Due to a report and some tweets back and forth, FTX, the second largest cryptocurrency exchange in the world, was valued at 32 billion earlier in the year, and was turned into a cantaloupe within days. As for how Binance works, this time the big winner can be considered a textbook level. Simply organize your times:
1: SBF founder of FTX, in addition to owning a stock exchange, his main source of income comes from Alameda, the market maker he founded. On November 2, it was reported that Alameda’s main business was FTT, the currency issued by FTX, and related assets accounted for 88% of its net assets.
2: If nearly 90% of your portfolio is in US dollars, obviously there is no problem, but what he is holding is FTT. You should know that Alameda alone holds 140 million FTTs, which represents 70% of the 200 million FTTs in circulation. In other words, you can’t let the price of FTT go down, and once it goes down, you can’t stand it, because it will use FTT to leverage. Imagine that the largest shareholders of a single stock will lose 70% of the share price: from start to finish, the share price will go up with the left hand and the right hand, then take the mortgage to borrow money. Once dropped, it will be GG. Simply put, FTX is actually a piece of waste paper and it’s easy to explode.
3: At that moment, Changpeng Zhao, the founder of Binance, started making moves. He expressed his shock at him on Twitter and said, “I sold FTT in my hand!” Thus FTT began to plummet.
4: The decline is too fast, even Alameda can’t stand the price, so SBF thinks about it right now: I use 22 mosquitoes to get the goods from Binance. This is about $ 580 million in cash and many people in the market are wondering, can you find the number? So obviously the small depositors rushed to pull out, making FTX crowding and then pushing FTT people to trample people, and it dropped to $ 15 mosquito.
5: Just when FTX and FTT were released, Changpeng Zhao announced right now: “FTX asked for our help”, so he decided to become a white warrior to acquire FTX.
6: wow! Do you think it will end? It’s not over yet, a day later, Binance said: sorry, I can’t help you, I won’t buy it, 88 finish. FTX’s tightening of the $ 6 billion asset-liability gap is unbearable.
A good trick is to withdraw as an advance. First, announce the commodity unpredictably, then put pressure on the market to panic the market. After the quality is low, the price of the currency is low, so the bottom line is drawn. I”.
Did you say that Changpeng Zhao had a premeditated plan? Qu himself posted a note to employees, stating that he “didn’t have a master plan,” but actually invested in FTX 2 years ago and withdrew his shares of him a year ago. Part of the transaction price is FTT and you should know how bad FTT is. a strike. It is good that Kong Ming took advantage of the east wind, or it is good that he deliberated on the murder in the secret room, but it only took him a week to successfully annihilate the biggest competitor in the market, causing the opponent raise the white flag to surrender. The shot is really fast, accurate and ruthless.
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The Hong Kong stock market has also seen many extraordinary takeover classics in the past. It looks like “Landland Drinks Milk” in 1972. At the time, Landmark was where the company wanted to take a dairy company. On October 31, an ad was posted in a newspaper, announcing a hostile takeover, which made the milk company. The company’s share price has risen. As for the milk company, they obviously refused to sell it and even launched an “advertising war” with Landmark, and later also buried Wang Dehui’s Chinachem Real Estate to help in the war. Later, Landmark Duchong Milk was the culprit of the small shareholder and if Landmark stopped the acquisition, the milk’s share price would have plummeted. The two sides fought back and forth, and Landmark finally hit the stock market and managed to drink milk by the end of the year.
As for Huazhi Liu Luanxiong’s “Big Liu”, known as the “stock sniper”, he had a disagreement with Liang Yingwei, another founder of Amygo, in 1985, so he sold all the shares he held to the fund and the market received After the news, Amygo’s share price plummeted. About six months later, Qu re-entered the stock and regained control. Looking back on the information, that day he sold the shares for about 2 mosquitoes, and then bought them back for about 7 cents, making a huge profit of over $ 200 million in one battle.
It is also a matter of retreating to advance, and it is also a matter of war of public opinion, but to be successful in the stock market, you need to measure the speed and speed of the stock market. However, one day in the currency circle, ten years in the world, as simple as Twitter got the easy disclosure feature and can already get a corporate skin in days. Of course, if the water is clear there will be no fish, at the moment the cryptocurrency market is almost unregulated, indeed it is developing very fast, but it can be very fast even if it dies.
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Speaking of which, SBF first praised Hong Kong at Hong Kong Fin Tech Week late last month: “There is no recognized central city for cryptocurrencies in Asia, but Hong Kong is likely to become this hub city.” honestly, the FTX headquarters was in Hong Kong, then I moved to the Bahamas last year.
It is estimated that after a few days of the Fintech week, SBF will fall at the altar, for Hong Kong it is not known whether this is a good lottery or a good lottery.
* Data as of Thursday (November 10) morning
Note: The views of the columnists do not represent the position of this website.
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