The Binance CEO’s reference to Terra LUNA, which wiped out more than $40 billion from the cryptocurrency market this year, created a domino effect in the market as users who invested in the FTX exchange began withdrawing their money.

However, FTX was unable to meet this demand and withdrawals were slow. Later, on-chain data indicated that the exchange had completely stopped withdrawals. Meanwhile, the lack of any official statement from FTX scared investors. But later, Binance CEO announced their intention to acquire FTX, in a move that shocked the crypto community. This development caused a sharp drop in the market and over $132 billion was wiped out of the cryptocurrency market within 12 hours. Within 48 hours of the announcement, Zhao pointed out in another Twitter post that they gave up on purchasing FTX.

After all these developments, FTX CEO Sam Bankman-Fried fell from the list of billionaires, losing a significant portion of his personal wealth in just a few days. Bahamas-based FTX filed for bankruptcy in the US state of Delaware on November 11. The resignation of CEO Bankman-Fried also followed the filing for bankruptcy.

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