FTX has filed for bankruptcy in the US, as Sam Bankman-Fried steps down from his role as chief executive. SBF was once hailed as the King of Crypto, but is now rounded down on his luck, along with devastated FTX investors who have lost entire portfolios to the collapse of the exchange. SBF tweeted apologies, having failed to secure a bail out, leaving FTX scrambling to raise the billions of dollars owed to users. FTX has filed for Chapter 11 bankruptcy, meaning that it may continue operating while it restructures its debts (with court supervision). The filing states that the group has between $10 and $50 billion of assets and liabilities – an inordinate range.
How does this affect the market on the whole? CZ, CEO of Binance, tweeted earlier this week, 'FTX going down is not good for anyone in the industry… User confidence is severely shaken.' It is notable that CZ himself walked away from a bailout deal during the crisis. Indeed, FTX was previously the second largest crypto exchange. Fear has galvanized buyers into panic selling, wiping major value from the entire market. Crypto has long been seen as an untrustworthy and risky mode of finance, subject to hacks, scams and disaster. Potential and current investors may well swear off cryptocurrency in favor of more traditional ways of generating money.
At times like these, it is important to note that not all projects are corrupt and unstable, and to look for stable investment opportunities that offer protection. Uniglo is one such product.
Uniglo is brand new to market, ready to launch on Ethereum Network on November 19th. What sets it apart from competitors is the unique Uniglo Vault, built to house a vast variety of assets. From NFTs and cryptocurrency to fine art, classic cars and collectibles, Uniglo's native token GLO will be sturdily underpinned by the value of the treasures held in the Vault. The treasury will raise funds for assets via buy-and-sell taxes, meaning the funds acquired will accelerate as the project grows. The treasury is protected by Multi-Sig technology: A multi-signature authentication system which ensures all members of the trusted board must give consent in order for funds to be released.
If the FTX fiasco has left you shaken and searching for safer places for your cash, look no further than Uniglo. GLO is in the final phases of its highly successful presale. Prices are expected to rise on launch off the back of its plans for large-scale token burning.
Join Presale: https://presale.uniglo.io/register
Website: https://uniglo.io
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.