FTX Yacht Club Sales Surge Sharply Despite the Entity Spiraling to Bankruptcy
According to stats from OpenSea, Non-Fungible Tokens adjoined to the fall of Sam Bankman Fried were created on November 11. These assets which were inspired by the sudden personality shift of the former crypto king from an internet darling to a villain have had over 2K buyers in 3 days.
FTX Yacht Club’s Trading Volume Surges to ATHs
NFTs for the insolvent FTX Yacht Club sold 13,769 times in the previous week. These significantly high sales records come as a direct contrast from what is happening to the exchange and its subsidiaries.
One Bankrupt FTX Yacht Club NFT, which tops the list as the most expensive SBF NFT, was sold three days ago at $1,261. In total, there are 2,129 owners of Bankrupt FTX Yacht Club and there are 6,969 NFTs available cumulatively. The collection has emerged from the worst disaster in web3 and crypto space, wreaking havoc on more than 130 independent entities.
The trading volume of the Yacht club for the past seven days now stands at over $300,000, with each token selling for an average price of $24. The collection paints Sam Bankman Fried in various faces. One particular character paints the public figure as a clown for his illegal incentives of manipulating users’ funds for personal gain.
Although the NFTs seem to be doing well at the moment, it is improbable that they will continue to perform this well over time and compete against industry-leading projects such as Bored Ape Yacht club and Crypto Punks when the dust finally settles.
The FTX Saga Continues
Over the past few months, former FTX CEO Sam Bankman-Fried (SBF) has been hailed as one of the most influential figures in crypto. His crypto empire, which had FTX crypto trading exchange at the center, grew to be one of the largest CEXs in the space. However, things got sour for him a week ago after investors sought to withdraw around $5B in a single Sunday.
The unexpected happened, FTX did not have enough liquidity to satisfy the withdrawals requested by its users. It’s then that the crypto space realized that SBF had defrauded them and did not even have their custody funds with him. A few days before the details went public, Binance began selling some of its FTT holdings citing risky management by the parent company, FTX.
Binance CEO, Changpeng Zhao (CZ), took to Twitter to express his disappointment with what FTX had done He said that Binance would not always come to the rescue of crypto entities that mismanaged user’s funds given that it is currently trying to revive LUNC. Binance is burning all the LUNC trading fees by buying the tokens and sending them to a dead wallet to give the coin holders a chance at regaining their lost value.
New insider information has since then been surfacing painting the real picture of how the saga went down. SBF is said to have created Alameda Research using investors’ money. He built subsidiaries for this entity as well, which he used in rerouting the money that investors entrusted FTX with. Eventually, his plan did not work and the exchange was left without enough liquidity to support withdrawals.
After the surfacing of these details, SBF’s good image as a crypto steward turned villainous. It became the motivation for the Bankrupt FTX Yacht Club. Those who lost their life savings in FTX can only hope to see a better day as regulators are yet to come to their aid.