Epic fight in the cryptocurrency circle, a 230 billion cryptocurrency giant went bankrupt in five days! (Part 2)
From 2010 to 2011, with several rounds of rising prices in the cryptocurrency circle, FTX became the second largest trading platform after Binance. Although Zhao felt threatened, he did not seem to take Afro seriously and maintained harmony on the surface until the end of 2011, when an uninvited guest came in. This uninvited guest was Sequoia Capital. As early as 2017, a nearly three-year war of words broke out between Zhao and Sequoia Capital. Subsequently, with the upgrading of domestic supervision, Zhao went overseas, and he and Sequoia Capital had a complete feud. In 2021, Sequoia Capital announced a strategic investment in FTX, and after obtaining the support of more than 60 institutions including Sequoia Capital and Softbank, the ungrateful Afro turned around and put his grandfather Zhao out of the game. Not only that, he also invested in the United States and sponsored Biden, hoping to rely on the support of the Americans to become the boss of the cryptocurrency circle.
As the real boss of the cryptocurrency circle, how could Zhao endure this? Unexpectedly, Zhao really endured it. In late 2011, Zhao quietly withdrew with a sky-high "breakup fee", retaining only 23 million FTX platform tokens (FTT). As time went on, it was these 23 million FTTs that became the biggest killer that crushed the explosive head in one fell swoop. In July 2012, Zhao's revenge plan finally began. On November 6, Zhao personally came out and said that he would clear out the FTT tokens. You know, the FTT held by Zhao was worth 500 million US dollars. With Zhao's influence, the cryptocurrency circle was directly blown up, and a large number of retail investors fled, and a crowded accident occurred. In less than 72 hours, 6 billion US dollars were directly squeezed, and the explosive head was scared to pull out the network cable.
On November 8, the explosive head begged Zhao to take over, and FTT ushered in a brief rebound, but in less than an hour, the US regulator said that the transaction violated the antitrust law. Then, Zhao did not pretend and directly terminated the acquisition, and then FTX experienced a waterfall-like decline. On November 11, Zhao bankrupted FTX in just five days. What was outrageous was that FTX was hacked during the bankruptcy liquidation, and the $1 billion in the account was transferred away by hackers. Such a giant in the cryptocurrency circle was so vulnerable.
