What happened?

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[–]thoughtcriminal 6 insightful - 2 fun6 insightful - 1 fun7 insightful - 2 fun -  (3 children)

Seems like there was a big bank run on the FTX exchange

https://cointelegraph.com/news/bitcoin-price-hits-2-week-lows-as-ftx-bank-run-drains-btc-reserves

[–][deleted] 4 insightful - 2 fun4 insightful - 1 fun5 insightful - 2 fun -  (1 child)

This. They claim it was an attack, by Binance maybe?

[–]jet199 6 insightful - 4 fun6 insightful - 3 fun7 insightful - 4 fun -  (0 children)

More like they over borrowed massively when loans were cheap then interest rates went up and they had no way of meeting the payments. No different to what happened to many companies in 2008.

https://nitter.net/unusual_whales/status/1590126597470060544

[–]Musky[S] 3 insightful - 2 fun3 insightful - 1 fun4 insightful - 2 fun -  (0 children)

Wow, this doesn't sound good:

Data from on-chain analytics platform CryptoQuant put FTX’s BTC balance reduction on Nov. 7 alone at -19,956 BTC.

Its BTC reserves were reportedly just 7.1 BTC at the time of writing, further data showed, with this potentially due to changes in wallet management.